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APC Halted As 200 Shares Trade At $100,000

Tyler Durden's picture


Talk about Tim Geithner's forced squeeze wet dream. APC price graudally rises from $39.11 to $100,000 per share in one trade. Congratulations to the value buyer who paid $20 million for shares worth under $8,000. This broken market is just getting ridiculous.



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Tue, 07/06/2010 - 11:10 | 454264 Cistercian
Cistercian's picture


Tue, 07/06/2010 - 11:26 | 454341 bonddude
bonddude's picture

Not if you got your short in there.

Tue, 07/06/2010 - 12:14 | 454481 SWRichmond
SWRichmond's picture

Think of the potential for bribery after this becomes a "normal" occurrence.  We have a standard news cycle: error reported, stock halted, error corrected, all is back to normal.  People get used to it, it becomes no big deal.

Now, think of how easy it would be to transfer huge sums of money in this manner, if you also controlled the so-called regulatory bodies and so-called exchanges that were allegedly unwinding these "erroneous" trades.

Tue, 07/06/2010 - 13:29 | 454657 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

I just threw up in my mouth a little.

I wish I could find a flaw in what you are suggesting. 


Tue, 07/06/2010 - 11:10 | 454268 Turd Ferguson
Turd Ferguson's picture

Talk about Tim Geithner's forced squeeze wet dream.


Now that's fucking funny.

Tue, 07/06/2010 - 11:25 | 454340 Cpl Hicks
Cpl Hicks's picture

Oh yeah, baby.

Confucius say..."Timmy who go to bed with sex problem wake up with solution in hand"

Tue, 07/06/2010 - 13:37 | 454682 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Whadya mean?  Timmay was named one of People Magazine's Most Beautiful Men in April 2009!!!

The fact that Timmay looks like Beavis to ordinary folks like us is meaningless -- this should be left up to trained folk with PHDs in fashion and beauty, such as the editors of peer-reviewed PEOPLE magazine.

Tue, 07/06/2010 - 11:10 | 454269 Astute Investor
Astute Investor's picture

I think those 200 shares were mine...I'M RICH!!!!

Tue, 07/06/2010 - 11:19 | 454304 bigdumbnugly
bigdumbnugly's picture

the trend is your friend...

Tue, 07/06/2010 - 11:11 | 454270 Leo Kolivakis
Leo Kolivakis's picture


Tue, 07/06/2010 - 11:11 | 454271 bugs_
bugs_'s picture

Turn those OTHER MACHINES back off!!!@

Tue, 07/06/2010 - 11:12 | 454280 Cognitive Dissonance
Cognitive Dissonance's picture

If you liked it at $100,000, you'll love it at $250,000.

Buy, buy, buy! ..........Ops, sorry..............Bye, bye, bye!

Tue, 07/06/2010 - 11:12 | 454281 ZeroPower
ZeroPower's picture

Youre right, this is getting fucking ridiculous. They should track which ECN these bad trades are routed to, i wonder if its the same one that keeps giving bad prints.

Tue, 07/06/2010 - 11:14 | 454287 EscapeKey
EscapeKey's picture

They shouldn't cancel the trades. All of a sudden you'd see this issue go away real quick.


Tue, 07/06/2010 - 11:20 | 454309 Assetman
Assetman's picture


Tue, 07/06/2010 - 11:23 | 454332 firstdivision
firstdivision's picture

+1 bad hft trade.

Tue, 07/06/2010 - 12:31 | 454522 Cursive
Cursive's picture

EscapeKey for SEC commish!

Tue, 07/06/2010 - 11:14 | 454289 Renfield
Renfield's picture

HAHAHAHA Christ I love it!!

Better than the 'flash crash' even...let's see if we can get a 'souffle' market going and all you 'nimble' traders can retire fat & happy. Maybe I should be trading equities after all.

Tue, 07/06/2010 - 11:40 | 454391 King_of_simpletons
King_of_simpletons's picture

Let's call this - flash blast.

Tue, 07/06/2010 - 11:47 | 454404 Renfield
Renfield's picture


The woosh goose? The strike spike?

Where's a good ad man when you need one!

Tue, 07/06/2010 - 11:15 | 454291 Hephasteus
Hephasteus's picture

Hey. Let's do some heroine and trade stocks. We get it cheap from afghanistan operations.

Tue, 07/06/2010 - 11:29 | 454357 Cpl Hicks
Cpl Hicks's picture

Give it a try with heroin.

Afghanistan being the sexist country that it is it would be hard to find enough marketable heroines.

Tue, 07/06/2010 - 11:16 | 454294 walküre
walküre's picture

They just called him.. Fat Fingers

When you need that special job done, give him a call.

Tue, 07/06/2010 - 13:31 | 454666 Scooby Dooby Doo
Scooby Dooby Doo's picture

As reported earlier The Goldman Fat Finger Boy.

Tue, 07/06/2010 - 11:18 | 454300 Mactheknife
Mactheknife's picture

Let's see, just put my little market order in there for couple hundred shares of APC and look, I just bought stock. See that was easy. What the, MOMMMMMMMMM

Tue, 07/06/2010 - 11:19 | 454307 unwashedmass
unwashedmass's picture


i am loving this.....i mean, the manipulation in the gold shares is so blatant it is breathtaking.....

bids are bombarding the stocks....AND THEY ARE FALLING!!!!!!!!

AUY, UXG, even some of the big boys...RGLD, GG...

Tue, 07/06/2010 - 11:19 | 454308 Turd Ferguson
Turd Ferguson's picture

Interesting that the old ES ran right up to 1038 and hit the wall.

Let's just see what the afternoon holds. The PPT will have to work very hard to avoid a major reversal day.

Tue, 07/06/2010 - 11:21 | 454318 TWORIVER
TWORIVER's picture

No real surprise to see resitance tested on the daily chart. SPY likely to close below 103 on this fail.

Tue, 07/06/2010 - 11:30 | 454358 Turd Ferguson
Turd Ferguson's picture

It would be seriously fucking funny if equities reversed today. Serve the fuckers right.

Tue, 07/06/2010 - 11:37 | 454386 TWORIVER
TWORIVER's picture

Tough to say they will close in the red, but below 103 is no stretch.

Tue, 07/06/2010 - 15:16 | 455015 Turd Ferguson
Turd Ferguson's picture


Tue, 07/06/2010 - 11:31 | 454368 HelluvaEngineer
HelluvaEngineer's picture

check out IYR - (w.t.)fugly

Tue, 07/06/2010 - 11:20 | 454311 papaswamp
papaswamp's picture

Andarko? 25% stake in the Macondo site? this is just too much today.

Tue, 07/06/2010 - 11:21 | 454316 unwashedmass
unwashedmass's picture


i'd lik to draw the class' attention to AUY...earlier this morning, this stock fell as the bids outnumbered the asks five to one!!!

now that, .....that is Timmy's real wet dream.

Tue, 07/06/2010 - 17:06 | 455403 1fortheroad
1fortheroad's picture

MM do that all the time, its called a trap on the bid. They stack the bid, limit

the ask and the price keeps going down. Nothing new, been going on for years.

Tue, 07/06/2010 - 11:21 | 454317 unwashedmass
unwashedmass's picture


i'd lik to draw the class' attention to AUY...earlier this morning, this stock fell as the bids outnumbered the asks five to one!!!

now that, .....that is Timmy's real wet dream.

Tue, 07/06/2010 - 11:21 | 454319 Paper CRUSHer
Paper CRUSHer's picture

$100000 yes your eyes are not deceiving you.

C'mon, gather around,gather around folks and take the HYPNO-TEST........only 2 cent$......go ahead and take closer look and see your eyes are not deceiving you....gather around folks.

Now what did you see?

Tue, 07/06/2010 - 11:22 | 454322 Chemba
Chemba's picture

maybe they plugged the hole

Tue, 07/06/2010 - 13:43 | 454703 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

+2 (subtle -- but very very funny)

Tue, 07/06/2010 - 11:23 | 454327 unwashedmass
unwashedmass's picture

now we are at 23 bid to 1 ask...HOW LOW CAN WE GO????

Tue, 07/06/2010 - 11:23 | 454328 unwashedmass
unwashedmass's picture

now we are at 23 bid to 1 ask...HOW LOW CAN WE GO????

Tue, 07/06/2010 - 11:24 | 454334 Dr. No
Dr. No's picture

This is why I am now putting a crazy good-till-canceled order on my positions.  Just waiting for a glitch to make me rich!  -hey, I just created a new rallying cry for the modern day investor!!

Tue, 07/06/2010 - 11:27 | 454345 bugs_
bugs_'s picture

Come on Lady Luck gltich and make me rich...oh and also don't let them bust my trades!

Tue, 07/06/2010 - 13:47 | 454709 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture


Tue, 07/06/2010 - 11:26 | 454342 itsjustgraft
itsjustgraft's picture

this is not an accident - the quants are hacking other quant programs and forcing competitors to fuck up.

Tue, 07/06/2010 - 11:27 | 454348 unwashedmass
unwashedmass's picture

AUY...bids now 30 to 1 ask as the stock falls another 2 cents!!!!!!!!!!!!!!!!

can i get a witness or what????

go Timmy have the most super duper computers in the world...that is fo' sure...

Tue, 07/06/2010 - 11:27 | 454349 unwashedmass
unwashedmass's picture

AUY...bids now 30 to 1 ask as the stock falls another 2 cents!!!!!!!!!!!!!!!!

can i get a witness or what????

go Timmy have the most super duper computers in the world...that is fo' sure...

Tue, 07/06/2010 - 11:31 | 454363 MGA_1
MGA_1's picture

This would be like a hockey stick on the charts, right ?

Tue, 07/06/2010 - 11:31 | 454367 oscar t. grouch
oscar t. grouch's picture

any fool could see that $100,000.25 was huge long-term resistance.  i still think my $100,000.10 offer has a chance.

Wed, 07/07/2010 - 03:43 | 456176 saulysw
saulysw's picture

That really made me laugh...

Tue, 07/06/2010 - 11:33 | 454373 John McCloy
John McCloy's picture

GS/JPM. going after the oil industry shorts now.

Anyone else doubt that since GS was hired by BP that they have been supported through the media and rumor contacts such as a timely "relief well ahead of schedule" spin who simply said late July is possible however August is more likely. Such a wonderful press release on a weekend where BP was though to have been seeking life saving cash infusions.

Even if they cap that well next week the damage is done. Reports of higher concentrations of Aresenic in the water as a result of oil preventing the aresenic from being filtered by the seafloor.

Tue, 07/06/2010 - 11:34 | 454374 miker
miker's picture

Hey maybe these market blow-ups aren't as stupid as they seem.  What if a desperate Federal Government decided to "plant" market failures/blowups in advance of the real thing so they could call the whole thing back??  I mean the precedent has already been set; so if things get crazy on the downside; well we'll just go back and blame it on these "market bugs" that have been occurring.  Interesting that no precise conclusion was reached for the ~1000 point meltdown weeks back.  Even more interesting that nothing special was done to rectify except set up the 10% move halt.

I even think it's possible the whole GS testimony, etc. was staged and secretly requested by the Feds to satisfy some of the rage out there.  Really, nothing serious has come of it and I'm sure GS was willing to cooperate to maintain their hand-in-pocket relationship with the UST.

Tue, 07/06/2010 - 12:14 | 454483 KTV Escort
KTV Escort's picture

FWIW, the flash crash happened on Gordon Gekko's birthday (May 6)

Tue, 07/06/2010 - 11:34 | 454376 Caviar Emptor
Caviar Emptor's picture

APC options MMs musta needed CPR

Tue, 07/06/2010 - 11:35 | 454380 unwashedmass
unwashedmass's picture


i think we give a standing O for the AUY market makers. ....I mean, come have 30 to 1 bid ask, AND YOU MOVE THE STOCK DOWN.

that is giving it one for the gipper.....that is doin' it for the Timster.

Tue, 07/06/2010 - 11:35 | 454381 unwashedmass
unwashedmass's picture


i think we give a standing O for the AUY market makers. ....I mean, come have 30 to 1 bid ask, AND YOU MOVE THE STOCK DOWN.

that is giving it one for the gipper.....that is doin' it for the Timster.

Tue, 07/06/2010 - 11:44 | 454397 Crummy
Crummy's picture

They should hook the HFT trades up to a wack-a-mole game at a Chucky Cheese's and see if kids hopped up on sugar are fast enough to execute the trades before they're canceled.

Tue, 07/06/2010 - 11:44 | 454398 sheeple
sheeple's picture

Forget about Skynet, we got Homer Simpsons running the desks!

Tue, 07/06/2010 - 11:47 | 454406 homersimpson
homersimpson's picture

DOH! I pressed the "any key"..!

Tue, 07/06/2010 - 13:52 | 454722 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Stupid drinking bird...

Tue, 07/06/2010 - 11:46 | 454405 Clayton Bigsby
Clayton Bigsby's picture

Sell, Mortimer, Sell!!!!!!

Tue, 07/06/2010 - 11:47 | 454407 Xibalba
Xibalba's picture

That's some Texas Tea right 'der.

Tue, 07/06/2010 - 11:49 | 454412 Xibalba
Xibalba's picture


DOW  129.65 | NAS  34.28 | S&P  13.82
(Data as of 2010-07-06 11:31 EDT) Trading Briefly Halted on Anadarko's Stock Jul 06, 2010 11:16 AM EDT

Shares of Anadarko Petroleum (APC) were briefly halted Tuesday morning pending news before trading resumed minutes later without an explanation for the halt. 

Anadarko, which was involved in the BP (BP) oil disaster in the Gulf of Mexico, did not release a statement during the halt. Representatives from Anadarko and the New York Stock Exchange did not immediately respond to a request for comment.

There didn't appear to be any steep price fluctuations in Anadarko's stock that would have triggered new NYSE circuit breakers, similar to those used recently on Washington Post Co. (WPO) and Citigroup (C). Anadarko's shares were up 2.81% to $39.14 before they were halted.  The stock was up 2.73% to $39.11 in recent trading.

The Woodlands, Texas.-based Anadarko owns a 25% stake in BP's Macondo project, which was the site of the oil rig explosion in April that caused the largest oil spill in U.S. history. The company's stock has tumbled in the wake of the disaster, losing about half of its market value over that timeframe.  

More Energy
Tue, 07/06/2010 - 12:00 | 454440 papaswamp
papaswamp's picture

So in other words...ZH is far better at reporting than a multi-million$ network. One more peice of evidence that the MSM is completely controlled and mainstream journalism is dead.

Kudos again to ZH.


Tue, 07/06/2010 - 12:01 | 454443 Xibalba
Xibalba's picture


Tue, 07/06/2010 - 12:04 | 454452 EscapeKey
EscapeKey's picture

Absolutely sickening. I fear for the day they start clamping down on "uncooperative" websites.

Tue, 07/06/2010 - 12:10 | 454469 Crummy
Crummy's picture

When they do things like that we should take that as a sign of remarkable weakness in that area and kick them there again twice as hard.

Tue, 07/06/2010 - 12:23 | 454501 nonclaim
nonclaim's picture

Start? ZH had to seek exile from, a year or so ago, due to too many take down notices...

Tue, 07/06/2010 - 13:57 | 454735 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Drudge's headline this AM is:

Big Sis Blocks Controversial Websites

Sure this is related to TSA equip and policy but it is a precedent (at least in terms of conditioning) AND the lack of clear definition for 'controversial' is rather, uhhh, interesting...

I wonder how ZH will measure up...

Tue, 07/06/2010 - 11:52 | 454416 Yut
Yut's picture

This trade was reported on PSE (ARCA).  These types of mistakes happen all the time (though usually on CBO, not ARCA).  It's clearly erroneous, happened outside the market, and didn't disrupt trading at all.  What a joke that the circuit breakers get triggered by this. 

Tue, 07/06/2010 - 11:51 | 454417 NumberNone
NumberNone's picture

I'm not sure 'Buy and Hold' is good advise here.

If anyone in our government bureaucracy decides to investigate and finds out that this is one algo computer screwing another algo computer..then the trade needs to stand.

Sick of this bullshit of the financial companies keeping profits but getting the opportunity of negating their losses or shoving off losses onto the taxpayers.  No more fucking do-overs. 

Tue, 07/06/2010 - 13:20 | 454633 Dr. No
Dr. No's picture

Buy and hold died in 2008.  R.I.P.

Tue, 07/06/2010 - 11:54 | 454423 Joe Shmoe
Joe Shmoe's picture

It was my fault, guys.  I keep screwing up those limit order thingamajobbers.


Tue, 07/06/2010 - 11:54 | 454426 Tense INDIAN
Tense INDIAN's picture

This surely is the funniest recession i will ever be in ......

Tue, 07/06/2010 - 12:05 | 454455 Mactheknife
Mactheknife's picture

Just hang out. It's about to get hilarious.

Tue, 07/06/2010 - 13:59 | 454743 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Not, funny like "ha-ha"...Funny like spoiled milk.

Tue, 07/06/2010 - 11:56 | 454430 unwashedmass
unwashedmass's picture

at 19 bid ask to 1 on AUY....the market makers are now backing off......and letting the stock go up 1 penny...

i mean, we're talking Congressional Medal of Financial Honor for this....

35 to 1, and they took it down...

30 to 1....and they took it down...

and entire morning besieged by bids and they TOOK THIS BABY DOWN!!!!!

now that is a wet dream, eh Timmy????? i nominate these guys for a can keep it secret like the CIA honors....

but we will understand.

Tue, 07/06/2010 - 12:01 | 454442 Mr Lennon Hendrix
Tue, 07/06/2010 - 12:06 | 454456 unwashedmass
unwashedmass's picture


oooooo, i don't think so.....we're back to 2x1 bids on AUY...time to take that baby down another ten cents.....

o, now its they can get a nickel out of this. shorting to go along with the game...

Tue, 07/06/2010 - 12:30 | 454519 papaswamp
papaswamp's picture

damn it! i was just about to buy more!

Tue, 07/06/2010 - 14:02 | 454754 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

It says silver but it looks like Wimbeldon....WTF?

Tue, 07/06/2010 - 12:01 | 454444 DavidC
DavidC's picture

Errm, something's not right.....

And FTSE up over 3 % today, a 35 point rally in 7 minutes at the close and BP has hardly moved....


Tue, 07/06/2010 - 12:09 | 454466 Cognitive Dissonance
Cognitive Dissonance's picture

Even some of the normally all-is-well happy faces on CNBC are beginning to look at each other with "WTF" expressions after some of these moves. It's becoming more and more difficult to keep a straight face on the "all-pump-all-day" network. 

Tue, 07/06/2010 - 12:18 | 454492 walküre
walküre's picture

At least all last year they could keep a somewhat honest looking face, trying to explain the rising market with all that stimulus cash finding its way into the system.

Now, the system is broke again. ALL leading indicators are going down, no upside anywhere and the pumpers have to keep talking up the market.

Gentlemen, the casino is officially open again. Place your bets. You may loose all, you may win big but you certainly will be entertained.

Just understand, you play at your own risk.

Tue, 07/06/2010 - 12:07 | 454459 John McCloy
John McCloy's picture

This James Altucher has got to be one of the biggest clowns my ears ever had to endure. Creative ideas he says to boost the economy "The Fed Should Buy S&P Futures"^DJI,^GSPC,XRT,XHB,HRB,INTU,TLT&sec=topStories&pos=9&asset=&ccode=

I barely know how to respond to this except to say 1) They already are and 2) This guy probably owns so much stock on these sole basis of government intervention that he is exactly the kind of person who needs to be wiped out of this market for eternity in order to allow rationale to return.

Tue, 07/06/2010 - 12:09 | 454467 unwashedmass
unwashedmass's picture


i think what i enjoy most about this market is that not only are the peasants supposed to take stocks off the banks' hands at this point, but...

we're supposed to buy the "right stocks". Note that they are slaughtering anything of actual real value this morning, gold, silver, etc.....

and what is rising?

Tue, 07/06/2010 - 12:11 | 454472 unwashedmass
unwashedmass's picture


by the way, my personal favorite "riser" is JNY...with over 15% of the population now officially admitted as unemployed....

well, i think women need a whole lot more expensive business suits, don't you? growth market and all....

Tue, 07/06/2010 - 12:11 | 454477 Cognitive Dissonance
Cognitive Dissonance's picture

The "PPT" is now openly discussed by the main strem media and commentators. Per your link........

"Friday's jobs data capped a string of disappointing reports pointing to a U.S. economy that's rapidly losing altitude. To prevent any further descent from the highs of the stimulus-fueled recovery of 2009, James Altucher proposes three creative ways to boost the economy:

Unleash the 'PPT': The Fed should regularly buy S&P 500 futures before the open, at midday and near the close, when it'll get the most bang for its buck, Altucher says. "They've been spending a $1 trillion [plus] in the mortgage market," he notes. "Now I'm saying, spend 1% in the stock market. It's the same idea. Let's do it where it impacts people the most - where it impacts Main Street."

Tue, 07/06/2010 - 12:20 | 454493 Gordon_Gekko
Gordon_Gekko's picture

The more I think about it, the more I come to the realization that so many people simply DESERVE what's coming their way.

Tue, 07/06/2010 - 12:29 | 454513 John McCloy
John McCloy's picture


Do they ever and some. And I hate to apply that reasoning to the masses  however it is time for them to take an interest in how the economy and politics truly work and it is always against them. All those perceived hand me outs they are receiving and the earmarks used to buy votes to grandstand to a country or district in the long run does the recipients far more damage than they understand.

Yes your Senator was able to secure 10 billion in "handouts" to build a Jenga museum and Buffalo Wings Wild however when the 10 billion dries up you are still left with a banking system designed to steal your money through monoplistic powers and political cover from the politicians elected to protect you. In place the 10 billion is added to the debt pile, your dollar is diluted, your savings rate is 0% and your jobs are slowly sent to Asia. All the while we step on the accelerator to the date where there is entirely too much debt to add even a dime to the pile and those reliant upon the handouts and tooth fairy always leaving them $100 under their pillow get angry and confused and still believe the government is wealthy when in fact they are incredibly destitute.

Do they deserve it? Maybe. Priority needs to be placed on economic education in this nation so can you blame them if those who exploit them work to dumb the masses down with junk food for the brain?  Sadly most will not understand when it all ends and why but the goods news is if you just trade in a little more of your liberties the government will take care of you a little longer. Just a few liberties here and there folks nothing to see here.

Tue, 07/06/2010 - 12:38 | 454540 Cursive
Cursive's picture


James Altucher proposes three creative ways to boost the economy:

This is the very definition of asshat.  The fact that this guy equates propping up equity markets in the face of declining economic fundamentals is yet another symptom of the FIRE industry consuming the wealth of this great country.  If I ever meet this nappy headed freak on the street, he's going to an education in the reality he so callously ignores.

Tue, 07/06/2010 - 12:13 | 454480 Mactheknife
Mactheknife's picture

Thought the same thing. Another moron or talking his book. Closed out my SDS Fri expecting a big gap up today since they missed Mon. Loading up now, expect 1040 to hold. Love those gaps.

Tue, 07/06/2010 - 12:18 | 454491 John McCloy
John McCloy's picture

I am expecting a monster ramp job EOD to try to fool everyone into thinking this is a real move. The only purpose of moves like this in the futures is to ensure that if any mutual funds are buying today that they are paying marked up prices and makes the distrubution less noticable.

Tue, 07/06/2010 - 12:09 | 454464 SheepDog-One
SheepDog-One's picture

Every market news announcement should have a mandatory laugh-track after least make this BS mildly entertaining like a 70's sitcom.

Tue, 07/06/2010 - 12:15 | 454487 bigdumbnugly
bigdumbnugly's picture

agree sheepdog!

and maybe the old dick van dyke show theme music to start it off?  that kind of typifies the market.

Tue, 07/06/2010 - 14:07 | 454780 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture


Tue, 07/06/2010 - 12:12 | 454476 Korbin Dallas
Korbin Dallas's picture

"What, VBA still implements the Apartment Thread model?"

Sacre bleu!

Tue, 07/06/2010 - 12:52 | 454577 theopco
theopco's picture


Tue, 07/06/2010 - 12:18 | 454490 Gordon_Gekko
Gordon_Gekko's picture

But remember folks the one market that is NOT manipulated is the Gold/Silver market.

Tue, 07/06/2010 - 12:28 | 454510 Quantum Noise
Quantum Noise's picture

Still doesn't beat the VW squeeze.

Tue, 07/06/2010 - 12:30 | 454518 optimator
optimator's picture

"Every market news announcement should have a mandatory laugh-track after least make this BS mildly entertaining like a 70's sitcom."

CNBC needs a live studio audience, and replace SNL with CNBC re runs.  That's a "Win-Win" as Jack W. would say in the old days of profitable GE.

Tue, 07/06/2010 - 12:32 | 454527 unwashedmass
unwashedmass's picture


i got to say, i am personally enjoying watching the market makers/ computers work over AUY.... the bid has almost consistently been in the range of five/six to one ask all morning.....

and they are dropping the stock. i mean, this is really quite something to watch .... if we had a functioning SEC i guess it would matter....

but, as it is, its just really entertaining watching them. i'm short and watching with insane interest......i mean, if you can spot the cheaters no reason not to take the ride, eh?

Tue, 07/06/2010 - 12:40 | 454544 robobbob
robobbob's picture

Anadarko, BP's GoM drilling partner

between 12/09 and 3/10 Soros unloaded 20K shares APC, but kept 3k

I guess today is just another good day for George. Small change, but it'll give him some spending money

Tue, 07/06/2010 - 12:47 | 454561 unwashedmass
unwashedmass's picture


AUY is back in the range of 15 bid to 1 ask.....and dropping again. .. this thing is a poster boy for manipulation in the gold sector....

Tue, 07/06/2010 - 12:47 | 454562 unwashedmass
unwashedmass's picture


AUY is back in the range of 15 bid to 1 ask.....and dropping again. .. this thing is a poster boy for manipulation in the gold sector....

Tue, 07/06/2010 - 14:10 | 454795 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

I'm noticing a bit of a stutter on your part...Or an echo?

Tue, 07/06/2010 - 12:54 | 454580 unwashedmass
unwashedmass's picture


UXG looks to be another gold that the boys are "working" there is also gargantuan versus ask,....and its drooping....

Tue, 07/06/2010 - 12:56 | 454586 deadparrot
deadparrot's picture

What the F? I had a limit short in at $99,999.98. I'm calling my broker! ;)

Tue, 07/06/2010 - 13:06 | 454605 Biff Malibu
Biff Malibu's picture

that is what's called a "bagholder"


Tue, 07/06/2010 - 13:06 | 454606 carbonmutant
carbonmutant's picture

 The current administration will to have to destroy records and documents to keep the next administration from investigating...

Tue, 07/06/2010 - 13:27 | 454649 George the baby...
George the baby crusher's picture

They must have hit the illusive 100 000 key, you know the one next to the million and billion keys.

Tue, 07/06/2010 - 13:52 | 454719 HungrySeagull
HungrySeagull's picture

What about the poor idiot who thinks he is going to be paying 8 thosuand dollars? And now what? Millions?

How fast did this price go up? Was it fast enough to beat the HFT machines and thier ultra fast decimal fractional buying?


If it can drop fast and demonstrate a rise this fast, the entire market is busted and needs to be unplugged and all trades executed with pencil, ledger pad and rotary phones until this thing gets fix.

Tue, 07/06/2010 - 14:25 | 454850 bernorange
bernorange's picture

Too many fat fingers working keyboards.  Time for some well connected dbag to get Congress to require market participants to use their patented X-1000 keyboard with triple sized keys.

Tue, 07/06/2010 - 14:30 | 454872 CPL
CPL's picture



Stupidity programmed heuristics for the lose!!

Tue, 07/06/2010 - 19:24 | 455696 NaN
NaN's picture

Allow me to interrupt the witty reparte with some info I gleaned from the SEC prelim. findings on May 6, 2010 ( to help the confused:

Market makers are required to issue quotes for the securities they cover.  When they cannot or refuse to carry out their reponsibilities as market maker, they are allowed to issue "stub quotes" that are special values ($0.01 and $100000.00).  By convention, these were never meant to be traded, but apparently there is no explicit rule against doing so.  In practice, trades for "at the market" (market orders to buy or sell at any price) are made against stub quotes almost every day.

Note that when stop loss orders are triggered, they turn into market orders that can occur at any price.

The exhanges have computers and people constantly weeding out these "erroneous executions", but there is no guarantee that all "erroneous executions" will be cancelled.  Such cancellations depend upon thresholds of overall market movement, time of day, recent rate of change of the stock, and market cap of the stock.  These rules smell funny since the SEC is focused more on aggregate market behavior than on individual trades. 

Market makers presumeably have an incentive to trade on stub quotes since they make out like bandits.  The SEC report is silent on whether some or none of these stub trades are allowed to stand; instead, it suggests warning investors that market orders (at any price) are very risky.

The SEC is considering improving this situation by NOT requiring market makers to issue quotes (thus admitting market makers can get the benefits of their unique position without the risks).  Alternatively, they are considering the elimination of market orders and stop-loss orders altogether, but this would impact a lot of software, unless they require that all market orders be silently converted to tight ranges.

The "flash crash" phenomenon of positive or negative feedback between markets is related to this because the same smelly rules apply to cleaning up the mess. Since the prices involved are not immediately recognized as stub prices, it is much more likely that erroneous executions will stand uncancelled.

Fri, 08/20/2010 - 10:22 | 532718 herry
herry's picture

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