As you well know, on Thursday markets were already very skittish due to the riots in Greece – and computers didn’t cause the problem – but they sure made it worse.
As electronic selling programs were triggered Thursday, the human element of the markets quickly evaporated and computerized trading programs wantonly sold stocks at whatever price was available, creating a feeding frenzy.
Fisher is hoping that lawmakers and the CFTC put together a group of traders and academics and create rules and regulations to slow everything down, especially in times of high distress.
CNBC's Rick Santelli would probably like to be among that group. He feels very passionately that Wall Street needs to implement three changes. They follow:
- circuit breakers
- coordination between exchanges and regulators
- stress test can't be real-time trading
What do you think? We want to know!
Read More:
> How High-Frequency Trading Works
> Computers, Not Human Error, Likely Caused Market Meltdown
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Trader disclosure: On May 7, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (BAC), (MTL); Terranova Owns Gold; Terranova Owns (XCO), (AGU), (SWN), (PFE); Terranova Owns Crude Oil; Terranova Is Short (CMA); Karabell Owns (AAPL), (C), (GS), (CME); Karabell Owns (ATHR); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); jarian Owns (C) Calls; Najarian Owns (CLF) Call Spreads; Najarian Owns (FRX) Calls; Najarian Owns (MS); Najarian Owns (MTL) Preferred; Kelly Owns (FXE) Puts; Kelly Owns (FXB) Puts; Grasso Owns (NDAQ), (DYN), (LPX), (ASTM), (ABK), (BAC), (BGP), (C), (CVGI), (JPM), (NEM), (PRST), (PFE), (BA), (T), (CSCO), (X)
For Tim Seymour
Seygem Asset Management Owns (VIP)
For JoeTerranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (DRYS)
For Steve Grasso
Stuart Frankel And Its Partners Own (AMR)
Stuart Frankel And Its Partners Own (BAX)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (CUBA)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (GERN)
Stuart Frankel And Its Partners Own (HSPO)
Stuart Frankel And Its Partners Own (MERC)
Stuart Frankel And Its Partners Own (NWS.A)
Stuart Frankel And Its Partners Own (NYX)
Stuart Frankel And Its Partners Own (PALM)
Stuart Frankel And Its Partners Own (PDE)
Stuart Frankel And Its Partners Own (PFE)
Stuart Frankel And Its Partners Own (PRST)
Stuart Frankel And Its Partners Own (RDC)
Stuart Frankel And Its Partners Own (TLM)
Stuart Frankel And Its Partners Own (XRX)
Stuart Frankel And Its Partners Own (SDS)
Stuart Frankel And Its Partners Are Short (QQQQ)
Stuart Frankel And Its Partners Are Short (CL)
Stuart Frankel And Its Partners Are Short (AAPL)
For Brian Kelly
Kanundrum Capital Owns (TLT)
Kanundrum Capital Owns (GLD)
Kanundrum Capital Owns (GFI)
Kanundrum Capital Owns (AUY)
Kanundrum Capital Is Long Dollar
Kanundrum Capital Is Short Euro
Kanundrum Capital Is Short Yen
Kanundrum Capital Is Short Pound
Kanundrum Capital Is Short Franc
Kanundrum Capital Is Short (AA)
Kanundrum Capital Is Short (DE)
Kanundrum Capital Is Short (NUE)
Kanundrum Capital Is Short (XOM)
Kanundrum Capital Is Short (HES)
For Rich Repetto
Sandler O'Neill Expects To Receive/Seek Investment Banking Compensation From (CME), (ICE), (NDAQ), (NYX) In Next 3 Months
Sandler O'Neill Is A Market Maker In (CME), (NDAQ)
Sandler O'Neill Has Received Investment Banking Compensation From (NDAQ) In Past 12 Months
A Principal Of Sandler O'Neill Is A Director Of ((NDAQ)
(NDAQ) Was An Investment Banking Client Of Sandler O'Neill
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