Another Algo Gone Wild

Tyler Durden's picture

Once upon a time, it was fascinating to watch crazy algos go nuts and send the price of any given stock soaring a few hundred percent higher or lower however briefly, then watch as the horrified exchanges come in right after and cancel all trades in hopes of eradicating all signs that the market is now a busted backdoor parlor in which Toby Maguire could make trillions if only hooked up to the Fed discount window IV drip. Now it is like watching a donkey show on infinte rerun. Sad is the only word that can describe it. Yet like true donkeyshow rubberneckers, we present the latest and greatest blatant algo gone wild, as usual courtesy of Nanex: "On June 21'st the stock CNTY ratcheted violently in three cycles within a six minute period, taking the price (in the first and second cycle) to over 100% of it's price just minutes prior. Within fifteen minutes the price had returned to it's previous trading level. As evident by the sheer volume of canceled trades (shown below), this was not normal market behavior and while the majority of these trades were canceled, many were not, raising even more questions."

And now, the pictures of the donkey show you have been waiting for:

CNTY - Century Casinos

Trade and Quote Prices/Sizes:


Zoom in of the 3 cycles, Price Only:

Plotting best bid and best ask only:

Plotting on a 500 ms basis:

Chart of the trades that were canceled:

It is unclear to us why some trades within the range were not canceled:

 

As for the tens of thousands in busted traeds, they are listed on the Nanex site.