Joe Saluzzi, Irene Aldridge, Santelli on The Crash of May 6, 2010, High Frequency Traders Shut Down Amid Turmoil

Remember all the drama with high frequency trading last year? Well today saw the second largest intraday market swing (1,010) since 1987.  October 10, 2008 came in first place during the financial crisis. Irene Aldridge of Able Alpha, Joe Saluzzi of Themis Trading and Rick Santelli spoke about the intra-day crash in the video below. The WSJ reported that big HFT players (Tradebot Systems Inc, Tradeworx) shut down during the market turmoil, pulling liquidity/"buyers of last resort" out of the market, which is what Joe Saluzzi and Dennis Dick of Bright Trading have been warning about.  There's always the Fed though!  By the way look what happened to PG. Insane..

"Algorithmic trading systems are only as smart as the guy who programmed them"

Watch this must see debate between Joe Saluzzi and Irene Aldridge on high frequency trading on CNBC (July 2009).

For more info on today's move read these posts at Kid Dynamite's Blog:

Part 1: Holy Cow. WTF STOCKS? Heres' What I'm Hearing
Part 2: More on the Crash - Possible Triggers, and High Frequency Trading