Floor Trading Halted on 240 Companies - "Technical Glitch"!?

Something about this just doesn't ring true to me.

Especially since some of the affected stocks are Financials, like Bank of America - which revealed this week just how much arm-twisting it endured from the FED and Paulson back in September with the Merrill Lynch deal.

And there's the funny Bond activity - real or counterfeit, whichever. And the fact that this all happened on a Friday, which traditionally seems to be the day for suspected manipulation of trading. And it's summer, so no one's really paying attention, right? The only stories being pushed today is follow-up from the museum shooting, the Palin/Letterman controversy and the Iranian elections.

www.reuters.com...

NEW YORK (Reuters) - The New York Stock Exchange said on Friday it had restored connectivity after a software glitch halted floor trading in about 240 companies, including Dow components General Electric Co (GE.N), Exxon Mobil Corp (XOM.N), Bank of America (BAC.N) and Merck & Co (MRK.N).

A spokesman for NYSE Euronext (NYX.N), the world's top exchange operator measured by its listings, said the exchange did not plan to cancel trades in the affected stocks.

In an 11:37 a.m. note to traders, the NYSE said that it lost connectivity in a matching engine, stopping floor brokers and market makers from handling the affected stocks. Orders were then re-routed to NYSE Euronext's small cap Arca platform, and other U.S. market centers.

cryptogon.com...

tickerforum.org...

Technical Problems = heavy selling and sharp price declines

[edit on 12/6/2009 by kosmicjack]

Problems with multiple servers!?

And let's not forget the Federal Reserve Transparency Act, HR 1207.

Something is up.


[edit on 12/6/2009 by kosmicjack]

Yep i saw this in the morning. Exxon was one of the stocks, the lady on Bloomberg or CNBC...can remember which one as I have both going...said not to worry about it.

lol

And I agree with you it is odd in this present age of odd.

The last time this happened the we had a major drop across the board.
I wouldn't be surprised if someone was trying to pull the plug on sharp drop. Tomorrow will tell what really happened....

[edit on 13-6-2009 by projectvxn]

I'm in IT systems support, we are short staffed beyond belief due to the recession. Our support has gone strictly to a break fix environment only. I would put this down to some poor bastard screwing something up after a 14hr shift. It happens..