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We've seen it before | 83 comments | Create New Account
Comments belong to whoever posts them. Please notify us of inappropriate comments.
We've seen it before
Authored by: PJ on Tuesday, April 23 2013 @ 11:34 PM EDT
Here's one resource.

[ Reply to This | Parent | # ]

We've seen it before
Authored by: PolR on Wednesday, April 24 2013 @ 10:04 AM EDT
This Washington Post column is written by a hedge fund manager. It explains how tweeter is now a major source of news in the financial markets.
Twitter has become the “new” news wires. It has supplanted AP, Dow Jones and Bloomberg for breaking news.

Tweeter is incorporated in the Bloomberg terminals traders use to receive news.

Bloomberg L.P. announced on Thursday that it was incorporating tweets into its data service, which is widely used in the financial industry. The new feature allows traders and other professionals to monitor social media buzz and important news about companies they follow.
Please note that this article was written on April 4th.

It is now well documented that reader tweeter as a news source is now part of Wall Street work flow. Once this is a given the notion that a fake tweet may impact the market logically follows.

Here is a report matching the timing of the tweets with a one minute stock chart. We see a large drop lasting three minutes right after the timing of the tweet followed by a quick return to normal once it was noticed the news was fake. This is a picture of the event unfolding, so to speak. This same report explains why Wall Street uses tweeter. It is all about getting the news before everybody else so they know why the market is doing what it is doing in real-time.

I have no idea how Wall Street's rank-and-file can function without access to social media, it's getting embarrassing that they have to pretend they're not using it. On the twitters, we noticed the commotion, the market's reaction to it and the debunking of it before the news anchors could even be rushed into makeup. Maybe they'll read about it in the newspaper tomorrow.
If traders react to news late they may loose millions. It is no good for them to get the news correct at a later time if the millions are already evaporated in a fast and furious market drop.

[ Reply to This | Parent | # ]

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