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Fractal Algo Strikes Again, Infects Crude Oil

Tyler Durden's picture


A month ago we presented the strange case of the fractal algo gone amok while trading natural gas in a low volume after hours session. We expected that we would see this surreal trading pattern in other commodities shortly, although little did we know that it would impact the most important of them all, as soon as month later, and during peak trading hours. As the chart of CL EQ1 below shows, not even crude is safe any more from this aberrant trading algorithm which has now infected, it is safe to say, virtually every product. If NYSE Boerse's Duncan Niederauer is really confused about what is causing retail investors to depart in droves out of pure disgust with what are terminally manipulated markets (and not just stocks), we hope this chart provide at least a few clues.

We will bring you a detailed Nanex breakdown of the data shortly. In the meantime, enjoy this simple chart which leaves nothing to the imagination.

h/t Taro


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Thu, 07/07/2011 - 14:06 | 1433294 firstdivision
firstdivision's picture

This is getting fucking ridiculious.  Some days I wish an astroid would strike and wipe out all humanity for our stupidity. 

Thu, 07/07/2011 - 14:22 | 1433361 Fukushima Sam
Fukushima Sam's picture

Um, volatility bitchez?

Thu, 07/07/2011 - 14:29 | 1433388 Hugh G Rection
Hugh G Rection's picture

Anyone see the little EE raid around midnight PST?  Au and Ag have rebounded quite nicely.

Thu, 07/07/2011 - 14:32 | 1433396 Henry Rearden
Henry Rearden's picture

astroid bid with

Thu, 07/07/2011 - 14:46 | 1433486 TheGameIsRigged
TheGameIsRigged's picture

I could not fucking agree more.  This manipulation is out of control.  I am seeing it everywhere, in ALL aspects of my life - and it sickens my stomach.  When will we rage against the machine???

Thu, 07/07/2011 - 14:51 | 1433494 Dreadker
Dreadker's picture

When people stop behaving like those described in "Bullet in the Head"....


Believing all the lies that they're telling ya,

Buying all the products that they're selling ya,

They say "Jump!!" and you say "How high?"

You're brain-dead, you gotta f*ckin bullet in your head!

Thu, 07/07/2011 - 15:12 | 1433588 Hugh G Rection
Hugh G Rection's picture

That takes me back to high school.  Rage was a great band.

Thu, 07/07/2011 - 15:26 | 1433650 Dreadker
Dreadker's picture

Indeed - whenever Tyler posts something like this I start listening to Rage again ;-)  So like every 15 mins these days lol

Fri, 07/08/2011 - 05:09 | 1435330 LudwigVon
LudwigVon's picture

woahh wa wiki wiki wiki ... good bass guitar in that whole album.

Thu, 07/07/2011 - 16:25 | 1433931 Bullish_NoMatte...
Bullish_NoMatter_What247's picture

Rock that - "Buyin' all those ipad 2's that they're sellin' ya!"

Thu, 07/07/2011 - 15:59 | 1433813 Tejano
Tejano's picture

Rage away.  The machine doe not sense your ire, nor does "it" care. You are powerless. Your rage is a product of your weakness.  

Thu, 07/07/2011 - 16:07 | 1433847 Manthong
Manthong's picture

Bad case of the DT's.

Time for re-hab.

Thu, 07/07/2011 - 18:20 | 1434350 Conrad Murray
Conrad Murray's picture

I could not fucking agree more.  This manipulation is out of control.  I am seeing it everywhere, in ALL aspects of my life - and it sickens my stomach.  When will we rage against the machine???

Never. It's far too easy and safe to sit behind a monitor and feign disgust.

Thu, 07/07/2011 - 14:06 | 1433295 TruthInSunshine
TruthInSunshine's picture

Bring in Lenny Dykstra to clean up the mechanism that is now a mess and crisis in these markets.

Or Bernie Madoff.

Or Charles Manson.


Thu, 07/07/2011 - 15:26 | 1433655 disabledvet
disabledvet's picture

Actually where's our man Al Gore Rhythm.  We need to get him on this case ASAP!

Thu, 07/07/2011 - 14:07 | 1433301 mayhem_korner
mayhem_korner's picture

Tossin' traders like a mechanical bull...

Thu, 07/07/2011 - 14:07 | 1433302 Robslob
Robslob's picture

This must be a government algo...highly efficient ya know...

Thu, 07/07/2011 - 15:35 | 1433342 firstdivision
firstdivision's picture

Judging by the fact that I suspect it bought high and sold low...well I'd have to agree with you on that. 

Thu, 07/07/2011 - 14:26 | 1433377 Greyhat
Greyhat's picture

Two algos, .gov versus .oil. They can not drill out more oil, but they can manipulate the markets. Big oil money answered...

Thu, 07/07/2011 - 14:07 | 1433303 Smartie37
Smartie37's picture

Bustin' Out on Some Serious Funk !

Thu, 07/07/2011 - 14:08 | 1433310 surfersd
surfersd's picture

free markets. it is JPM using their profits from their SPR purchase to have some fun.


Thu, 07/07/2011 - 14:08 | 1433313 slaughterer
slaughterer's picture

NY Fed trainees now have a new hobby now that POMO desks do not need to be manned.

Thu, 07/07/2011 - 14:08 | 1433314 dcb
dcb's picture

they need a tobin tax!!!

been trading that today with some success intrday, lots of buy and sell with stops. the intraday moves have been a couple percent uco and sco

Thu, 07/07/2011 - 14:10 | 1433316 espirit
espirit's picture

Relax, it's just a test pattern.  Like in the twilight zone.

Thu, 07/07/2011 - 15:05 | 1433561 Misean
Misean's picture

That was Outer Limits.

Thu, 07/07/2011 - 15:18 | 1433613 espirit
espirit's picture

No such thing. lol

Thu, 07/07/2011 - 14:09 | 1433317 dcb
dcb's picture

rather clear the point is to hit orders and cause selling then they buy very very quickly.

Thu, 07/07/2011 - 14:12 | 1433321 cougar_w
cougar_w's picture

This is not one algo, but at least two. They are trading against each other.

In a healthy market they would be trading against slow, stupid humans. But the way things are now, the only action out there is against other algos. Was only a matter of time before two found each other that had similar enough models they started bitch slapping each other.

Internal limits are probably the only thing that keeps these things from flash-whatever-ing the market. The coders are getting smart.

They can play this game for another hundred years.

Thu, 07/07/2011 - 14:12 | 1433326 mayhem_korner
mayhem_korner's picture

From dead-panner Steven Wright:

I put a humidifier and dehumidifier in the same room and let them fight it out.

Thu, 07/07/2011 - 14:16 | 1433338 TruthInSunshine
TruthInSunshine's picture


Unless Bernanke keeps 'pouring' liquid(ity) into the humidifier, the dehumidifier wins.

Thu, 07/07/2011 - 17:44 | 1434272 AGuy
AGuy's picture

If Deflation occurs, Federal Tax revenue will drop like a stone causing the US gov't to default. This Inflation. Inflation if the gov't prints, or dollar becomes worthless overnight because the federal gov't defaults (aka the Collapse of the Soviet Union when no body wanted Rubles anymore).



Thu, 07/07/2011 - 14:39 | 1433433 francis_sawyer
francis_sawyer's picture

+1 ror

Thu, 07/07/2011 - 15:27 | 1433659 agNau
agNau's picture

Paper will only trade as long as there is confidence. Inflation will only work as long as there is confidence. Confidence breaks, system breaks. Look for the Dynamic DUO! Confidence/Contagion Appearing soon at an economy near you!

Thu, 07/07/2011 - 14:35 | 1433346 espirit
espirit's picture

More like a single algo test to pick peaks and troughs, then stabilize price.  Replace the ramp or fall with price change recognition code, and SkyNet II can absorb errant algo defects.

Govt price control, et al.

Thu, 07/07/2011 - 14:27 | 1433379 Grinder74
Grinder74's picture

Does NY recognize same-algo marriage now too?

Thu, 07/07/2011 - 14:43 | 1433444 NotApplicable
NotApplicable's picture

Can hardly wait for the Three Stooges Pattern to emerge.

"Oh, wise guy, huh?" *slap*

"Why I oughta..." *slap* *slap*

"Nyuk, nyuk, nyuk."   *slap*  *slap* *slap*

Thu, 07/07/2011 - 14:44 | 1433468 Greyhat
Greyhat's picture

This could be a reaper algo, sucking out the .gov vampire algos blood. Some kind of self service QE... :-)

Thu, 07/07/2011 - 14:13 | 1433328 Internet Tough Guy
Internet Tough Guy's picture


Thu, 07/07/2011 - 14:37 | 1433421 Hugh G Rection
Hugh G Rection's picture

Casey Anthony polygraph test?

Thu, 07/07/2011 - 15:39 | 1433720 Miss Expectations
Miss Expectations's picture

Couldn't be.  Sociopath's lies are not detected by polygraphs because the sociopath's physiology is unchanged when they lie.  My guess is that it wouldn't work on any elected official.

Thu, 07/07/2011 - 15:42 | 1433729 Miss Expectations
Miss Expectations's picture

Could's been a busy day:

Thu, 07/07/2011 - 14:15 | 1433336 Piranhanoia
Piranhanoia's picture

I am not sure that I didn't miss a piece regarding hacking the exchange, but a question;   If hackers can get in any site in the world that is supposed to be protected,

Why the hell would anyone want to trade where you can see it is rigged and hacked regularly?  Is it the same old herd thinking they can latch on to something glorious if they follow the action?  

Has there been a story about the direct hacking of the machines that trade with each other?

Thu, 07/07/2011 - 14:52 | 1433493 Rynak
Rynak's picture

There can't. This isn't hollywood. You can't just crack any machine wherever it is, and do whatever you want with it:

1. Both machines need to be directly connected (or one needs to takeover a machine that has direct connection to the target). You cannot just cast a magic wand and get action at a distance. In this case, The trader-machines (running the algos) are connected to the exchange servers - but they are not directly connected to each other. Thus, the only thing an algo-machine could directly exploit, is the exchange, not other participants.

2. Once you have a connection, you can't just wave magic wand and takeover a machine. Instead, the other machine needs to have a software error, which you can exploit to make the machine do something, which it shouldn't do. THIS is what usually is called a takeover - making buggy software of the target machine do the stuff you want it to do.

3. In the absence of a direct connection, you cannot takeover another machine - but you may be able to exploit errors in it, to make them crash or do stupid things. For example, CPL a few weeks ago made the experiment, of selling a stock, for zero .... the algos quickly went nuts on that.

Thu, 07/07/2011 - 14:15 | 1433337 Cognitive Dissonance
Cognitive Dissonance's picture

Looks like it had a tiger by the tail.

Or the tiger had tail risk.

Thu, 07/07/2011 - 14:19 | 1433353 cougar_w
cougar_w's picture

Don' be mess'n wit da tie-gar. Mack dat tail an she be all whoop yo Nancy azz.

Thu, 07/07/2011 - 14:15 | 1433341 buzzsaw99
buzzsaw99's picture

time to lower oil trading margins.

Thu, 07/07/2011 - 14:41 | 1433437 firefighter302
firefighter302's picture

I had the exact same thought, Buzzsaw.


Thu, 07/07/2011 - 14:18 | 1433348 campag
campag's picture

What you show here happens on a daily basis , this is not out of the ordinary. Also the price movement is smaller than usual. Yes it is corrupt and manipulative , many of the old  traders/ locals will not take outright positions - You want to see a bad market look at brent/wti flavour of the month again for the powers that be.  

Thu, 07/07/2011 - 19:25 | 1434479 Chartsky
Chartsky's picture


I trade CL every day and it constantly spikes 10-15 ticks from the algorithm trading.


Thu, 07/07/2011 - 14:19 | 1433349 Greyhat
Greyhat's picture

Looks like the state table graph of a firewall under DDOS attack. Such patterns occur if the systems behind the entry point (the market) cannot process the request in realtime anymore.

Robotraders LOIC, i would guess... :-)

Thu, 07/07/2011 - 14:21 | 1433355 cougar_w
cougar_w's picture

Two LOIC, outsmarting each other 4 teh lulz

Thu, 07/07/2011 - 14:30 | 1433391 Greyhat
Greyhat's picture ./.

Thu, 07/07/2011 - 14:24 | 1433369 Silver Dreamer
Silver Dreamer's picture

Is this why RoboTrader has been absent lately? I can almost see him clicking away now...

Thu, 07/07/2011 - 14:19 | 1433351 surfersd
surfersd's picture

can't seem to find this price action on my tradestation, tic bar min/bar and when 1:35 last night?


Thu, 07/07/2011 - 19:22 | 1434475 Chartsky
Chartsky's picture

This afternoon . . . 1:35 (EST).

Thu, 07/07/2011 - 14:19 | 1433352 Sun Tsu
Sun Tsu's picture

Zeig Heil zu Skynet

Thu, 07/07/2011 - 14:23 | 1433364 Lmo Mutton
Lmo Mutton's picture

Looks like supply and demand at work.

Thu, 07/07/2011 - 14:23 | 1433365 Smiley
Smiley's picture

In hoping for divine intervention I pray the CEO's who use the HFT's all come down with rectal cancer.

Thu, 07/07/2011 - 14:23 | 1433367 earnulf
earnulf's picture

Skynet is aware of us, is building financial reserves to corner the silver market as it dumps the stock market.   This is just a test, please go back to your self-absorbed awareness until we are ready to dispense with you.

Thu, 07/07/2011 - 14:25 | 1433368 Black Forest
Black Forest's picture


Thu, 07/07/2011 - 14:26 | 1433376 shushup
shushup's picture

I looked at the /CL chart on my screen and it just looks like a normal index chart.

Thu, 07/07/2011 - 14:27 | 1433378 the not so migh...
the not so mighty maximiza's picture

looks like they (almost) reached climax together

Thu, 07/07/2011 - 14:28 | 1433380 Dr. Engali
Dr. Engali's picture

Those are all good trades right?

Thu, 07/07/2011 - 14:29 | 1433386 rubearish10
rubearish10's picture

Hey, kinda off-topic here but why are we not discussing the rabid melt-up WITHOUT QE/POMO support. Not that anyone should have had expectations the market would crater in July but.....WTF??!!! Wotha &%#@!

Thu, 07/07/2011 - 14:34 | 1433409 alien-IQ
alien-IQ's picture

I've been watching the /ES getting pushed up with a few out of the blue massive volume spikes.

The last 4 took place at 12:24, 1:09, 1:22 and 2:25.

Each one pushed the /ES to a new HOD and came during a lull in trading volume.

But...nothing to see here people, move along.

Thu, 07/07/2011 - 14:35 | 1433414 slaughterer
slaughterer's picture


Next red day on the S&P 500:

1.) Oct. 23 2014

2.) Feb 14 2019

3.) May 4 2045

Thu, 07/07/2011 - 14:38 | 1433426 hambone
hambone's picture

Only thing I can guess is plenty of folks were waiting for QE2'less wheels to come off and instead are now chasing, chasing. 

As soon as everyone agrees were going to Dow 20k, then we can go down (for a day before continuing to Dow 20k, 36k, Dow unobtainium).

Thu, 07/07/2011 - 14:44 | 1433475 rubearish10
rubearish10's picture

It's tiring to anticipate what's around the corner given all we know about what the "back to reality" or "reset" inevitability. Hate to say this but thank God for "day trading" and riding this "one trick pony" while continuing to build "protection" strategy for the Armageddon we so intelligently expect!

Thu, 07/07/2011 - 14:30 | 1433392 Bob
Bob's picture

The frequency of that ringing just cracks me up every time I see it--resonates with that funny bone in my ass, I guess. 

Thu, 07/07/2011 - 14:33 | 1433401 nobusiness
nobusiness's picture

I quit.  the way this market blew back throught the 50 day moving average like it wasn't even there is amazing to me.  Melt up and then some.

Thu, 07/07/2011 - 14:37 | 1433422 alien-IQ
alien-IQ's picture

a six week decline completely erased in six days on nothing but horrendous economic news. Makes perfect this fucked up market.

Thu, 07/07/2011 - 14:35 | 1433411 nobusiness
nobusiness's picture

There is no chance in hell tomorrows jobs number is below "expectation". 


Thu, 07/07/2011 - 14:36 | 1433416 slaughterer
slaughterer's picture

Is there a chance that that jobs number news will be sold? 

Thu, 07/07/2011 - 14:44 | 1433476 nobusiness
nobusiness's picture

you're not allowed to sell

Thu, 07/07/2011 - 14:42 | 1433439 alien-IQ
alien-IQ's picture

it don't even matter.

Japan Tsunami, MENA riots, EuroZone insolvency, nuclear war, killer asteroids, vampires, zombies,'s all "priced in".

Thu, 07/07/2011 - 14:37 | 1433417 BULLSHITARTIST


Thu, 07/07/2011 - 14:36 | 1433419 illyia
illyia's picture

Fascinating ...

Thu, 07/07/2011 - 14:37 | 1433424 The Swedish Chef
The Swedish Chef's picture

Check CAD/SEK, USD/SEK and GBP/SEK trading last night around 01.00 CET. The same earthquake seismometer pattern. SkyNet is perhaps not fully self-aware yet but is still fucking with us...

Thu, 07/07/2011 - 14:39 | 1433428 nobusiness
nobusiness's picture

It is June/July 2009 again.  Compare the spy on a weekly chart

Thu, 07/07/2011 - 14:41 | 1433438 slaughterer
slaughterer's picture

Is see June 2011 as taking its model from June 1999.  1400 here we come.

Thu, 07/07/2011 - 14:39 | 1433430 TooBearish
TooBearish's picture

As if CL is anything but a paper game....comon lads and lassies - light sweet loosinnie trades +100$

Thu, 07/07/2011 - 14:39 | 1433434 billwilson
billwilson's picture

Unreal ... crude soars, market celebrates that all the sheeple will now buy more gas and less of anything else.

Staring to look like a setup for a double top chart pattern


Thu, 07/07/2011 - 14:43 | 1433441 slaughterer
slaughterer's picture

Technically, the down trend has been broken, so has the H&S, so all bears have to hope for is a double top.  

Thu, 07/07/2011 - 14:51 | 1433495 nobusiness
nobusiness's picture

I made some money on the move below the 50 dma with puts on spy then caught the first two days og rebound off the 200 dma with calls on spy.  when it hit the 50 dma on the way up I went short and now gave back everything I made.  Asshole.  technicals work sometimes and are useless other times or worse give false confidence that kills.


Double top you say. (degenerate gambler talking)

Thu, 07/07/2011 - 14:55 | 1433511 trampstamp
trampstamp's picture

Yep and on a 480 minute ES charger check out the RSI. Nice divergance where price is going up, but RSI is on a down trend. Same type of diveragance we saw when ES price was on a down trend and RSI was on an up trend the last couple of weeks.

Thu, 07/07/2011 - 14:45 | 1433478 Subprime JD
Subprime JD's picture

Incredible rally! Its hard to believe the SPX is touching 1357. Poor bears

Thu, 07/07/2011 - 14:59 | 1433528 hambone
hambone's picture

Fuck - if Bears haven't figured out that generic shorting is just plain stupid, best they are removed from the gene pool (hell, if even I figured it out by early '10...can't be that hard).

This isn't a "market" looking for true price discovery.  This is a political confidence tool for the mass populace and a savior of all the under funded pensions out there (who are forced to reach for risk on the bond side as well).

Absent a coup to pry the printing press from BB's cold hands, absent a true conversion in congress to stop the massive overspending and reset Glass-Stegel, absent a hycolonic in the SEC, the CFTC, and the like to enforce the regulation...absent something completely unrealistic happening - market is going up and what would cause it to come down could take years or decades to play out (time we all acknowledge we live in later-day banana republic).  "Invest" accordingly.

Thu, 07/07/2011 - 15:43 | 1433737 Raynja
Raynja's picture

So you don't believe anything bad can happen? I'm not referring to missing economist predictions by .5%, I'm talking bullets flying or someone nit finding buyers for their bonds. The market remaining irrational (or manipulated) for longer than I can stay solvent may happen. But it will crash violently.

Thu, 07/07/2011 - 16:05 | 1433835 Subprime JD
Subprime JD's picture

A violent stock market crash is in the cards the issue however is when. As the above poster said its now a matter of public policy to keep equities inflated as millions of public pensions and 401ks are dependant on a ever rising market. This constant levitation is dizzying I must say

Thu, 07/07/2011 - 16:23 | 1433919 TruthInSunshine
TruthInSunshine's picture

The market can remain irrational longer than you can remain solvent.”

- John Maynard Keynes

“I am doing my best to ensure that the market remains irrational longer than the rational remain solvent. But when I simply can't keep it up, this shit's gonna' break hard.”

- Benjamin S. Bernanke

Thu, 07/07/2011 - 14:48 | 1433489 Dr. Engali
Dr. Engali's picture

We are on a one way ticket to 1550 on the S&P

Thu, 07/07/2011 - 14:57 | 1433529 trampstamp
trampstamp's picture

I'll agree with you with a close above 1365.50/weekly on the ES

Thu, 07/07/2011 - 15:02 | 1433545 hambone
hambone's picture

Lululemon crashing!!! 

Only up 1% today...

Thu, 07/07/2011 - 15:06 | 1433564 slaughterer
slaughterer's picture

High beta "nose bleed" is underperforming the ES, for once.  Dash from trash?

Thu, 07/07/2011 - 15:13 | 1433582 hambone
hambone's picture

IYR hitting 52wk highs...

DRV (triple short RE) now down 99.994% since Aug '09 launch...Seems betting against the house (haha) is a bad idea.

Thu, 07/07/2011 - 15:02 | 1433546 Atomizer
Atomizer's picture

Shuffling pennies from one pocket to the next. Everyone who has two pockets can go double or nothing on passing shell game.

Thu, 07/07/2011 - 15:21 | 1433629 Troublehoff
Troublehoff's picture

Hey Guys,

Sorry to post off topic but there are no open threads and this one seems most appropriate at the moment as it relates to charts.

I am a software developer by trade, and I'm always looking to do something new out of hours and perhaps one day free myself from the shackles of my day job while having much more fun doing something I find interesting.

I was wondering if any of you have ever wanted to view data on the web in a certain way or would appreciate a website that takes a different approach to visual data analysis.


I'd like to write a new web component. Hopefully something pretty slick that uses HTML5 technologies like SVG and Canvas, instead of Flash and pre generated images.


I'd really welcome any suggestions that you might have. Thinking now, out of the box, as I'm on ZH, possibly a component to plot the number of ben bernanke twitter hits against gold etc etc ....I guess it would not just be about  how the data was displayed, but what the data was, how i compile it, and where I leach it from...


anyways thanks for reading, if anyone got this far :)


Thu, 07/07/2011 - 15:23 | 1433632 Solid Gold Bubble
Solid Gold Bubble's picture

anyone else see a similar one to this a week or two back early on the globex in silver? A 1" patch of the kitco chart looked like it had been hand drawn in ms paint. wish id taken a screengrab now.

Thu, 07/07/2011 - 16:21 | 1433634 Solid Gold Bubble
Solid Gold Bubble's picture

double post

Thu, 07/07/2011 - 15:25 | 1433649 PeterSchump
PeterSchump's picture

I do not understand what the problem is here.  These fractal algo's are providing much needed liquidity to the market.

Thu, 07/07/2011 - 15:39 | 1433711 JW n FL
JW n FL's picture

"The high-frequency community has been clamoring to gain access to Citi's retail flow," Keegan said. "With the introduction of Citi Cross, we will be exposing our HFT customer base to an amalgamation of our retail, institutional and broker-dealer flows at a point in the cue that works for all parties involved."


Black Box Bitchez!!!



Thu, 07/07/2011 - 16:01 | 1433822 JuicedGamma
JuicedGamma's picture

If you trade with Citi you get what's coming to you.  Smith Barney "We make money the old fashioned way .... we churn it!"

Thu, 07/07/2011 - 18:20 | 1434351 JW n FL
JW n FL's picture


Max Keiser [7-7-11] 'Europe's Neo Feudalism' Stacy Herbert and Michael Hudson [KR]

Thu, 07/07/2011 - 15:55 | 1433791 bill1102inf
bill1102inf's picture

"It's like turning down any random alley, looking up, and seeing an Abrams main battle tank parked there, idling quietly.

Not supposed to be there. Don't know how it got there. No idea what it means. Might not mean anything at all. But given the odds, probably means something really fucked is happening.

Or already happened.

You leave that alley and you go straight home and there is nothing on the news about it, and nobody you know has seen any tanks in town.

I see this sort of market movement and that's just how it feels to me. Like something really fucked is happening." - COUGAR W

Thu, 07/07/2011 - 16:26 | 1433932 TruthInSunshine
TruthInSunshine's picture

There are glitches in the Matrix.

They are working on resolving them.



The Committee

Thu, 07/07/2011 - 17:19 | 1434172 cougar_w
cougar_w's picture

Yeah, creepy shit.

There must be a first-person story I could work around that bit of visual speculation. You are out for a walk when you look up and see something nobody else is seeing. Why me? you ask. Why am I the only one? Yeah well the destroyer sees it and you both, and you are just the random meat-bag she was needing to come along and help her "sort out" something that's been -- you know -- bugging her for a while. Hell you might even survive it. Wouldn't that be a laugh.

Thu, 07/07/2011 - 16:17 | 1433884 eblair
eblair's picture

What is CL EQ1?

Fri, 07/08/2011 - 03:40 | 1435287 ZeroPower
ZeroPower's picture

cl = crude futures; eq1 being Aug 2011 in abbreviated form

Thu, 07/07/2011 - 16:24 | 1433922 Downtoolong
Downtoolong's picture

Don’t worry, Gary Gensler is going to get right on this, right after he attends a dinner celebrating the CFTC’s 1000th hearing on position limits.

Thu, 07/07/2011 - 17:06 | 1434113 gabeh73
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...logging in to talk to you

Do NOT follow this link or you will be banned from the site!