Ah it seems that someone put in a $15 billion order to sell P&G stock instead of a $15 million order and that is what caused to market to implode.
"That doesn't happen unless someone made a huge mistake," a trader that declined to be identified for this story told TheStreet about the P&G trade. The same trader said the latest speculation was that Citigroup(PG) was the firm behind the wrong trade, mistakenly putting in a 15 billion sell order, instead of a 15 million one, but the company would not confirm or deny that.
This $15 billion sell order in a stock that is supposed to be a safe haven dropped the market past key technical points and this caused the robots to sell shares as well. This is why the market dropped 1000 points in a few minutes. The market was already worried about Greece and was looking for any excuse to sell off.
Now what I am wondering is if the market will climb a wall of worry or it continues to sell off. I guess it all comes down to whether the Germans are going to do about bailing Greece out. If they nix the idea and the Greeks default on their debt then we are in for a double dip recession. I think the EU should seriously think about kicking Greece out of the union to avoid further damage to the Euro.