Mark McHugh

Today’s WTF – GLD trades

In Open Thread on Tuesday, February 3, 2009 at 7:51 pm

Well somebody out there in trader-land really got hosed by their broker today.  The SPDR gold ETF (GLD) traded in a range from $87.50 to $89.58…….except for at 10:03

intradaygldWhere it traded briefly at $86.00.  How the fuck does that happen?  I verified this price at Yahoo finance (note day’s range).

yahoogldThen, at 12:23, my broker (Scottrade) seemed to try to deny that it happened….(note the day’s low $88.66 & note that it is higher than the last price $87.89)……

falselowgld2But, by 12:50, they fessed back up to really hosing somebody:

fixed-low-gld1If you are a retail investor, you’ve probably seen shit like this before (maybe you’ve even been a victim, like me).  I can only offer my condolences to the victim (assuming that $86.00 was a sell, maybe even a limit order).

So when us mainstreeters call you Wall Streeters (and Finra and the SEC) a bunch of fucking thieves that don’t even deserve food stamps…well, this is just one of several trillion reasons why.

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