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Tuesday, August 07, 2012

Who Got Hit Hard By Knight Glitch?

News summary by MFWire's editors

Knight didn't suffer the computer software glitch alone, reports Erin Arvedlund for Philly.com.

Some ETFs that held stocks dragged down by the trading glitch were Market Vectors Gold Miners ETF and ProShares Ultra Russell2000.

Scott Freeze, Street One founder, said that "this is an example of algorithms gone wild. They can't be left on autopilot."

Molycorp's stock also went into free fall for no apparent reason.

"Molycorp (MCP) stock was inadvertently hammered by Knight and one big ETF basket gone awry," said Paul Weisbruch of Street One Financial.

Freeze also added that at least one person benefited from the Knight capital trade glitch which should be examined. Someone bought about 80,000 put options "as the debacle was happening," he said. 

Edited by: HFD


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