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HFT Fat Digital Finger Breaks Citi Stock, Shares Halted As Circuitbreaker Triggered With Stock Plunging 20%

Tyler Durden's picture




 

HFTs baby. HFTs. They just provide liquidity.

Some more details from Dow Jones on the latest mini daily flash crash.

Shares of Citigroup Inc. (C) fell as much as 17% Tuesday before trading was halted in the stock for five minutes as a result of the new circuit-breaker pilot program.

The trading halt was only the second time that a single-stock circuit breaker has been hit since a pilot program started earlier this month. It was the first to be triggered for a slide. The first trading halt from the program was prompted by a surge in shares of the Washington Post Co. (WPO) on June 16 that was later deemed erroneous.

The halt in Citi's stock was triggered at 1:03 p.m. EDT, according to NYSE Euronext spokesman Raymond Pellecchia Jr. Pellecchia said it remains unclear whether the trade in Citi was legitimate or erroneous.

After the five-minute pause, trading in Citi resumed with the stock down about 5.5%.

The halt came after a single trade was placed for 8,820 Citi shares at $3.3174, a 12.7% drop from the previous trade, where Citigroup shares were priced at $3.8. The $3.3174 price represented a 17% drop from Monday's closing price.

Pellecchia said the $3.3174 quote appeared on the Alternative Display Facility run by FINRA. The ADF is a facility for posting quotes, and reporting and comparing trades.

FINRA wasn't immediately able to confirm where the trade occurred and whether it was erroneous.

The sharp drop in Citigroup caught much more attention than Washington Post's June 16 surge, because it is much more widely held. Citigroup's market capitalization stands at around $109 billion, far greater than Washington Post's market cap of just over
$3 billion.

"Obviously once the trade hit the tape, it set off alarm bells all over the place," said Craig Peckham, equity trading strategist at Jefferies & Co.

Still, he added, "the pause in the market gave people time to digest what happened and the market impact appears to be relatively neutral."

Earlier this month, the exchanges launched the initial circuit breakers tied to individual stocks within the S&P 500 as a safeguard against the type of rapid plunges the market experienced on May 6. The market-wide circuit breakers establish a five-minute trading halt if a stock moves by 10% or more in the preceding five minutes.

 

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Tue, 06/29/2010 - 13:14 | 441924 Double down
Double down's picture

How many of these %$^%$* events do we need before they are SHUT DOWN!!  

Tue, 06/29/2010 - 14:17 | 442154 Clayton Bigsby
Clayton Bigsby's picture

absofuckinglutely

Tue, 06/29/2010 - 15:31 | 442346 Dr. Acula
Dr. Acula's picture

Why exactly is this a problem?

If the HFT operators are OK with all of their shares being disgorged at fire sale prices, isn't that an excellent profit opportunity for other speculators?

Are you worried that the HFT's will suffer financial losses because of their errors?

Tue, 06/29/2010 - 18:19 | 442963 ArgentDawn
ArgentDawn's picture

Let me put it this way, Double down. The 9000 series is the most reliable computer ever made. No 9000 computer has ever made a mistake or distorted information. We are all, by any practical definition of the words, foolproof and incapable of error.

Tue, 06/29/2010 - 18:38 | 443012 russki standart
russki standart's picture

Until everyone leaves the poker game.  HFT is a recognition that markets are a zero sum game (actually negative sum after commissions, fees, slippage etc) and they cannot lose until every investor is sucked dry of capital. As for the regulators, they are too busy sucking GS ass.

Tue, 06/29/2010 - 13:15 | 441927 GoldSilverDoc
GoldSilverDoc's picture

Not a finger, say I, that. 

Something else has gotten fat.

Bwa ha ha ha ha ha ha.

 

Tue, 06/29/2010 - 13:15 | 441931 williambanzai7
williambanzai7's picture

SEC

HFT Bureau, this is Hari Mumbaini, how can I help you?

Tue, 06/29/2010 - 13:16 | 441932 rich_maverick
rich_maverick's picture

I'm watching S&P 1040 like a hawk... If it breaks, watch the free fall across the market!

Rich

Tue, 06/29/2010 - 13:24 | 441978 Ripped Chunk
Ripped Chunk's picture

It's lingering just above 1040.  Like the crowd watching tight rope walkers: "how do they do it?"

Tue, 06/29/2010 - 13:45 | 442064 sumo
sumo's picture

Don't try this at home.

Tue, 06/29/2010 - 13:53 | 442096 geminiRX
geminiRX's picture

How much you bet that volume disappears and we close today at -8 points on the DOW?

Tue, 06/29/2010 - 13:34 | 442016 Cheeky Bastard
Cheeky Bastard's picture

Naughty hawk

Tue, 06/29/2010 - 13:44 | 442061 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It is one string away from snapping.

Tue, 06/29/2010 - 19:39 | 443106 ratava
ratava's picture

if ftse cracks 2morrow its deflation bitchez

Tue, 06/29/2010 - 13:16 | 441935 tmosley
tmosley's picture

Hey, it was taking it toward its fair market value.

Tue, 06/29/2010 - 13:17 | 441938 Rick64
Rick64's picture

HFT or reality?

Tue, 06/29/2010 - 13:24 | 441980 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Well, probably a little of both.  Economic warfare, market on the fritz and fragile like a troll on ZH, computers dealing on the exchanges given great power and ability, no oversight by any regulatory body.

This is your market, and it's ending one minute at a time.

The Dust Brothers - This Is Your Life:

http://www.youtube.com/watch?v=GHWRo5gzxl0

Tue, 06/29/2010 - 13:29 | 442003 Rick64
Rick64's picture

Very appropiate song for the occasion.

Tue, 06/29/2010 - 13:30 | 442005 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And if I may edit:

Economic warfare between Asia-Europe-US, economic warfare between GS and the American taxpayers.

Tue, 06/29/2010 - 15:36 | 442383 Dr. Acula
Dr. Acula's picture

"computers dealing on the exchanges given great power and ability, no oversight by any regulatory body"

But there is oversight and regulation. Like all speculators, HFT's that make errors in their valuation of stocks will suffer financial losses. Market participants are free to abandon exchanges that allow front running and use gimmicks like circuit breakers and the unwinding of valid trades.

Tue, 06/29/2010 - 13:19 | 441942 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"House of Saud, here is your coffee."  "This smells like piss!  You promised organic java."  "We sprinkled suger in it, it won't taste that bad.  And urine is sterile, you can drink it."  "I would rather ride my camel home than continue to do business with you."  "Take it or leave it, someone will drink it."

Tue, 06/29/2010 - 13:46 | 442072 Anarchist
Anarchist's picture

The Qataris want a few sips too...

Tue, 06/29/2010 - 13:18 | 441944 London Dude Trader
London Dude Trader's picture

This is scary considering C is one of the most liquid stocks. This will turn into another May 6 rout if ES breaks through 1035. 

Tue, 06/29/2010 - 13:18 | 441945 vicelord
vicelord's picture

It was a mis-print.  Simply a misprint.

Tue, 06/29/2010 - 14:14 | 442139 depression
depression's picture

Everyone calm down, we were just testing the fail-safe system.

teleprompter said we are fine, "the problem is in europe".

1040 is the launching point of the summer rally, consider this a gift from Ben & Tim, now get in there and buy !

Tue, 06/29/2010 - 13:18 | 441946 Apostate
Apostate's picture

Couldn't have happened to a nicer bunch of guys. 

Tue, 06/29/2010 - 13:18 | 441948 Postal
Postal's picture

Hey! A (pretty) waterfall! Isn't that what "liquid" is suppose to do?

Tue, 06/29/2010 - 13:44 | 442057 thesapein
thesapein's picture

Yeah, looks fluid to me.

Tue, 06/29/2010 - 16:04 | 442510 RockyRacoon
RockyRacoon's picture

Didja ever watch a spinning top slow down?  It seems steady and stable, but then there are weird unexplained erratic moves to the side before re stabilizing.  These moves get more and more frequent before it enters the wobbly stage.  Physics in action!

Tue, 06/29/2010 - 13:18 | 441950 jkruffin
jkruffin's picture

Guess the FED decided to bail huh?  They will chalk it up as a mistake, but we all know Bernanke hit the 5 billions shares sell button to get out of collapsing market.

Tue, 06/29/2010 - 13:19 | 441956 scratch_and_sniff
scratch_and_sniff's picture

Daft.

Tue, 06/29/2010 - 13:20 | 441959 lynnybee
lynnybee's picture

fuckers ........... all i want to know is when is ROBERT RUBIN going to be arrested  !!!??

Tue, 06/29/2010 - 14:46 | 442241 Arius
Arius's picture

WHAT?

Tue, 06/29/2010 - 15:20 | 442322 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

ROBERT RUBIN!

Tue, 06/29/2010 - 15:29 | 442354 Rogerwilco
Rogerwilco's picture

Rubin owns some nice beachfront property in Nicaragua -- gotta keep up that healthy tanned look.

Tue, 06/29/2010 - 13:20 | 441960 sheeple
sheeple's picture

More like fat toe

Tue, 06/29/2010 - 13:20 | 441961 ArgentDawn
ArgentDawn's picture

Charts with vertical lines are exciting!

Tue, 06/29/2010 - 13:44 | 442058 SWRichmond
SWRichmond's picture

...and becoming much more common, it seems.

Tue, 06/29/2010 - 13:21 | 441962 Get_to_the_choppa
Get_to_the_choppa's picture

Well, I'm sure they provided some brief liquidity in the boxers of a few traders...

Tue, 06/29/2010 - 15:11 | 442307 SteveNYC
SteveNYC's picture

That is the funniest avatar I've ever seen, pure gold.

Tue, 06/29/2010 - 13:21 | 441963 Ragnarok
Ragnarok's picture

The good thing is that everybody saw it.... but will they acknowledge it?

Tue, 06/29/2010 - 13:39 | 441964 Cognitive Dissonance
Cognitive Dissonance's picture

Whoops. Boeing yesterday, Citi today. Is this a trend developing?

What's really amazing is the "Oh, interesting" attitude developing very quickly with these individual flash crashes. These are indications of serious cracks in the dam. The walls of the valley where the dam is anchored are sprouting little springs of water. The dam is rapidly being undermined.

Of course, we shall all merrily sing comforting songs of fellowship and profits to build up a false sense of calm and normalcy. After all, since the entire system is based solely upon confidence and faith, to even talk about evacuation will cause a system crash.

Remind me again exactly how we got to where we are today?

Tue, 06/29/2010 - 13:54 | 442098 MsCreant
MsCreant's picture

If the system is dam(n)ed, then the cracks will undam(n) it. 

Let it crash and learn to swim.

Tue, 06/29/2010 - 14:02 | 442119 Mr Lennon Hendrix
Mr Lennon Hendrix's picture
De La Soul- Trouble In The Water:

http://www.youtube.com/watch?v=WhyFZyzxqVw&feature=related

DJ Honda & De La Soul - Trouble In The Water (instrumental):

http://www.youtube.com/watch?v=5xl69bvCx9E&feature=related

Tue, 06/29/2010 - 14:27 | 442181 MsCreant
MsCreant's picture

Liked both. The instrumental was kinda dreamy.

Tue, 06/29/2010 - 14:29 | 442188 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The original song is the instrumental with the lyrics.  Couldn't find it on the net.  Guess only ZH is perfect when it comes to technology.

Tue, 06/29/2010 - 15:09 | 442304 Cathartes Aura
Cathartes Aura's picture

one for MsC & MrLH. . .

this song got me through some deep times a couple years back, still have to listen to it every so often. . .(brilliant live version)

http://www.youtube.com/watch?v=SBSnR4ZP2MI&NR=1

Ray LaMontagne ~ "Be Here Now"

"Be Here Now"

Don't let your mind get weary and confused
Your will be still, don't try
Don't let your heart get heavy child
Inside you there's a strength that lies

Don't let your soul get lonely child
It's only time, it will go by
Don't look for love in faces, places
It's in you, that's where you'll find kindness

Be here now, here now
Be here now, here now

Don't lose your faith in me
And I will try not to lose faith in you
Don't put your trust in walls
'Cause walls will only crush you when they fall

Be here now, here now
Be here now, here now

 

thanks for the Zep & De La grooves. . .

peace.

 

Tue, 06/29/2010 - 20:17 | 443152 Jendrzejczyk
Jendrzejczyk's picture

Love Ray. http://www.youtube.com/watch?v=QpD97p7qGzs

 

Trouble been dogging me all my life.

Tue, 06/29/2010 - 17:07 | 442755 reave the sheeple
reave the sheeple's picture

Any fucking time
Any fucking day
Learn to swim, I'll see you down in Gitmo bay
Some say the stock market will crash to the ground
Followed by bond default and currency collapse
Followed by nations so fond of war
Followed by billions of stupified sheeple
Some say the end is near
Some say we'll see armageddon soon
I certainly hope we will cuz I sure could use a vacation from high frequency stupid shit...
One great big festering Wall Street distraction, I've a suggestion to keep us out of the casino:
Learn to swim..

... with apologies to Tool.

Tue, 06/29/2010 - 14:24 | 442174 Clayton Bigsby
Clayton Bigsby's picture

Everybody just relax - the levees are plenty strong to withstand a category 3 hurricane

Tue, 06/29/2010 - 14:32 | 442197 MsCreant
MsCreant's picture

For you and Mr. Lennon Hendrix above.

Led Zep, When the Levy Breaks:

http://www.youtube.com/watch?v=TDLfDzeDG2c

Lyrics:

http://www.azlyrics.com/lyrics/ledzeppelin/whentheleveebreaks.html

Tue, 06/29/2010 - 14:49 | 442248 Arius
Arius's picture

second - nothing to see here...just a phat phinger....listen to felix Zauluf interview on kingworld new

Tue, 06/29/2010 - 13:23 | 441973 Dr. No
Dr. No's picture

The beauty of HFT is when there are the extranious trades which go out of wack, the NYSE calls the trade invalid and lets everyone get their money back.  In otherwords, risk free trading.  I say take away the circuit breakers and lets watch this sucker play out.

Tue, 06/29/2010 - 13:43 | 442052 EscapeKey
EscapeKey's picture

Only when the price goes down. If it magically went up 20%, that would be just fine.

Tue, 06/29/2010 - 13:48 | 442076 Dr. No
Dr. No's picture

Even when the price goes up!! Last week Merrill Lynch had upward trades canceled due to run away algos (link below).  This system is fail safe!  If price runs away up OR down, NYSE cancels the trades and lets them reset the algos.

 

http://www.zerohedge.com/article/tgi-hft-fry-day

Tue, 06/29/2010 - 14:14 | 442145 MsCreant
MsCreant's picture

I don't know why any of you traders are in this mess. I like many of you, but trading in this, you are an addict and you will get what you deserve. Please get out of these markets:

1. To save your wealth

2. To save your mental health (stress, anxiety)

3. As a form of warfare against your government who does not represent you any more.

4. As an act of protest against HFT, TBTF, and other unnatural interventions.

5. As an act of protest against corporate fascism (or statism, if you prefer).

Long ago we had to have a separation of church and state. This was a good thing. Some religions were TBTF and the privileged recipients of "interventions" not enjoyed by other groups.

We need a new movement. Imagine how overwhelming it must have seemed to get out of reach of state sponsored religious oppression?

WE NEED A SEPARATION OF CORPORATION AND STATE

Financial reform is not good enough. We must comb through every document that currently governs us and weed out all the areas where corporations are privileged in decision making processes.

We could just out law corporations (or their "person" status). 

We could just out law governments and let corporations battle it out against each other, without governments at all (I call this option "getting real").

I doubt either of these is the route to take, so I fall back on a systematic examination of our rules to ferret out places where corporations have undue representation in governance.

Tue, 06/29/2010 - 14:16 | 442151 Dr. No
Dr. No's picture

I am out.  To me this market is a game as highlighted in my posts above.  It is strictly a playground for money machines.  I think of it as gambling much like blackjack or roullette.  However, there are no free drinks...

Tue, 06/29/2010 - 14:21 | 442166 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"WE NEED A SEPARATION OF CORPORATION AND STATE. "

Bravisimo!!! 

"We could just out law corporations (or their "person" status)."

Encore!!  Encore!!!

Tue, 06/29/2010 - 16:23 | 442606 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

++1000 Until we separate Corporation and State we have nothing but our Crony Capitalist system.

Tue, 06/29/2010 - 18:31 | 442999 drwells
drwells's picture

Actually, corporation + state = fascism.

Tue, 06/29/2010 - 16:34 | 442652 RockyRacoon
RockyRacoon's picture

Missy, I got out of active trading back before the year 2000.  I was introduced to The Privateer by a friend who was buying gold and silver at the time.  After many long discussions and emails I cashed in my IRA (to the total amazement of my accountant).  Bought some silver and was hooked then.  Much of my regret comes from selling off my first silver 100 oz bar at just over $600 -- with a nice profit at the time.  Wish I still had it although I've replaced it a few times over.  The ride to 2010 has been exhilarating.

Tue, 06/29/2010 - 20:23 | 443158 Jendrzejczyk
Jendrzejczyk's picture

"SEPARATION OF CORPORATION AND STATE." 

That's the bumper sticker I've been looking for. (luv ya)

Tue, 06/29/2010 - 23:24 | 443507 StychoKiller
StychoKiller's picture

Only Bender Bending Rodriguez can straighten this mess out now!

Tue, 06/29/2010 - 13:24 | 441977 TheGoodDoctor
TheGoodDoctor's picture

I wonder if this is a warning to the US govt. Hey we can make your C shares worthless!

This is getting comical. At least we know the circuit breakers work! /sarcasm off

Tue, 06/29/2010 - 13:24 | 441979 Gimp
Gimp's picture

Have people realised that Citi is "junk" finally?

Tue, 06/29/2010 - 13:25 | 441982 svendthrift
svendthrift's picture

Fat finger or not, C inched closer to fair market value today.

Tue, 06/29/2010 - 13:27 | 441989 Waterfallsparkles
Waterfallsparkles's picture

They are killing all of the penny stocks.  Most of the Traders in the penny stocks are Retail investors vs the Aapl's of the world.

Great way to take all of the Retail Traders Money fast.

Tue, 06/29/2010 - 13:28 | 441998 Tell me lies
Tell me lies's picture

No problem just Big Ben letting a little steam off! Wish I sold them dam call sept.6 when they were at .35.

Tue, 06/29/2010 - 13:34 | 442020 Miss Expectations
Miss Expectations's picture

Digitus Me'dius?

Tue, 06/29/2010 - 13:37 | 442029 b_thunder
b_thunder's picture

other than Goldman, this coudn't have happened to a better group of people!

 

Tue, 06/29/2010 - 13:43 | 442053 Anarchist
Anarchist's picture

Sadly the "people" is the US taxpayer. There will be more bad debt piled onto the Fed and FDIC balance sheets before this is all over. 

Tue, 06/29/2010 - 13:38 | 442038 Tarheel
Tarheel's picture

BLACK SWAN

Tue, 06/29/2010 - 13:40 | 442042 Caviar Emptor
Caviar Emptor's picture

Feels like old times with  hat trick of C, JPM and BAC down >4%. 

Nothing like a global banking panic to set terminals ablaze once more!

Tue, 06/29/2010 - 13:41 | 442044 Burnbright
Burnbright's picture

High volatility in a market with few market players should not be surprising. Look out for inflation, coming to a store near you!

Tue, 06/29/2010 - 14:00 | 442113 curbyourrisk
curbyourrisk's picture

Inflation?  Are you f'n serious???

Tue, 06/29/2010 - 13:44 | 442059 The Rock
The Rock's picture

HFT bitchez!!

someone had to say it.

Tue, 06/29/2010 - 13:51 | 442085 egdeh orez
egdeh orez's picture

LOL!

Tue, 06/29/2010 - 13:46 | 442069 AR15AU
AR15AU's picture

That's just Timmy booking profit.  Epic pump and dump...  well played.

Tue, 06/29/2010 - 13:46 | 442070 contrabandista13
contrabandista13's picture

I've got just three words for this....

"BEAU" "TI" "FUL" 

Econolicious

 

Tue, 06/29/2010 - 13:46 | 442071 MGA_1
MGA_1's picture

Perhaps they selected the wrong option:

Short [Greece],[Spain],[Portugal],[Citi]

Tue, 06/29/2010 - 13:51 | 442084 Jim in MN
Jim in MN's picture

 

"Get that pimply faced adolescent with an ounce of common sense off of this trading floor this instant!"

Or...if I had a guerilla HFT algo...I'd cram 'em in the morning...I'd cram 'em in the evenin'...all over this index....it's the crammer of justice....etc.

Tue, 06/29/2010 - 13:52 | 442090 ozziindaus
ozziindaus's picture

Here's an almost guaranteed strategy. By up Citi ASAP. Wait for the correction to justify the "fat finger" then short the F#%K out of it. These controlled implosions are never mistakes and always gravitate back down.

Tue, 06/29/2010 - 13:56 | 442102 Cyan Lite
Cyan Lite's picture

Skynet has now become self-aware.  Meltdown imminent...

Tue, 06/29/2010 - 13:57 | 442105 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The market is not exactly following the previous flash crash trends, but whatever, this market is so anemic anything could happen.

Tue, 06/29/2010 - 14:17 | 442153 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They sure are keeping their options open though.

"Get rid of the bank tax or else!"  Screamed Lord Blanckcheck.  "Ie'yem twyeen, Ie'yem twyeen!!!"  "Then why are just sitting in your office?  What is that under the desk?  Are you looking at pictures of Sen. Brown?"  "Well, my jowb is wewee stwessful.  I needed a bwake fwom all dat fwoel time."

Tue, 06/29/2010 - 13:57 | 442107 buzzsaw99
buzzsaw99's picture

Once it broke $3.80 the bottom fell out. Gee, who coulda seen this coming?

Tue, 06/29/2010 - 14:04 | 442123 Cyan Lite
Cyan Lite's picture

We could possibly see a mini-flash-crash in the SPY if we break 1040 on the SPX.  That could get interesting....

Tue, 06/29/2010 - 14:05 | 442125 Overpowered By Funk
Overpowered By Funk's picture

Ask yourselves, who has a very large holding of C and just who is testing the liquid waters in case shit meets fan?

Tue, 06/29/2010 - 14:28 | 442187 Clayton Bigsby
Clayton Bigsby's picture

Ackman just bought a shitload didn't he?

Tue, 06/29/2010 - 14:06 | 442127 Rusty Shorts
Rusty Shorts's picture

HAAAAHAHAHAHAAA, this is pure comedy !!

Tue, 06/29/2010 - 14:13 | 442144 Trundle
Trundle's picture

How wonderfully ironic is that Citi is being eaten by its own parasite?

Tue, 06/29/2010 - 14:19 | 442163 assembler
assembler's picture

No mention of this as a response to the failing FinReg?

Tue, 06/29/2010 - 14:27 | 442176 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Oh this is definitely a response to Fin/Reg and in particular the bank tax .  Understand these banksters are the greediest, most insidious junkees in the world. 

If a bank robber, surrounded by SWAT outside, who also needed a hit of Meth, asked for the keys to the vault, and it was made so, and then he asked for a chopper, and it was given, don't you think he would also ask for some Meth.  He would demand it!

"I want my chopper filled with crystal, ya hear me?!"

Tue, 06/29/2010 - 14:39 | 442225 the grateful un...
the grateful unemployed's picture

if they can crash Citi on 8000 shares think what they could do to the market? 

 

my prediction is that the fundies (possibly through collusion) will break the back of the Fed and restore their functions to the free market.

Tue, 06/29/2010 - 15:43 | 442413 Dr. Acula
Dr. Acula's picture

>if they can crash Citi on 8000 shares think what they could do to the market? 

This is a very interesting point.

I think the best thing for the exchange to do would be to get rid of the rinky dink gimmicks like circuit breakers. If people want to run haywire HFT's, disgorge their shares, and suffer financial losses by posting wacky trades, let them. There's nothing wrong with being an idiot and giving your money away to someone more responsible.

Tue, 06/29/2010 - 14:59 | 442277 DaddyWarbucks
DaddyWarbucks's picture

The halt came after a single trade was placed for 8,820 Citi shares at $3.3174, a 12.7% drop from the previous trade, where Citigroup shares were priced at $3.8. The $3.3174 price represented a 17% drop from Monday's closing price.

The retail investor takes it in the shorts again. A $30k trade gets killed but who else got saved?

Tue, 06/29/2010 - 16:18 | 442586 Waterfallsparkles
Waterfallsparkles's picture

Thank God all most all of my Money is in Rental Real Estate.  Although, finding Tenants these days is not easy.  Still a lot better than the Wall Street Casino.

I thought about Selling a few but where oh where would I put that Money?  Not in the Wall Street Casino.  Not in the Broke Banks. I guess it is better where it is for now.

Tue, 06/29/2010 - 20:47 | 443181 CPL
CPL's picture

HFT's DO NOT provide liquidity, they provide safety net.  Machines in general are dumb as a bag of hammers, use that fun time for your profit.  The HFT's are playing like a bunch of NPC from a DND game (who said it wouldn't be useful in really life).

 

Seriously the math is the SAME math as a death by dragon breath throw.  I wish I were kidding but I'm not.

 

Run your own numbers please.

Sat, 08/21/2010 - 11:28 | 534774 herry
herry's picture

Certainly a lot of details like that to take into consideration. Thanks windows vps | cheap vps | cheap hosting | forex vps

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