Looking again at this picture and the post-mortems for example here by the FT, I have an important question: for any explanation, does it work for a flash boom? Could we have seen a flash boom? I would say we have not (correct me if you think I am wrong), and that a correct theory of what occurred has to not work for a boom. If we had a lot of buy orders that do not specify price (not limit orders to buy), and the slowdown occurred, might we have seen the prices skyrocket? If not, why not?
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