The US Stock Market dropped 1000 points during trading today, taking the markets around the world with it for a wild ride that lasted over an hour.
CNBC is running a story stating that this plunge may have been due to a trader error from a trader and Citigroup that accidently made a trade for billions rather than millions.
You can see the story here: Stock Selloff May Have Been Triggered by a Trader Error.
You can believe that story if you want to, but I suspect that it’s not true. Fear has been rising over the trouble in Greece and the volatility index has been increasing over the past few days. This was a move that seemed to fit right in with those conditons.
I think there could be more to come. Nonfarm payrolls is next on the list, and in these conditions, who knows what could happen.