A Random Walk Down What Is Most Definitely Not Wall Street
Submitted by Tyler Durden on 07/14/2009 - 00:53
When I did the first of my Random Walk series, I focused exclusively on the empty storefronts in Manhattan's Madison Avenue Gold Coast area. It was enlightening to many to see just how deep into the heart of the monster the CRE collapse had cut. However, unless you look at the commercial real estate apocalypse unraveling in Central and Eastern Europe you ain't seen nothing yet.
The Chinese Stock Bubble: Watch For "Critical Level Around July 17-27, 2009"
Submitted by Tyler Durden on 07/13/2009 - 23:14Expanding on Cornelius' early piece on China, here is an analysis out of some BNP quants who for one reason or another are convinced the end's in sight. For those who are forgot where they put their Ritalin, here is the punchline:
"By the very nature of the model, this result gives us two conclusions. Firstly, there exists a bubble in the Shanghai Composite Index. Secondly, it will reach a critical level around July 17-27, 2009. This will lead to a change in regime which may be a crash or a more gently bubble deflation. An extended version of this note, with a careful assessment of the confidence intervals and comparisons with the previous Chinese bubble ending in Oct. 2007, will be released soon."
The Predictability Of Irrationality
Submitted by Tyler Durden on 07/13/2009 - 22:52Another educational clip out of FORA TV, this time Dan Ariely, a professor of behavioral economics at Duke University, presents examples of cognitive illusions that help illustrate why humans make predictably irrational decisions - lately that would include purchasing stocks.
Now A Question Of Etiquette...
Submitted by Tyler Durden on 07/13/2009 - 22:25
Client-User interaction doesn't get any more appropriately informative than this.
Back In Town
Submitted by Tyler Durden on 07/13/2009 - 22:14To all who think the pushing, shoving, rudeness and lines of Eastern Europe are bad, I suggest checking out the local airports on a Monday night (where ironically there are more Eastern Europeans than in Eastern Europe).
Downloading some amusing pics now for your enjoyment.
Continued Commentary On The China Commodities Bubble
Submitted by Cornelius on 07/13/2009 - 19:51The China bubble continues unabated but is finally starting to show signs of resistance.
Onward And Upward
Submitted by Marla Singer on 07/13/2009 - 18:49The last of the upgrades appears to be complete.
Housing Tunes: ACME Cheap Credit Vs. Wile E Housing Bubble
Submitted by Tyler Durden on 07/13/2009 - 04:22Nick Gogerty of Designing Better Futures has come up with another of his highly entertaining and educational videos, this time focusing on a longitudinal comparison of housing prices by geographic area compared to household income.
Merrill Gruntled, Believes Markets Combobulated
Submitted by Tyler Durden on 07/12/2009 - 10:31Main Entry: dis·grun·tled; Pronunciation: \dis-'gr?n-t l\; Date: 1682
Adjective: displeased and discontented; sulky; peevish.
Main Entry: dis·com·bob·u·lated; Pronunciation: \.dis-k?m-'ba-b(y)?-.lat\; Date: 1916
Adjective: To throw into a state of confusion.
RateLab Issue July 7, 2009
The Aleynikov Code Dump Uncovered
Submitted by Tyler Durden on 07/12/2009 - 06:05Sergey Aleynikov's code dump page has been uncovered, courtesy of the Sergey Aleynikov Fan Club on Facebook. The site can be found here. Intrepid hackers, nascent program traders, Goldman lawyers and DHS lackies should be all over this. As Zero Hedge will be out of pocket for the next few hours, it might make sense for a reader to create a mirror of the content as I have a sinking suspicion this Google page will be taken down faster than Tila Tequila's modesty.The Google Code linked wiki page is already respondiong with a 502 Server Error and it is odd that this page has not also been removed.
JP Morgan: "High Frequency Predator Traders Feast Upon The Signals Of Others"
Submitted by Tyler Durden on 07/12/2009 - 05:32Continuing the Program Trading reading series, some insight from none other than Carl Carrie, global head of algorithmic products at JP Morgan.
Radio Zero: Brain Parasites, Your Progressive Ambient and Progressive House Support Group
Submitted by Marla Singer on 07/11/2009 - 19:29Back for more? Excellent. We've got six hours of gray matter gnawing sonics just waiting for food.
A brief delay. We begin at 8:45 eastern, sharp. Get your slot now!
http://s9.viastreaming.net:7200/listen.pls
Requests / Chat up the DJ: AIM: radiozh
Oh, owing to demand, we upped it to 50 slots. More room for more space monkeys.
Deep Thoughts From Howard Marks
Submitted by Tyler Durden on 07/11/2009 - 16:46Third "must read" in a row. Now if only Howard could practice just as phenomenally as he preaches...
Predators Sensing Your Orders: Trading “Battlebots” Earn Est. $15-25 Billion Annually
Submitted by Tyler Durden on 07/11/2009 - 16:08Must read presentation on electronic trading in this PT-focused Saturday.
Liquidity Quality In A Changing Market
Submitted by Tyler Durden on 07/11/2009 - 15:33
My focus on various topics in the realm of program trading and market liquidity has engendered quite a few vitriolic responses, some of which have argued bitterly that Zero Hedge is on the wrong path in describing the somewhat vampiric qualities of liquidity extraction by recent artificial constructs, most notably those undertaken by the NYSE. I present to our readers an original paper by two BNY ConvergEx managing directors from 2007 which should provide some additional datapoints in the great debate on whether or not liquidity benefits at all from the recent domination of computers in the "open" market, and touches on other such highly contested issues as dark pool and dark liquidity value and execution.
