The Apple Flash Crash

The Apple Flash Crash


May 6th, 2010 was a day in the stock market that will live in infamy. Markets went into a frenzy with the Dow Jones selling off over 1,000 points along with over 1,200 stock halts throughout the day. A quick google search shows thousands of articles noting this roller coaster session. But did you know Apple went through its own, individual flash crash toward the end of 2014? Luckily for me, I was swinging Apple long during the flash crash and can give a first-hand experience of what really happened.

Let’s rewind back to November 11, 2014. It’s a brisk late-fall morning, leaving my home at 5:45 to beat the NYC traffic, not really top-down weather. However, when you’re 23 in a silver convertible Aston Martin, it’s always top-down weather (even in the rain if you drive fast enough!).  So, I’m flying down the turnpike doing 100+ with the heat on full blast and I’m the first to arrive at my trading desk. Most of my colleagues live in downtown Manhattan and have the luxury of rolling out of bed at 8 or so and cruise in to our morning meeting. Not me.

It’s now 8:30 and we begin our morning meeting where everyone goes through their top idea. There are about 20 or so traders all speaking in turn, pitching different stocks.

“MCD short through 99.”

“GILD getting ready to beast, $103 level is KEY.”

Then another trader, who we call Wrench........................................................................

 

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