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"Computer Glitch" Plaguing ETFs Is "Unrelated" To Monday's Flash Crash, BNY Swears

During Monday's flash crashing mayhem, the fragility of the ETF pricing system was exposed for all to see. While common sense dictates that the extreme market moves, trading halts, and tripped circuit breakers may have had quite a lot to do with the epic divergences between NAV and unit pricing, the real culprit was a "computer glitch" caused by a botched "systems change" last Saturday. The fact that the trouble calculating NAVs across nearly 800 mutual funds happened on the very same day as the flash crash is strictly coincidence. 



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Remembering The Summer Of 1929

The Summer of 1929 was unusually hot, with the stock market going up and down like a roller coaster, making investors and pundits almost dizzy. That is, until the great push up to the very height of the market in early September. It was the laissez-faire abuses of the 1920’s, the reign of supply side economics, the institutionalized political corruption of easy money, an oversized, overly influential and powerful financial/industrial sector that set the stage for the terrible Depression of the 1930’s. It also gave rise to the many reforms introduced by the FDR administration. Most of which have been steadily overturned, one by one, by the big money interests who care for nothing but themselves, and would do it again, and again, if allowed to do so.



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Where Is Neo When We Need Him?

In The Matrix in which Americans live, nothing is ever their fault. Nowhere in the Western media other than a few alternative media websites is there an ounce of integrity. The Western media is a Ministry of Truth that operates full-time in support of the artificial existence that Westerners live inside The Matrix where Westerners exist without thought. Considering their inaptitude and inaction, Western peoples might as well not exist. More is going to collapse on the brainwashed Western fools than mere stock values.



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The Best And Worst Performing Commodities Of 2015



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Behold: A Chinese Liquidity Crunch

What do you do when daily open FX interventions are sucking liquidity from the system but you need to save your RRR cuts for emergencies? This...



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A Bottom, But Not THE Bottom

With prices and valuations elevated, and earnings deteriorating, the backdrop for a continued "ripping bull-market" is at risk. The problem for the "perma-bulls" is that the deflationary backwash, combined with already weak economic fundamentals, continues to erode the ability for earnings to meet elevated future expectations. It is likely earnings will continue to disappoint in the quarters ahead and put further downward pressure on asset prices to close the current gap between "financial fantasy" and "economic realities."



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Freeport-McMoRan Up Nearly 50% Today After Carl Icahn Goes Activist, Announces 8.5% Stake

Earlier today FCX announced that in order to save its business, it would lay off 10% of its employees, and that it now expects $4 billion in capital expenditures for 2016, down from a prior estimate of $5.6 billion. Its 2015 capital expenditure budget currently stands at $6.3 billion. The resultant surge in the company, which exploded by 30% in the regular hours, made many wonder if there wasn't more to the story. The answer is: yes, there was, and moments ago none other than Carl Icahn announced an 88 million, or 8.46% stake in the copper miner, in a 13D which said that said the company was "undervalued" and that Icahn is now seeking a board seat.



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Caught On Tape - Chinese Investors This Week

Sometimes the surveillance state offers up a small victory... as we see Chinese citizens in their native environs re-enacting their emotions this week...



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Margin Calls Mount On Loans Against Stock Portfolios Used To Buy Homes, Boats, "Pretty Much Everything"

 

"In a securities-based loan, the customer pledges all or part of a portfolio of stocks, bonds, mutual funds and/or other securities as collateral. But unlike traditional margin loans, in which the client uses the credit to buy more securities, the borrowing is for other purchases such as real estate, a boat or education..." The result was "dangerously high margin balances,' - the products became “the vehicle of choice for investors looking to get cash for anything.” Mr. Sica and others say the products were aggressively marketed to investors by banks and brokerages.

 



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Air Conditioner Failure At CenturyLink Data Center Takes ITG Dark Pool Offline

NEW JERSEY DATA CENTER WHERE ITG OPERATES HAS HVAC ISSUE
ITG SHUTDOWN INCLUDES POSIT DARK POOL
ITG SAYS IT WON'T BE TRADING FOR REMAINDER OF DAY



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Art Collectors Pawn Masterpieces To Meet Market Rout Margin Calls

“Ten years ago no one in the art market paid close attention to these corrections in the stock market. Now clients respond immediately."



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VIX ETF Surges After Serious Short Squeeze For 5th Day In A Row

That's what happens Larry when you have 64.08mm shares short against 59.5mm shares outstanding... and traders read this (and the VIX is stuck in backwardation).



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"It's Just A Correction!"

It's healthy... good for you... like broccoli?



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Rutgers University Warns Students - "There Is No Such Thing As Free Speech"

"Things have changed since I started teaching. The vibe is different. I wish there were a less blunt way to put this, but my students sometimes scare me - particularly the liberal ones....The idea that institutions must acknowledge wrongdoing is central to academic work."

BINGO. This is so essential to a functioning, ethical society, and is something that never happens in modern America. Ever.



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