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From $102 To $0.01 In Under One Second

Submitted by Tyler Durden on 05/13/2011 10:38 -0400

Today's Flash Smash visualization in the stock of Enstar is brought to you by Nanex: from $102 to $0.01 in just under a second. But fear not: William O'Brien, the CEO of Direct Edge, made infamous by
Zero Hedge through the whole Flash trading frontrunning scandal, says
"the most egregious aspects of the Flash Crash, such as a stock trading
at $39 and then going to 1 penny and back up to $38 in a matter of
minutes, can't happen again with the progress made the last year". Behold progress...

And the full clip of William O'Brien in all his predictive glory.

- advertisements -

Fri, 05/13/2011 - 10:39 | 1271658 Ancona

But....but.....the HFT guys bring liquidity to the market.

Fri, 05/13/2011 - 10:38 | 1271669 tmosley

Too much liquidity. That stock just succumbed to alcohol poisoning, like a fraternity pledge on a bender.

Fri, 05/13/2011 - 10:50 | 1271721 TruthInSunshine

SCORECARD OF TRUTH:

Actual Unemployment Rate = 22% (see John Williams SGS *Shadow Government Statistics* alternative unemployment rate reflecting methodology that includes "long-term discouraged workers" that the Bureau of Labor Statistics in 1994 under the Clinton Administration redefined away from those considered "unemployed."
http://www.shadowstats.com)

Real Inflation Rate = 8.8% Annualized (with a head of steam baked into the cake to possibly accelerate this significantly by Q3)

Government Net Transfer Payments = 51% of U.S. Population

1 out of 7 Americans on SNAP (aka Food Stamps)

U.S. Deficit (Annual Revenues - Expenditures) = -1.9 Trillion

U.S. Debt = Officially stated as 15 Trillion as of 2011 (actual is 56 Trillion to 202 Trillion; reference David M. Walker & Laurence Kotlikoff) - U.S. Is Bankrupt

U.S. Government Spending as % Component of U.S. GDP at Present = Approx. 1.6% (so if GDP is stated as 3.2%, U.S. 'Organic' GDP is only rising at 1.6%)

Approximate % of GDP Growth that is Nominal & Attributable to Inflation = 1.1% (so that 'Organic' 1.6% Growth in GDP is closer to 0.5% - not enough to stop further job losses and close to the point whereby we could start contracting again very soon)

You're Doing A Heckuva' Job, Bernank! (crushing consumption and organic economic & job growth while ratcheting inflation higher, all in one fell swoop)

Fri, 05/13/2011 - 10:59 | 1271758 Fish Gone Bad

In times like these I remember, "Stocks trade like real money, until they don't". LMFAO

Fri, 05/13/2011 - 11:05 | 1271782 Thomas

As one of you guys said, we need to start making decks of cards with Wall Streeters' faces on them.

Fri, 05/13/2011 - 12:06 | 1271930 Drag Racer

I would fold evey hand just to not look at them. Of course that would increase my chances of winning as well with that deck...

Fri, 05/13/2011 - 16:42 | 1272037 Pegasus Muse

we need to start making decks of cards with Wall Streeters' faces on them

Oh, you mean like those card decks they issue to troops in Iraq/Afghanistan that have enemy pictures on them. They call 'em HVT's --- High Value Targets.

Fri, 05/13/2011 - 19:41 | 1273324 just_looking

already been done...

http://cache.dealbreaker.com/uploads/2011/02/playing-cards1.jpg

Fri, 05/13/2011 - 13:19 | 1272226 YHC-FTSE

Good stats and links. I think the impending QE3 rules out -ve growth in the short term - that's why Bersnakey is doing it after all - to keep USS Titanic afloat until the SS Californian, PRC Carpathia or even IMF Samson pop along to pick up the load.

Fri, 05/13/2011 - 10:42 | 1271684 randocalrissian

the HFT guys bring liquidity to the backside of your midsection.

fixed

Fri, 05/13/2011 - 10:53 | 1271704 firstdivision

HFT liquidity to the market is as Peter North's liquidity to girls faces.

Fri, 05/13/2011 - 15:28 | 1272597 ugmug

You've been peeking at Bin Laden's porn stash again...

Fri, 05/13/2011 - 10:56 | 1271745 whatsinaname

SEC on the case ?

Fri, 05/13/2011 - 11:03 | 1271773 DeadFred

GS just sent a reminder shot across SEC's bow. They've now been pulled off the case. Message: we own you, so don't mess with us!

Fri, 05/13/2011 - 12:09 | 1271958 Rynak

Who needs nuclear weapons anymore anyways....

Fri, 05/13/2011 - 10:36 | 1271660 Xibalba

Ahhhhhhh.......liquidity.

Fri, 05/13/2011 - 10:37 | 1271664 suldog

Looks like the SPX near the end of June

Fri, 05/13/2011 - 10:37 | 1271665 gkm

From minutes to seconds, I'd say that is progress.

Fri, 05/13/2011 - 10:37 | 1271666 Re-Discovery

Didn't happen. You're seeing things. (Get the Matrix police out here, NOW!!)

Fri, 05/13/2011 - 10:55 | 1271737 Whizbang

unless you have subsecond charting, this never happened, it's not shown on my charts anywhere.

Also, for fuck's sake tyler, having resolve stain fighter ads blast out my speaker at work is not helping my drive towards partner. if your going to autospam us with ads at least have them muted...

Fri, 05/13/2011 - 11:07 | 1271791 Eric Cartman

Sound Blasted, Bitchezzz!

Fri, 05/13/2011 - 11:39 | 1271874 GoatETF

+1, neither does S---bucks shooting out my nose from reading your posts.

Fri, 05/13/2011 - 14:25 | 1272409 Rick64

It showed up on TOS on a 15" chart.

Sat, 05/14/2011 - 00:39 | 1273788 StychoKiller

Answer to your "problem:" http://www.mvps.org/winhelp2002/hosts2.htm

Fri, 05/13/2011 - 10:38 | 1271668 Goofy Bastard

Benjamin Graham's "Mr. Market" is clearly off of his meds

Fri, 05/13/2011 - 10:57 | 1271741 cowdiddly

Patience my fellow buzzards. There will be thousands of cigar butt stocks soon enough.

Fri, 05/13/2011 - 10:38 | 1271670 RobotTrader

Looks like Uncle Gorilla is testing the "Flash Crash Simulator" on some obscure stocks.

Later, they will used it at the COMEX and NYMEX and AMEX to deliberately crash commodity prices and send "Anti-Dollar" and "Inflation Theme" macro funds into the poorhouse.

Fri, 05/13/2011 - 10:44 | 1271680 MSJChE

Hope so. I'd be able to default the Comex myself. That would be fun. :)

Fri, 05/13/2011 - 10:44 | 1271696 SheepDog-One

'Obscure stock'...OH you mean its not a retail assless jeans or $75 hand towel stock.

Fri, 05/13/2011 - 11:04 | 1271788 GoinFawr

++ I guess some things will just never go out of style.

Fri, 05/13/2011 - 11:55 | 1271908 Trillax

Goddamnit Sheep, I about choked on my bagel from that and shot coffee out of my nose unto my brand new friggin' LCD monitor you bastard!

+100 ;)

Fri, 05/13/2011 - 11:43 | 1271879 Hephasteus

Is uncle gorilla being a fuck up pretending he knows what he's doing?

Fri, 05/13/2011 - 10:39 | 1271674 SWRichmond

OT:

Tyler, some of the ads on ZH now are the self-launching videos that include audio with the volume of course all the way up. Lose them or lose traffic. Choose.

Fri, 05/13/2011 - 10:42 | 1271683 SheepDog-One

Yea I just got one too.

Fri, 05/13/2011 - 10:48 | 1271705 unky

use firefox with no-script extention, no commercials at all...

Fri, 05/13/2011 - 11:29 | 1271841 Abitdodgie

How fucking annoying is that

Sat, 05/14/2011 - 00:41 | 1273790 StychoKiller

Another answer to your "problem:" http://www.mvps.org/winhelp2002/hosts2.htm

Fri, 05/13/2011 - 10:50 | 1271720 Gunther

Adblock plus with Firefox will fix that; you can use pre-defined filter lists or create your own.

Fri, 05/13/2011 - 10:53 | 1271739 Race Car Driver

Why wait for someone else to do something for you? Use Firefox with Ad Block Plus (ABP) - no ads.

Fri, 05/13/2011 - 11:03 | 1271777 Hacked Economy

I got one too, but as soon as I heard the audio and figured out what was happening, I simply closed the entire window (which means I didn't read the article or comments).

I'll seriously consider donating to this site, as I've been here for a while now and find it worthwhile to stay. But PLEEEZ ditch the audio ads!

You won't lose me as a reader, but you will (as Richmond said above) lose my traffic on those pages.

Fri, 05/13/2011 - 11:23 | 1271835 snakeboat

Give first, suggestions second. This site deserves much support.

Fri, 05/13/2011 - 13:00 | 1272170 bmwm395

Just click on some adds now and again.

Sat, 05/14/2011 - 00:39 | 1273792 StychoKiller

Answer to your "problem:" http://www.mvps.org/winhelp2002/hosts2.htm

Fri, 05/13/2011 - 11:37 | 1271869 tmosley

Make it so that donators can turn off ads. That will likely bring in more revenue than the ads ever would.

Fri, 05/13/2011 - 13:19 | 1272214 Rynak

Regardless of this, audio ads are about the most disgusting thing ever done in web advertizing... its even worse than layered popups that cover the entire window (which is disgusting too).... i doubt that tyler actually wants those ads (the advertizer just sneaked them in).... still, now that it is known, they should go away for everyone... no website admin who knowingly allows this stuff, deserves the ad income... and this is also what will happen: Either this type of ads go away, or the people make them go away themselves, or the people go away - none of those outcomes involve ad income, so there is no point in keeping such ads.

Fri, 05/13/2011 - 14:17 | 1272397 RobertC

Get IE9, and install the TPL from https://easylist.adblockplus.org/en/

Fri, 05/13/2011 - 10:42 | 1271675 Cognitive Dissonance

Behold progress...

Progress is good.....right?

At least that's what my minders keeping telling me.

Fri, 05/13/2011 - 13:23 | 1272236 Rynak

There is no point in increasing the speed, when you're driving in the wrong direction.

So much for "progress" which nowadays is just a fancy term for "change". See obama.... he certainly brought you "change", right?

Fri, 05/13/2011 - 10:43 | 1271676 Dr. Engali

How in the hell do you find these things?

Fri, 05/13/2011 - 11:18 | 1271818 magis00

aren't we all tipsters? 2 eyes to see x 1,000,000

Fri, 05/13/2011 - 11:36 | 1271858 Dr. Engali

I guess but it amazes me some of the obscure info ZH digs up.

Fri, 05/13/2011 - 11:16 | 1271822 magis00

seconded.

Fri, 05/13/2011 - 10:40 | 1271679 firstdivision

from highly over valued to true value in 60ms.

OT: Suck it Job's, you, your entire Cupertino whiny mangement, and your invalid patents, can go fuck themselves http://www.zdnet.com/blog/btl/kodak-wins-over-apple-in-patent-infringement-lawsuit/48706

Fri, 05/13/2011 - 10:44 | 1271682 DonutBoy

aaaaand it's gone

No Friday's off for the SEC, now they have to pick the magic numbers, break 2/3 of these trades, and reassure the public that the stock market is a safe place for their money. Cutting into the time on redtube I expect

Fri, 05/13/2011 - 10:46 | 1271693 Double down

Guess the Red Bull finally kicked in.

Fri, 05/13/2011 - 11:30 | 1271695 carbonmutant

More Rotational Flash crashing...

Rule #1: Don't scare the sheep.

Fri, 05/13/2011 - 10:48 | 1271701 Kickaha

Excellent essay on HFT and flash crashes:

http://www.lrb.co.uk/2011/05/19/donald-mackenzie/how-to-make-money-in-microseconds

Fri, 05/13/2011 - 10:48 | 1271714 RobotTrader

Gold and oil stocks that were obliterated are now u-turning.

Retail darlings are starting to get a meth crash.

And SOHU and SINA hookers are already headed back to rehab.

PigMen have decided that the fastest and easiest to make money is to reverse all the trades that have been "working".

Fri, 05/13/2011 - 13:58 | 1272341 DoChenRollingBearing

Good reporting, RobotTrader.

I would be interested in your take on HFT. The PigMen, do they have Ataris too, and so do this crap too?

---

The only "Buy & Hold" left in town is gold.

Fri, 05/13/2011 - 15:52 | 1272695 boricuadigm-shift

Dochen,

So you agree with the fofoa/costata post on silver?

Thanks

Sat, 05/14/2011 - 00:45 | 1273796 StychoKiller

Not everyone is gonna be able to "invest" in Gold, so my answer is no.

Fri, 05/13/2011 - 10:52 | 1271717 Shock and Aweful

Goddamn....and we thought silver took a beating over the last couple weeks...

Could you imagine...having a shit ton of fiat invested into this thing....hitting "refresh" and realizing that you had just lost it all?

Now that is what I call a bubble being popped

Fri, 05/13/2011 - 10:51 | 1271730 bania

I got in at $0.02

Fri, 05/13/2011 - 10:55 | 1271754 Alex Kintner

Me too. Sold at $0.04 and doubled my money. Yup, I'm the freaking Genius Kahn of stox.

Fri, 05/13/2011 - 10:55 | 1271734 Alex Kintner

SEC says Mrs. O'Leary's cow took a dump on her bloomber terminal. It's all cleaned up now. Got Milken?

Fri, 05/13/2011 - 10:56 | 1271744 Clampit

What happened to the lawsuits? Does the exchange have the right to unilaterally cancel the penny trades? That's the only problem I see here (and it's everywhere); lack of moral hazard.

Fri, 05/13/2011 - 10:58 | 1271755 Paul Bogdanich

Why don't they just lay a heavy fine on these guys every time this happens? We need the revenue anyway.

Fri, 05/13/2011 - 10:59 | 1271760 Seasmoke

who said dont try and catch a falling knife, never had a knife bounce off a flash crash

Fri, 05/13/2011 - 11:04 | 1271775 manthrax3

It didn't trade at $0.01. It just went bidless. If you get rid of HFTs... would this crappy stock be less likely to go bidless?

Fri, 05/13/2011 - 11:09 | 1271798 wang

what screen are you watching?

Fri, 05/13/2011 - 11:22 | 1271827 manthrax3

bloomberg. do a GIP and you don't see trades there. then change the category to bid, and you see it.

Fri, 05/13/2011 - 11:30 | 1271845 manthrax3

also, this happened righ at 9:30:01, and if you want to blame anyone, blame NASDAQ for their poor quality opening auction procedure and lack of liquidity therein. Sorry, guys, but there is nothing to see here. No market regulation is going to guarantee substantial bids in a crappy worthless stock like this right after an opening auction that does a poor job pricing in overnight risk.

Fri, 05/13/2011 - 16:24 | 1272817 Tidewater

I agree, there's nothing to see here. Bids and asks can happen at any price or not happen at all. No trade went off at a penny or anywhere near it. It was just quotations.

Some goofball could wander from the halls of a mental asylum to the floor of an open-outcry market and offer a penny a share for chrissake. As long as his robe is tied in the back, who cares.

There are high-freak horror stories but this isn't one of them. Between Nanex and Tylers Durdens someone shoulda just checked the time-and-sales data. Or even the daily hi/lo.

Mantrhax3 caught it.

Now I'm off to see "Hobo with a Shotgun."

Sat, 05/14/2011 - 08:53 | 1274031 TheRipper

They did check....if you click on the link Tyler made available up top, you would have seen it:

The actual trades:

;ts|BEGINSTREAM|eESGR|20110513|093000|| ;ts|t|Symbol|Listed Exg|Reporting Exg|Date|Seq #|Exg Time|Price|Size|TCondition| t|eESGR|NQNM|NQEX|20110513|2845|09:30:00|102.00|375|OpenReport| t|eESGR|NQNM|NQEX|20110513|2849|09:30:00|102.00|375|MCOfficialOpen| t|eESGR|NQNM|NQEX|20110513|3274|09:30:03|101.20|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3275|09:30:03|100.52|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3276|09:30:03|100.25|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3277|09:30:03|100.16|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3278|09:30:03|100.08|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3279|09:30:03|100.06|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3280|09:30:03|100.05|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3281|09:30:03|100.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3352|09:30:03|99.58|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3353|09:30:03|99.57|300|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3358|09:30:03|99.57|100|MCOfficialOpen| t|eESGR|NQNM|PACF|20110513|3362|09:30:03|99.57|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3418|09:30:04|99.56|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3439|09:30:04|99.53|300|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3444|09:30:04|99.50|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3455|09:30:04|99.36|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3459|09:30:04|99.16|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3460|09:30:04|99.10|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3481|09:30:04|98.46|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3482|09:30:04|98.46|100|IntermarketSweep| t|eESGR|NQNM|EDGE|20110513|3483|09:30:04|98.46|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3485|09:30:04|98.47|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3487|09:30:04|98.46|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3488|09:30:04|98.45|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3491|09:30:04|99.59|100|IntermarketSweep| t|eESGR|NQNM|EDGX|20110513|3493|09:30:04|100.20|100|IntermarketSweep| t|eESGR|NQNM|BATS|20110513|3498|09:30:04|100.13|100|Regular| t|eESGR|NQNM|BATS|20110513|3499|09:30:04|100.11|100|Regular| t|eESGR|NQNM|EDGX|20110513|3500|09:30:04|100.15|100|IntermarketSweep| t|eESGR|NQNM|EDGX|20110513|3501|09:30:04|99.75|100|IntermarketSweep| t|eESGR|NQNM|EDGX|20110513|3502|09:30:04|99.58|100|IntermarketSweep| t|eESGR|NQNM|EDGE|20110513|3509|09:30:04|100.25|100|IntermarketSweep| t|eESGR|NQNM|EDGE|20110513|3512|09:30:04|99.52|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3522|09:30:04|97.54|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3523|09:30:04|96.87|150|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3525|09:30:04|96.66|300|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3526|09:30:04|96.48|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3528|09:30:04|96.01|200|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3530|09:30:04|98.43|600|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3532|09:30:04|98.42|600|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3534|09:30:04|97.76|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3536|09:30:04|94.71|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3538|09:30:04|94.71|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3539|09:30:04|94.71|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3543|09:30:04|94.47|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3544|09:30:04|94.02|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3545|09:30:04|94.02|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3546|09:30:04|94.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3547|09:30:04|94.01|100|IntermarketSweep| t|eESGR|NQNM|EDGE|20110513|3551|09:30:04|98.89|100|IntermarketSweep| t|eESGR|NQNM|EDGX|20110513|3552|09:30:04|98.89|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3553|09:30:04|98.89|200|IntermarketSweep| t|eESGR|NQNM|BATS|20110513|3554|09:30:04|99.28|200|IntermarketSweep| t|eESGR|NQNM|BATS|20110513|3555|09:30:04|98.79|200|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3559|09:30:04|94.71|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3562|09:30:04|94.71|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3563|09:30:04|94.71|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3564|09:30:04|94.71|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3565|09:30:04|90.00|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3566|09:30:04|89.98|100|Regular| t|eESGR|NQNM|NQEX|20110513|3570|09:30:04|85.48|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3571|09:30:04|84.79|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3572|09:30:04|84.78|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3578|09:30:04|80.98|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3598|09:30:04|79.75|300|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3620|09:30:04|71.86|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3621|09:30:04|71.85|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3629|09:30:04|68.96|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3631|09:30:04|68.94|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3632|09:30:04|68.93|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3633|09:30:04|68.93|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3635|09:30:04|68.92|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3636|09:30:04|68.92|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3637|09:30:04|68.92|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3638|09:30:04|68.92|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3639|09:30:04|68.92|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3640|09:30:04|68.92|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3641|09:30:04|68.92|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3642|09:30:04|68.92|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3643|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3644|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3645|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3646|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3647|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3648|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3649|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3650|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3651|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3652|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3653|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3654|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3655|09:30:04|68.91|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3677|09:30:04|59.18|100|Regular| t|eESGR|NQNM|NQEX|20110513|3678|09:30:04|59.18|100|Regular| t|eESGR|NQNM|NQEX|20110513|3683|09:30:04|53.41|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3692|09:30:04|53.41|300|Regular| t|eESGR|NQNM|NQEX|20110513|3700|09:30:04|43.90|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3705|09:30:04|0.02|100|IntermarketSweep| -- $0.02 t|eESGR|NQNM|NQEX|20110513|3706|09:30:04|0.02|100|IntermarketSweep| t|eESGR|NQNM|BATS|20110513|3709|09:30:04|43.90|100|Regular| t|eESGR|NQNM|NQEX|20110513|3711|09:30:04|0.02|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3712|09:30:04|0.02|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3721|09:30:05|0.01|100|IntermarketSweep| -- $0.01 t|eESGR|NQNM|NQEX|20110513|3722|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3725|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3726|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3739|09:30:05|0.02|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3741|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3746|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3750|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3759|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3761|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3766|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3768|09:30:05|0.02|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3769|09:30:05|0.02|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3770|09:30:05|0.02|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3771|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3774|09:30:05|0.03|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3775|09:30:05|0.03|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3776|09:30:05|0.03|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3777|09:30:05|0.01|500|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3778|09:30:05|0.01|100|IntermarketSweep| t|eESGR|NQNM|EDGX|20110513|3780|09:30:05|0.03|100|IntermarketSweep| t|eESGR|NQNM|EDGX|20110513|3781|09:30:05|0.02|100|IntermarketSweep| t|eESGR|NQNM|EDGX|20110513|3788|09:30:05|0.05|100|IntermarketSweep| t|eESGR|NQNM|EDGX|20110513|3789|09:30:05|0.04|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3790|09:30:05|0.05|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3791|09:30:05|0.05|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3792|09:30:05|0.05|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3793|09:30:05|0.04|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3794|09:30:05|0.04|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3795|09:30:05|0.04|100|IntermarketSweep| t|eESGR|NQNM|EDGX|20110513|3797|09:30:05|0.06|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3800|09:30:05|0.07|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3801|09:30:05|0.07|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3802|09:30:05|0.07|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3803|09:30:05|0.06|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3804|09:30:05|0.06|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3805|09:30:05|0.06|100|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3809|09:30:05|0.07|200|IntermarketSweep| t|eESGR|NQNM|PACF|20110513|3810|09:30:05|0.06|200|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3811|09:30:05|99.10|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3812|09:30:05|99.10|100|IntermarketSweep| t|eESGR|NQNM|NQEX|20110513|3813|09:30:05|99.11|200|Regular|

Sat, 05/14/2011 - 09:07 | 1274033 TheRipper

and the cancels that came in about an hout later (trades that didn't happen don't get cancelled):;tc|BEGINSTREAM|20110513| ;tc|NxTime|Symbol|Listed Exg|CorrectionType|OrgSeq|OrgCond|OrgPrice|OrgSize| 10:36:57|eESGR|NQNM|Cancel;Busted;|3485|95|98.47000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3487|95|98.46000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3488|95|98.45000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3530|95|98.43000|600| 10:36:57|eESGR|NQNM|Cancel;Busted;|3532|95|98.42000|600| 10:36:57|eESGR|NQNM|Cancel;Busted;|3534|95|97.76000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3536|95|94.71000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3538|95|94.71000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3539|95|94.71000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3559|95|94.71000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3562|95|94.71000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3563|95|94.71000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3564|95|94.71000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3739|95|0.02000|100| 10:36:57|eESGR|NQNM|Cancel;Busted;|3809|95|0.07000|200| 10:36:57|eESGR|NQNM|Cancel;Busted;|3810|95|0.06000|200| 10:39:22|eESGR|NQNM|Cancel;Busted;|3552|95|98.89000|100| 10:39:22|eESGR|NQNM|Cancel;Busted;|3797|95|0.06000|100| 10:39:22|eESGR|NQNM|Cancel;Busted;|3788|95|0.05000|100| 10:39:22|eESGR|NQNM|Cancel;Busted;|3789|95|0.04000|100| 10:39:22|eESGR|NQNM|Cancel;Busted;|3780|95|0.03000|100| 10:39:22|eESGR|NQNM|Cancel;Busted;|3781|95|0.02000|100| 10:39:49|eESGR|NQNM|Cancel;Busted;|3551|95|98.89000|100| 10:39:49|eESGR|NQNM|Cancel;Busted;|3483|95|98.46000|100| 10:40:31|eESGR|NQNM|Cancel;Busted;|3709|0|43.90000|100| 10:40:31|eESGR|NQNM|Cancel;Busted;|3555|95|98.79000|200| 10:56:10|eESGR|NQNM|Cancel;Busted;|3481|95|98.46000|100| 10:56:10|eESGR|NQNM|Cancel;Busted;|3482|95|98.46000|100| 10:56:10|eESGR|NQNM|Cancel;Busted;|3522|95|97.54000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3523|95|96.87000|150| 10:56:11|eESGR|NQNM|Cancel;Busted;|3525|95|96.66000|300| 10:56:11|eESGR|NQNM|Cancel;Busted;|3526|95|96.48000|200| 10:56:11|eESGR|NQNM|Cancel;Busted;|3528|95|96.01000|200| 10:56:11|eESGR|NQNM|Cancel;Busted;|3543|95|94.47000|200| 10:56:11|eESGR|NQNM|Cancel;Busted;|3544|95|94.02000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3545|95|94.02000|200| 10:56:11|eESGR|NQNM|Cancel;Busted;|3546|95|94.01000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3547|95|94.01000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3553|95|98.89000|200| 10:56:11|eESGR|NQNM|Cancel;Busted;|3565|95|90.00000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3566|0|89.98000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3570|95|85.48000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3571|95|84.79000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3572|95|84.78000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3578|95|80.98000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3598|95|79.75000|300| 10:56:11|eESGR|NQNM|Cancel;Busted;|3620|95|71.86000|200| 10:56:11|eESGR|NQNM|Cancel;Busted;|3621|95|71.85000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3629|95|68.96000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3631|95|68.94000|200| 10:56:11|eESGR|NQNM|Cancel;Busted;|3632|95|68.93000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3633|95|68.93000|200| 10:56:11|eESGR|NQNM|Cancel;Busted;|3635|95|68.92000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3636|95|68.92000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3637|95|68.92000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3638|95|68.92000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3639|95|68.92000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3640|95|68.92000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3641|95|68.92000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3642|95|68.92000|200| 10:56:11|eESGR|NQNM|Cancel;Busted;|3643|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3644|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3645|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3646|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3647|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3648|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3649|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3650|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3651|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3652|95|68.91000|100| 10:56:11|eESGR|NQNM|Cancel;Busted;|3653|95|68.91000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3654|95|68.91000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3655|95|68.91000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3677|0|59.18000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3678|0|59.18000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3683|95|53.41000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3692|0|53.41000|300| 10:56:12|eESGR|NQNM|Cancel;Busted;|3700|95|43.90000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3705|95|0.02000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3706|95|0.02000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3711|95|0.02000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3712|95|0.02000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3721|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3722|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3725|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3726|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3741|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3746|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3750|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3759|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3761|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3766|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3768|95|0.02000|200| 10:56:12|eESGR|NQNM|Cancel;Busted;|3769|95|0.02000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3770|95|0.02000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3771|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3774|95|0.03000|200| 10:56:12|eESGR|NQNM|Cancel;Busted;|3775|95|0.03000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3776|95|0.03000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3777|95|0.01000|500| 10:56:12|eESGR|NQNM|Cancel;Busted;|3778|95|0.01000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3790|95|0.05000|200| 10:56:12|eESGR|NQNM|Cancel;Busted;|3791|95|0.05000|100| 10:56:12|eESGR|NQNM|Cancel;Busted;|3792|95|0.05000|100| 10:56:13|eESGR|NQNM|Cancel;Busted;|3793|95|0.04000|200| 10:56:13|eESGR|NQNM|Cancel;Busted;|3794|95|0.04000|100| 10:56:13|eESGR|NQNM|Cancel;Busted;|3795|95|0.04000|100| 10:56:13|eESGR|NQNM|Cancel;Busted;|3800|95|0.07000|200| 10:56:13|eESGR|NQNM|Cancel;Busted;|3801|95|0.07000|100| 10:56:13|eESGR|NQNM|Cancel;Busted;|3802|95|0.07000|100| 10:56:13|eESGR|NQNM|Cancel;Busted;|3803|95|0.06000|200| 10:56:13|eESGR|NQNM|Cancel;Busted;|3804|95|0.06000|100| 10:56:13|eESGR|NQNM|Cancel;Busted;|3805|95|0.06000|100| ;tc|ENDSTREAM|20110513|

Sat, 05/14/2011 - 09:10 | 1274044 TheRipper

Since Daily Hi/Lo on most systems will correct ranges based on cancelled trades , the Hi/Lo would not reflect the trades *after* the cancels came from the exchanges.

Sat, 05/14/2011 - 09:32 | 1274077 TheRipper

looking at the first chart again, note the legend on the left indicates all the white dots are trades. Look at all the white dots near zero.

Sat, 05/14/2011 - 13:13 | 1274367 Tidewater

Gotcha.. I pulled the time-and-sales and saw the tick-by-tick earlier in the day -- but it still must've been after the cancellations. Nice microstructure we have, too bad the market's a rope of sand.

No surprise that the exchange is getting more efficient at sweeping these birdlime mishaps under the rug very quickly. Because they're happening more often.

So it is a high-freak algo horror story, the mental patients are running the place and their robes are all undone. Tip of the hat.

Fri, 05/13/2011 - 11:05 | 1271779 Eric Cartman

Really confusing charts.

Fri, 05/13/2011 - 11:07 | 1271794 Undecided

SilverGoldBull.com Market Update

In an effort to keep our clients aware of current market conditions reflecting physical bullion we are putting out an update!

Silver Gold Bull has gone to great lengths to work with many suppliers which has kept our bullion supply uninterrupted, even when other dealers have been completely without inventory. However, with the "paper" prices of precious metals having been forced down to these levels the market is experiencing a tremendous amount of heavy buying from large investors, both private and institutional. The result has seen much of the remaining bullion removed from the market. This means that Government Mint (Canadian Maples, American Silver Eagles) delays are effecting our supply. The average wait time for products into us is now upwards of 3 weeks on NEW orders processed after today May 12, 2011. This means we are moving our delivery commitment to 4 weeks out. This is a safety mechanism to prevent frustrations of our clients waiting for delivery of the goods… we would rather be open and up front then to incur damage to our strong relationships that we have built with our customers.

As market developments continue, we will respond with our customers best interest in mind. Please remember to join us on Facebook and use the client feedback opportunity on our site. We look forward to our continued growth together.

Fri, 05/13/2011 - 11:07 | 1271795 Undecided

SilverGoldBull.com Market Update

In an effort to keep our clients aware of current market conditions reflecting physical bullion we are putting out an update!

Fri, 05/13/2011 - 11:12 | 1271799 Vendetta

wealth transfer at work

Fri, 05/13/2011 - 11:11 | 1271803 sabra1

people, step outside the box! they are testing a program which will be able to do same to all our bank accounts! testing it here, removes all suspicion!

Fri, 05/13/2011 - 11:21 | 1271831 SheepDog-One

Yep they sure are getting ready for the big crash. These are just NASA style pre launch tests.

Fri, 05/13/2011 - 11:55 | 1271902 Trillax

EDIT: deleted -- wrong thread.

Fri, 05/13/2011 - 11:13 | 1271812 TheTmfreak

Somebody BETTER have BTFD...

Fri, 05/13/2011 - 11:24 | 1271830 Frein

BTFD? I wish I did.

Fri, 05/13/2011 - 11:22 | 1271833 bob_dabolina

Kinda' feels like we're gona' have an all out rout in the market today.

Fri, 05/13/2011 - 11:31 | 1271847 Rainman

Tits and giggles for Friday the 13th. Shorts will continue to be massacred until their attitude improves.

Fri, 05/13/2011 - 11:32 | 1271850 Josh Randall

Looks like the roulette wheel ball is stuck in green Double zero again -- time to head on down the road and play at another casino that is a little less rigged

Fri, 05/13/2011 - 11:38 | 1271862 espirit

Awww, the momo's are just cherry picking stocks to short and make a buck.

Can't do this to APPL or they would take down the whole market.

Sheesh! BTFD Silver bitchez.

Fri, 05/13/2011 - 11:54 | 1271901 phyregold

Heh.....

http://www.popsci.com/technology/article/2011-05/financial-trading-algor...

Fri, 05/13/2011 - 12:09 | 1271942 espirit

Barracudas feeding on other barracudas in an outgoing tidal pool.

heehee

Fri, 05/13/2011 - 12:33 | 1272055 Monedas

Monedas' version of a "Flash Crash" ! Flash 10 monster boxes of SAEs down your coal shute ! Crash a ton of coal down the shute on top of them !! .......... I wouldn't trust these market makers with my old laundry receipts ! Monedas 2011 "Hoarders have more fun !"

Fri, 05/13/2011 - 12:51 | 1272131 jmcadg

Stay out of silver, it's far too volatile.

Fri, 05/13/2011 - 12:52 | 1272144 Geoff-UK

You want to fix this?

Let the trade stand. They want the computers to be in charge of their capital? Fine, let the put the computer in charge. Even if it bankrupts them.

Turning on the "time machine" and erasing these trades is just going to make HFTs fuck up the market even more than they alrady have.

Fri, 05/13/2011 - 13:05 | 1272180 magis00

This.

Fri, 05/13/2011 - 14:01 | 1272351 DoChenRollingBearing

Yes.

Sat, 05/14/2011 - 08:47 | 1274028 DavidC

Spot on Geoff, I agree.

The solutions to all this (daily) flash crash in one thing or another have been well suggested and documented by Joe Saluzzi and Sal Arnuk at Themis Trading. I always try to watch Joe when he's on TV/YouTube, he speaks so much sense.

DavidC

Fri, 05/13/2011 - 13:36 | 1272274 catch edge ghost

In a large enough sample the mean for every random variable drops to zero?

Fri, 05/13/2011 - 13:44 | 1272301 the rookie cynic

Who votes we blame Waddell and Reed again?

Fri, 05/13/2011 - 14:23 | 1272414 Downtoolong

So much for smart technology. I can only think of one thing dumber than a computer that thinks a stock trading at $39 one second might only be worth $0.01 the next. That would be a computer that somehow manages to buy a $39 stock for $0.01 and then turns around in a microsecond and sells it back for $0.02.

Fri, 05/13/2011 - 17:38 | 1273067 Buck Johnson

We've been seeing more and more flash crashes, and that doesn't bode well for the world markets. I think that the HFT and the govt. and others with their software that enables them to trade and super speeds and/or stop a certain action from happening (proping up the market), are fighting with each other. You see the market is acting in a way (because of all the chicanery going on) that the computers algorithms are having a hard time trying to resolve. With these organizations wanting to make money and at the same time wanting to keep the markets from showing it's real worth (both stock and commodities), they as I said before are fighting with each other and this and other stocks where the ones that was the dump for the day.

Fri, 05/13/2011 - 19:18 | 1273286 theinebriatedsot

any moron who plays any paper market nowadays deserves exactly what he gets. Whether paper PMs, currencies, bonds or stocks....they are all a joke! They busted all the long leveraged paper PM morons last week; who's next to get sheared? Step right up!! <carnival barker>....

el sot-to

Sat, 05/14/2011 - 08:41 | 1274025 DavidC

William O'Brien looked too smug in that interview - he also looks too young to shave.

DavidC

From $102 To $0.01 In Under One Second

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