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Comment by laut | Hacker News Reader

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laut·

ACN fell from about $40 to $0.01 and came back. 4000x or 400000%

Buying a few thousand $ worth at a penny wouldn't have been a bad trade.

http://finance.yahoo.com/q?s=ACN

EDIT: Such as trade would most likely be cancelled though.

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This makes me think that I should just place limit orders for every S+P 500 company at $.10. Chances are the orders will never be filled but if this happens again I'll get rich.

Sounds like Nassim Taleb's Black Swan theory. I wonder if he made any money out of it at his Empirica hedge fund?

IIRC, he ran out of money before the crash hit. If he had more capital, he would have cleaned up.

As the old saying goes, "The market can stay irrational for longer than you can stay solvent"...

limit orders typically expire at the end of the day

GTC (good 'til canceled) are available to me (nobody special--just a margin account at Zecco) as nothing more than an option to change on a normal order. The only difference is that they stay open across the end of the day. (Supposedly they'll be canceled by something after 30-90 days if I don't cancel them and they don't execute.)

There was very very little volume at those trade levels - those trades happened on thinly traded electronic exchanges when the NYSE halted most of those stocks for 90 secs, removing liquidity and causing computers to fill market orders.

How high has the volume of trade been at that price point? If there was just one share traded at that price, not a lot of wealth has been shifted.

Actually IVW was down from 50+ to .10 to back up to 55 in a few mins (longer that other stocks) A lot of shares were traded between .01 and 30, I was able to squeeze in a small order of a few shares (<10) at $40 as I didn't have enough cash in hand.

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