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

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

Tue, 06/29/2010 - 13:16 | 441932 rich_maverick
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I'm watching S&P 1040 like a hawk... If it breaks, watch the free fall across the market!


Tue, 06/29/2010 - 13:24 | 441978 Ripped Chunk
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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
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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
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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
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if ftse cracks 2morrow its deflation bitchez

Tue, 06/29/2010 - 13:16 | 441935 tmosley
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Hey, it was taking it toward its fair market value.

Tue, 06/29/2010 - 13:17 | 441938 Rick64
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HFT or reality?

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


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
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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
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"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
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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
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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
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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
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Tue, 06/29/2010 - 13:20 | 441959 lynnybee
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fuckers ........... all i want to know is when is ROBERT RUBIN going to be arrested  !!!??

Tue, 06/29/2010 - 14:46 | 442241 Arius
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Tue, 06/29/2010 - 15:20 | 442322 Mr Lennon Hendrix
Mr Lennon Hendrix's picture


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


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


Tue, 06/29/2010 - 14:27 | 442181 MsCreant
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Liked both. The instrumental was kinda dreamy.

Tue, 06/29/2010 - 14:29 | 442188 Mr Lennon Hendrix
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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)


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. . .



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.

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