May 6 will be a day that I will always remember in the stock market. A group of stock coaches and I were watching the market fall by sums of 100. Within 10 minutes or so the market fell over 700 points! It nearly reached a thousand points down, which is the largest one day point swing in market history. It was amazing to watch. There have been many theories as to what caused this crash but as of right now no one really knows what actually happened. I came across two incredible charts yesterday that I wanted to share with students. I am sure that you have seen some of the amazing drops on the charts from almost any stock. I stumbled upon a chart that did just the opposite. AMSC went from $25 dollars per share to $100,000 per share! You will not be able to find this chart today. They corrected the chart and wiped the trade out. This is the normal process for these types of rouge trades.
The other chart I have listed here is ACN, this one dropped from $41.09 per share to one cent per share (.01). I also received an email from a friend of mine after the market closed. He told me of a friend of his that had $20 grand invested in $SPX (S&P 500 index) puts yesterday morning before all the turmoil. Can you even imagine!? Yeah, he pocketed $86,756.00! WHAT A DAY!
5/6 2010 AMSC from $25 per share to $100,000
5/6 2010 ACN from $41.09 per share to .01 (a penny)
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