Tuesday, February 13, 2007

Nasdaq Up 3,000 points?

Ooops, someone pressed the wrong buttons:

Technology bulls may have thought the heady days of the Internet era were back in swing on Tuesday after the Nasdaq composite index surged more than 3,000 points, but the spike was due to a glitch.

The index rose in the morning as high as 5,482.62, well above its recorded March 2000 life-time high of 5,132.52.

"It blew me away," said Bruce Zaro, chief technical strategist at Delta Global Advisors Inc., in Plymouth, Massachusetts. "I think someone pressed the wrong digit."

Indeed, a spokesman for the Nasdaq Stock Market Inc. (NDAQ.O: Quote, Profile, Research) said erroneous trades involving shares of Optimer Pharmaceuticals Inc. (OPTR.O: Quote, Profile, Research) had caused the index to spike higher.

Now, the thing is, you can have options on Nasdaq: I wonder if anyone managed to sell their call options while all of that was going on?


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