If it was an error, this is the wrong way to think about things. People who had short positions with GTC limits deep into the range traveled also could have mad

If it was an error, this is the wrong way to think about things. People who had short positions with GTC limits deep into the range traveled also could have made a bundle. The limit orders would have executed damn fast. If this was an error though, Nasdaq (or I assume the clearing houses more precisely) are doing exactly the right thing. Imagine if they didn't reverse the orders and it came out that a wall street firm happened to make 10% on a huge position today. With the way things are, someone would break out the guillotine. (Edit: Bias Note: I've had May Put options at 118 on SPY since Tuesday. I did not close my position, so feel free to accuse me of being jealous ;))