ICE Cancels DXY Trades After "Impossible" Action Moves Index 9% Higher, $ Plunge Enforcement Team Arrives At Crime Scene
Some crazy action today on the CME around 7 am Eastern when dollar index futures surged an unbelievable 9% from 75.38 to 82.18. As apparently the CME has never seen what happened to VOW stock when the short squeeze was recreating Armageddon over at permabull Larry Robbins' office (i.e. stock moved up 100% in about an hour), we can see why they would be confused by what could have been the start of the dollar short unwind when the second leg of the Ukrainian plunge occurred earlier. So instead of validating these trades, the CME has decided to simply cancel them: because fat fingers in billions worth of futures are just so prevalent.
From MarketWatch:
The IntercontinentalExchange is probing trades in U.S. dollar index futures that briefly showed a massive 9% jump on Friday morning.
The lead contract surged as high as 82.18, up from a 75.38 close on Thursday. Such a move was improbable given that in spot markets, the dollar's moves against major currencies such as the euro were limited to about 1%.
The ICE agreed, and according to an exchange official, all trades above 76.50 were being cancelled. The ICE was still investigating the cause of the incident, the official said.
Dollar index futures were still elevated after the incident, up a more modest 0.7% to 75.91.
The move briefly had an impact on other markets, as futures on the Dow Jones Industrial Average fell as much as 99 points.
The dollar "plunge enforcement team" has been promptly woken up from its Larry Summerseqsue narcolpetic slumber and will rectify any and all attempts at a returns to fair market value.
(10 votes)
on Fri, 11/20/2009 - 09:44
#137194
So it's ok for those ridiculous overnight ramps in ES a while back, but the opposite side of that is immediately frowned upon and cancelled.If something big happened over the weekend, and DXY opened Monday at 80, would the holders of these cancelled trades have a legal right to their initial positions ??
on Fri, 11/20/2009 - 10:39
#137277
We've already seen, over and over, that they'll break every rule to maintain the status quo.
on Fri, 11/20/2009 - 09:45
#137197
Perhaps Larry mistakenly had a couple of no caffeine Diet Cokes by mistake? or were the donuts the no sugar, low fat variety. fortunately, he and bernanke have succeeded in keeping the dollar under 76, at least for another day.
on Fri, 11/20/2009 - 10:32
#137265
DH/CD... they busted 97 DXZ short trades on us (42 on 11/03 and 55 this morning / busting 76K in profits for us). Our guys will file an arb case on this matter. We saw a lot of this in the mid/late 90's in the S&P's. Nothing surprises us these days. Actions by exchanges, the government, firms like Goldman and like, are getting more and more blatant with each passing day. Everyone needs to hang in there until it implodes. Read Ayn Rand's "Atlas Shrugged."
on Fri, 11/20/2009 - 12:37
#137472
Zzz.
http://riverdaughter.files.wordpress.com/2009/07/lsummers.jpg
on Fri, 11/20/2009 - 09:45
#137198
Rules are made to be broken, but only if you deserve to be favored. What I always want to know in cases such as this are details, details, details.
Alas, I suspect this will all be swept under the Fed/Blankfein/PPT carpet with the rest of the dirt before much of anything comes of it.
on Fri, 11/20/2009 - 09:46
#137200
I am seriously pissed off, because I'm sitting on a crap ton of index puts. Such a clear cut case of interventionism. When will it end?
on Fri, 11/20/2009 - 11:07
#137310
You and I both. I can't figure out if they can possibly continue this manipulation through years end(in spite of all the deteriorating economic data) and thus, rollover my positions into the spring.
on Fri, 11/20/2009 - 09:47
#137201
Ah what the hell, let's just get it over with. All trades now have to be approved by the Market Czar before execution. Anti-risk trades are automatically rejected.
on Fri, 11/20/2009 - 11:39
#137378
C'mon Czars. Let's not go overboard here. There is nothing czaristic about the USA. If you think that, then respectfully you are just telling everyone you know NOTHING about Russia or it's history. Might want to bone up a bit before putting out the word czar and labelling it like you think you know what it means.
Again this is the end of the 35-40 year market imbalance, the powers that be don't want it to end. These are the things they do during such crashes. It's just another sign of how much of a fairy tale the average person is living right now about our situation.
Besides the final benefactor and controller of the dollar are foreigners. We're just along for the ride
They control the fed, and China holds the most of those printed dollars. It's not dem or repub, but other than Ron Paul, or a progessive dem like Dennis Kucinich, they'd let it happen. Only those two sets within our political parties would prevent it. No one else.
on Fri, 11/20/2009 - 11:48
#137400
Yeah, you're right. It's worse than that.
on Fri, 11/20/2009 - 12:29
#137458
+10
Much worse
on Fri, 11/20/2009 - 12:43
#137482
Some of these tyrants actually believe it's for the benefit of society! It doesn't get any worse than a psycho doing something "for your own good"!
on Fri, 11/20/2009 - 16:30
#137826
Of all tyrannies, a tyranny sincerely exercised for the good of its victim may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at some point be satiated, but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience. - C.S. Lewis
Unfortunately for us, both the omnipotent moral busy bodies AND the Robber Barons are picking our bones clean.
on Fri, 11/20/2009 - 20:54
#138049
They joined teams...Congress and Wall St.
on Fri, 11/20/2009 - 12:51
#137496
+10 czartasm award.
on Fri, 11/20/2009 - 13:03
#137520
TMI, no czartasms, this is an economics/politics blog. Try eharmony.
on Fri, 11/20/2009 - 14:52
#137700
LOL. I was thinking sarchasm apparently you were thinking something else.
on Fri, 11/20/2009 - 12:06
#137424
That had nothing to do with Russia, and everything to do with all the Presidential appointments of 'Czars' to oversee anything that moves.
Might want to bone up a bit before ripping something apart while being so far off-base.
on Fri, 11/20/2009 - 09:47
#137204
The USD rally I have been warning about for a few months now, is getting close.
http://www.zerohedge.com/forum/market-outlook-0
on Fri, 11/20/2009 - 09:48
#137205
Damned Russians ...is Hal up to speed now
on Fri, 11/20/2009 - 09:49
#137206
Thank Gawd ICE stepped in... it looked like a Free Market was going to break out there for a minute...
on Fri, 11/20/2009 - 10:14
#137240
+1
on Fri, 11/20/2009 - 09:49
#137207
i did notice that quick spike to 85+ on DXY and shorted it , and made a quick 2200+ bucks :-)
will i have to return back MY 2200+ bucks :-(
on Fri, 11/20/2009 - 09:50
#137209
Yep. Someone went bankrupt.... good thing our Government has the hit squad for anyone who might dare sell a stock.
This is just ridiculous
on Fri, 11/20/2009 - 14:26
#137660
You mentioned the same thing yesterday. I'm inclined to agree -- but -- if a significant BK is ongoing wouldn't we be hearing about it by now? They can't cork up something like that for very long.
If not a BK, then how about a huge dollar carry unwind? Maybe by a CB?
on Fri, 11/20/2009 - 17:34
#137908
No, it was most likely a large foreign or even American bank, perhaps even a foreign central bank... funny... no postings on failure Friday? What's up with that?
The Ukraine bit entirely validates what I thought, question is now where and what happened. Good chance we'll find out before Monday, otherwise it will wait for a bit longer. Everything is being done under a veil of secrecy Bernanke is ripping off from the Italy's approach to the crisis in the 30's. Even Jansen from Across the Curve is spouting the mantra... any Monetarist or Keynesian economist with any actual math-sense is shitting a brick right now because all the models are blowing up, hence the reason why they need cash. Every second we spend with a negative interest rate spread, money is being sucked out of the fractional reserve system at an insane pace. As this wave of deflation moves through time along the treasury curve it becomes amplified. What people really don't get when they don't know how a swap works is the fantastic amounts of money that can be pulled out of the system. A simple exercise.... Consider a $10,000 loan with rates of 6% and 10%, calculate the end sum of those payments and subtract them. It's a large number. Now what you have to do is calculate the future value of those payments at a certain yield rate... the number gets larger. Then imagine that cash gathering velocity immediately turning to 0 and reversing... It ain't pretty.
I'm pissed, but I got intellectual satisfaction if not fiscal. At least I didn't have cash straight yanked from my account, I'd be screaming bloody murder. Let's just see what happens next week.
In an alternate view... if you remove any conspiracy thoughts or common sense... Ben and team are doing what they promised, keeping the market price stable, which is the quintessential Keynesian/Friedmanite/Fisherian goal. Problem is that in order to achieve that goal, they sold us to the richest, most powerful Financial Overlord by increasing Goldman Sach's power and freeing them from the laws assigned to the peasant classes. Basically, Obama is going to have to kneel before Zod (Aka Blankfein) since Zod's got the power to destroy the global economy at the whim of his overlord, whom or whatever that may be.
We're seriously fucked.
on Fri, 11/20/2009 - 09:50
#137210
Your answer is in gold/silver Options Expiration next week. The open Call interest at $1200 gold has the criminal bullion banks in one hell of a situation, as they have been desperately attempting to generate selloffs, all to no avail.
When the bullion banks saw that this tactic DID NOT WORK, they want the trades CANCELLED!
Just MORE Fraud Street BULLSHIT!
on Fri, 11/20/2009 - 09:54
#137218
Winners always cheat and cheaters always win.
on Fri, 11/20/2009 - 11:13
#137325
You probably mean the gold $1100 calls.
The 1200s are Out of the money and are
most unlikely to move In on Monday.
on Fri, 11/20/2009 - 11:26
#137353
No, I meant the $1200, as the $1100 are already In The Money. The really massive interest is at $1200 and I expect to see some real fireworks on Monday. IF those close In The Money and contracts are taken for PHYSICAL delivery, it just may shutdown the COMEX, as there is no gold to settle the delivery requests.
Think China!
on Fri, 11/20/2009 - 11:50
#137403
TD- if this opinion has merit can we get a little more informaiton on the situation? God I love this site.
on Fri, 11/20/2009 - 12:00
#137413
It's about time that POS Crimex got busted wide open, although I'm sure they've got some tungsten bars lying around for this very scenario. Force majeure anyone?
on Fri, 11/20/2009 - 13:10
#137532
At this time, there is nothing that would please me more than for Crimex to declare force majeure in precious metals. That would be irrefutable evidence that even today's "go along and get along" money managers couldn't ignore, because even they can spell "due diligence". The derivative pile would start to unravel, and then it'd be popcorn time for real.
on Fri, 11/20/2009 - 15:41
#137770
Yeah, what he said!!!
"Force majeure is not intended to excuse negligence or other malfeasance of a party" From Wiki
on Fri, 11/20/2009 - 13:24
#137556
I'm surprised the WHO's declarations didn't trigger a bunch of contract renigs.
http://www.therightperspective.org/2009/06/11/level-6-flu-pandemic-annou...
on Fri, 11/20/2009 - 13:58
#137614
Very high probability, the spot gold price could be over 1200 by the end of next week. perhaps, a true firework it would be. The cause of negative yield of T-bill is what it is.
on Fri, 11/20/2009 - 17:38
#137911
That is pretty good. I'll have to watch, thanks for the viewpoint.
on Fri, 11/20/2009 - 13:16
#137538
Very good, this does seem plausible.
on Fri, 11/20/2009 - 16:35
#137831
Also, consider the DXY spike during BB's speech the other day that rapidly got the smackdown as soon as it was clear nobody was buying (selling?) it.
It seems like someone is trying to trigger an unwind.
on Fri, 11/20/2009 - 09:51
#137212
Seems to me that anyone not a full-time "pro" and/connected at the hip to GS has to be absolutely nucking futs to be in the market at this point.
Better off going to Vegas.
on Fri, 11/20/2009 - 09:52
#137214
They'll blame it on some algo static. Hmmm, who would be algoing a DXY/UST pair?
on Fri, 11/20/2009 - 09:57
#137226
DXY@75.75
GOLD -3.50
Inverse relationship?? PM Seem to be shrugging it off.
on Fri, 11/20/2009 - 10:02
#137229
Gee! Anyone notice that DOUCHEBAG DENNINGER is really, really mad about what is happening to his PSEUDO-PRECIOUS FRNs and TRULY-PRECIOUS GOLD?
Hey, Douchebag, how are all of those FRNs under your mattress and how many of your Kool-Aid DRUNKS will be looking for your worthless ass when reality hits, which will be very, very soon?
on Fri, 11/20/2009 - 10:20
#137244
dumb ass.
on Fri, 11/20/2009 - 10:24
#137253
Put the Kool-Aid down and go sober up!
on Fri, 11/20/2009 - 11:03
#137302
Physician, heal thyself first.
on Fri, 11/20/2009 - 10:37
#137274
Careful, Hog. Why did Treasury yields go negative suddenly? The end story of death by deflation or death by inflation or hyperinflation has not been determined. I don't think anyone really knows how this will play out. Betting entirely one way or the other in this environment could be fatal.
on Fri, 11/20/2009 - 12:09
#137430
There's a sucker born every minute?
on Fri, 11/20/2009 - 12:58
#137515
I agree wholeheartedly with this sentiment. Things appear somewhat stable (if bad macroeconomically) on the surface, but there are tremendous forces on each side pushing hard.
The way I explained it to my wife was that inflation/deflation right now is like an armwrestling match in that old Stallone classic "Over the Top". There doesn't appear to be much going on but it could go either way in a big way in a real hurry.
on Fri, 11/20/2009 - 16:55
#137859
I think the point to take away from that statement is that, either way, you're dead.
on Fri, 11/20/2009 - 10:46
#137285
Dude, there is medicine for your obsession stalker issues with KD. Let me guess, he kicked you off his forum. Jealous much?
And don't worry about Karl. He can take care of himself.
You on the other hand, probably need a diaper change from your mom.
on Fri, 11/20/2009 - 14:11
#137626
Yeah, he kicked me off his forum last June for saying EXACTLY what is occurring TODAY and what HE is writing about TODAY concerning the U.S. Peso and gold.
He allows NO intelligent/rational discussion, even if HE comments.
I was kicked off for DARING to challenge what HE said, and I did it with DATA.
Updated: Oh, I forgot. Understand, DUDE?
on Fri, 11/20/2009 - 22:59
#138082
Um, well, I think I get the fact that you are upset almost half a year later that KD kicked you off. thats a long time to be upset over something like that. I mean generally, people tend to move on with their lives.
Maybe you take some calming medication. Or, I'm sure some of the guys can recommend some hookers or escort services to loosen ya up a bit.
Lets focus on the bad guys. Who relies on KD for playing the markets anyway? He writes a lot of interesting things though.
PS. I'm Cindy. Dudette, to you.
Hey GG, play nice now.
on Fri, 11/20/2009 - 12:06
#137423
Yeah, I'd like to hear him mock us PM hoarding lunatics again (which he was doing pretty confidently last year), now that his beloved toilet-paper currency is going where it belongs - into the shitter.
Mr. Denninger is an idiot. 'Nuf said.
on Fri, 11/20/2009 - 12:49
#137492
Yeah, he said that someone going long last year in the 800s was doing it into a "five wave impulsive downmove." LOL. This was after the rebound off of 700s.
Gee, gold or paper notes, which fkin one do I want?
Faith in the notes of a corrupt and bankrupt state...yeah, sign me UP! Those printed pieces of linen will be PRICELESS!
Rant about how corrupt, crooked, thieving, and incompetent the government is, yet predict that their promises/notes will be valuable....EVEN MORE PRICELESS
on Fri, 11/20/2009 - 13:12
#137533
Karl is an excellent reporter but, like Shedlock, he is slow to adapt.
on Fri, 11/20/2009 - 16:40
#137837
Bingo.
They both don't seem to understand the concept of the Fed's power AND INTENTION to create infinite paper ticket fiatscos. Infinity will beat any deflation.
on Fri, 11/20/2009 - 19:46
#138005
But only if the FED decides to destroy itself... not sure they are ready to do that. This will likely happen when the government takes over the FED after it's globalist owners are long gone, or there in name only.
on Fri, 11/20/2009 - 12:51
#137498
Looks like a "junking" war is going on.
Even though Hog may have been a little hyperbolic in his post, I can understand where he's coming from. Denninger threw up another non-donor ban on his forum today...I'm guessing he did it just because he's pissed.
I saw reality regarding Denninger when he stated after the FOMC reversal day back in Sept.(one of the market 'tops') something like this:
This could be a perfect shelf to get short. You can sacrifice 20 S&P points for a 200-point move down!
That was at the end of a "ticker" article which everyone sees. A week or so later, on his internet show:
I don't really have any large positions open now...just a small short position on the market, but it's a very small position.
The market had not moved substantially upward at that point(no chance he got stopped out), so he basically told everyone his initial opinion without acting on his own advice. I can't respect that.
on Fri, 11/20/2009 - 10:04
#137232
Curiouser and curiouser.
There so many actors out there you need a score card to sort out the guys with the black and white hats. Let's round up the usual suspects.
on Fri, 11/20/2009 - 10:08
#137234
Dont you mean ICE, not CME.
on Fri, 11/20/2009 - 10:21
#137246
Does that mean 76.5 is the ceiling?
on Fri, 11/20/2009 - 10:21
#137247
$ attempted another breakout a few minutes and was promptly denied. Big Ben and Tiny Tim have their boys on the job smoking fat cigars lit with our dollars.
on Fri, 11/20/2009 - 12:23
#137446
Helicopter Ben and Turbo Timmahh! are trying with all their might to drown the USD in the bathtub, but for some reason today, it's a bit more like trying to keep a dog in the bathtub....
on Fri, 11/20/2009 - 10:21
#137248
The Reston 6 issues an apology for program buys in DX futures. Apparently the execution date matrix was incorrectly populated with the same date and time. Administrators have fixed the errors and repopulated the matrix with the correct mix of dates and times.
They also said that since the target ramp price has now been released(82.18) they will change the target ramp price to 82.21 so no one will be able to correctly forecast the future.
on Fri, 11/20/2009 - 10:25
#137254
guys, a 9% move in an index that doesnt ever move like that instantaneously, in the world's most active and largest and most liquid markets is most likely an error.
I usually wear a tin-foil hat too, but you never see moves like this even in the highly manipulated and low liquidity over night globex sessions....
on Fri, 11/20/2009 - 10:33
#137267
Would it be possible when the dollar carry trade begins to unravel?
on Fri, 11/20/2009 - 11:13
#137323
Funny, I thought there used be a place where mistakes cost something. I frankly don't care if it was a mistake -- so I made a mistake shorting the index last May can I have my $$ back too? The point is not so much the one "mistake," but how the reaction reflects the stability of the overall market. I mean seriously, that trade is obviously beyond crowded -- we are not talking about some 100,000 share per day penny stock here.
on Fri, 11/20/2009 - 13:00
#137517
Look at the intraday for Gold spot and the intraday for the Dollar side by side. Gold nearly collapsed at the same time. Something funky is definitely going on here.
on Fri, 11/20/2009 - 10:25
#137255
Billions worth of futures? I have a feeling it was millions at most.
on Fri, 11/20/2009 - 10:26
#137257
Dollar index futures are traded on ICE exchange not CME
on Fri, 11/20/2009 - 10:26
#137258
They just need to close the ICE. PERIOD.
It serves no function besides this crap and driving up oil prices, which is crippling the global economy.
Fuck 'em
on Fri, 11/20/2009 - 10:27
#137259
Dollar index futures are traded on ICE exchange not CME
on Fri, 11/20/2009 - 10:29
#137261
So, can we get around to cancelling all those bad trades run for the assets purchased by the Fed/Treasury? Those prices were clearly impossible and therefore erroneous.
on Fri, 11/20/2009 - 10:30
#137264
All you guys need to do is look at a 1m chart of DX futures, to see that this is indeed a fat-finger. Not much doubt about it.
At least now we know how many GTC stop orders are out there... not that many.
on Fri, 11/20/2009 - 13:16
#137539
It must be cool to be able to reliably probe enemy positions like this with no cost or risk.
on Fri, 11/20/2009 - 10:34
#137269
And that would be the signal to close out my few remaining equity positions.
on Fri, 11/20/2009 - 10:35
#137271
Uhhh for the people saying those prices are impossible...
Anyone else remember the short squeeze in volkswagon?
on Fri, 11/20/2009 - 10:36
#137272
Just to be clear TD, you DO know the CME and the ICE are not the same thing, right?
on Fri, 11/20/2009 - 13:26
#137561
Dude, the conversation was about taking physical gold delivery when the $1200s come into the money.
Relax, okay.
on Fri, 11/20/2009 - 10:43
#137281
I used to think the currency markets were too big to be manipulated, but now I'm not sure. Will these guys stop at nothing?
on Fri, 11/20/2009 - 13:17
#137541
I'm all for this global conspiracy, NWO stuff. Nothin' like a good spy backdrop to offload all my grievances upon.
But consider if this conspiracy is only a loose coalition, and maybe the takedown got a little out of hand. There is little honor among thieves afterall.
What if China got strung along in a mercantilist dollar-peg setup where they got upfront manufacturing and knowhow in exchange for building dollar reserves and funding treasury needs? And what if they weren't informed of the inevitable losses they would need to take when the dollar dilution ripped the faces of their profits? Add insult to injury as they attempted to hedge and moved to AU, they found they were delivered salted bars?
You might lose a conspiratorial partner quick with just a such a backstab. China may know its going down, but it has the power to blow open the lies, games, counterfeits that has backed the USA illusion. If they hit AU hard, offloading their $$$, taking delivery always, and demanding assayed physical--The end of the liquidity funnel could blow the global lid off.
Then China closes borders, works on autarky, has all the science-engineering-production-natural resources to make the middle Kingdom #1 again.
Europe and USA would be smoking craters of social insurrection.
on Fri, 11/20/2009 - 14:06
#137632
good analysis...
on Fri, 11/20/2009 - 14:56
#137706
The china AU connection is legit. New Zealand got bullied around by the west and told them no on the nuke crap drew the line. Now they got people from england and US trying to use them as toe hold to break into the trading markets they've established with asia.
Make no mistake. Consipiracy or not US and england are going to get cut the hell off the global arena.
on Fri, 11/20/2009 - 10:44
#137282
Wasn't there a Goldman Sachs analyst referencing a 20% move in the dollar in 3 days?
on Fri, 11/20/2009 - 10:49
#137288
Interesting reading about a possible scenario of what happens on "The Day the Dollar Died":
http://johngaltfla.com/blog3/2009/11/18/the-day-the-dollar-died/
on Fri, 11/20/2009 - 11:17
#137333
I was going to post this yesterday... an awesome read. He calls it "fiction"... closer to prophetic in my opinion. And then when you see dollar manipulation like this, it makes you wonder how close we are...
on Fri, 11/20/2009 - 11:34
#137370
Awsome.
on Fri, 11/20/2009 - 12:48
#137490
Tungsten Gold could be good for a dollar meltup,
gold ETF freefall and internet lockdown...
http://www.kitco.com/ind/willie/printerfriendly/nov182009.html
on Fri, 11/20/2009 - 17:37
#137909
This is just what is true. Thanks for this post. I keep reading this article and needing to stop and turn away. Hard.
Here is a live link.
http://www.kitco.com/ind/willie/printerfriendly/nov182009.html
on Fri, 11/20/2009 - 20:41
#138038
wow. Stocking up on cigarettes, ammo, toilet, paper, gasoline and cash this weekend.
Survival Kit Contents Check.
on Fri, 11/20/2009 - 11:05
#137306
This is ridiculous....free markets....Please
on Fri, 11/20/2009 - 11:08
#137316
As the indices are 90% correlated to the DXY, are they going to cancel all the stop loss orders on longs or the longs that were placed on the indices that were triggered by the markets falling with the surge in DXY?
on Fri, 11/20/2009 - 11:14
#137326
Gee, it must be impossible because a 10% move hasn't happened since (looks at DXY chart)...uh, November of last year....er....but but but that took a whole two weeks! So clearly this is like impossible or something.
Fucking crybabies. I am sick and tired of providing their buttwipes through our duly elected representatives and their unelected, unaccountable, corrupt appointees.
on Fri, 11/20/2009 - 11:41
#137384
So It's a little quant puke. Just call it technical difficulties when every algo on the planet statiscally arbirtrages RUN simultaneously.
on Fri, 11/20/2009 - 11:16
#137330
shit happens...not always a conspiracy lol
on Fri, 11/20/2009 - 11:26
#137351
Homer Simpson would handle that better than them...
on Fri, 11/20/2009 - 11:29
#137358
Why is it that people all say the word conspiracy like it's shit reserved for loonie bins?
To Conspire:
1 a : to join in a secret agreement to do an unlawful or wrongful act or an act which becomes unlawful as a result of the secret agreement <accused of conspiring to overthrow the government> b : SCHEME
2 : to act in harmony toward a common end <circumstances conspired to defeat his efforts>
Main Entry: con·spir·a·cy
Pronunciation: k&n-'spir-&-sE
Function: noun
Inflected Form(s): plural -cies
Etymology: Middle English conspiracie, from Latin conspirare
1 : the act of conspiring together
2 a : an agreement among conspirators b : a group of conspirators
So you don't think that every fucking time congress meets it's not the act of conspiring together to create new laws?
Conspiracies happen every goddamn day, a theory about them doesn't mean you need the loonie bin.
on Fri, 11/20/2009 - 11:41
#137382
Oh something tells me it's about time to start that little ole Iran war about now..
on Fri, 11/20/2009 - 11:43
#137385
Trades get broken on all kinds of exchanges multiple times, EVERY SINGLE DAY. They have rules and guidelines in place to determine whether a trade was "clearly erroneous" or not.
This type of move is clearly erroneous to anyone with any kind of trading experience beyond a stock simulator.
Seriously Zerohedge, this is pathetic. Since you guys left your .blogspot domain, the quality of the site has suffered. Stop catering to the "pitchfork in hand at all times" crew. Your credibility is going down the drain.
on Fri, 11/20/2009 - 19:01
#137976
I'm calling you out, apparently you work in the squid or ICE PR department.
Your comment carries no weight because you are anonymous and simply make an ad hominem attack - it doesn't work on a site where the message is the message. You provided absolutely no facts or details, and frankly your debating skills resemble that of a child.
This is significant, and we are all attempting to better understand what is driving it. My best guess is China attempting to take comex deliveries on precious metals in exchange for their USD paper.
on Fri, 11/20/2009 - 11:44
#137389
Let me see..."fair market value" for the dollar...umm...zero?
on Fri, 11/20/2009 - 12:01
#137415
TYLER (Important) / Either send us an email so we can talk. Or... send out a POST (or both) asking for any and all ZH traders to respond to ZH stating that they had their DXY trades cancelled on either 11/03 and/or this morning by the ICE exchange (we are trying to ascertain how many other traders or firms were adversely impacted by ICE's decision). For example, 8000+ DXY contracts traded on 11/03 (causing the index to spike to 81.345) and over 4,000+ contracts traded this morning (causing the index to spike to 82.18 today). Talking to ICE, all of these trades in question involving these spike highs were busted (ICE would give no explanation as to why the trades were busted, written or verbal). Thus, we just spoke to our attorneys and our contemplating the possibility of filing a federal "class action" claim, or a federal arbitration claim, against ICE and their affiliated exchanges for erroreously busting these trades. We are interested in forcing them to disclose who (i.e. firms, maker makers, etc.). participated in these cancelled trades, at what price and volume, and request WHY these trades be cancelled. Let us know if other ZH's were affected by ICE's adverse actions and decision to bust these trades today, and also on November 3rd?
Here is general link defining "class action" status requirements:
http://en.wikipedia.org/wiki/Class_action
on Fri, 11/20/2009 - 12:31
#137462
Does ICE have the 1% rule?
on Fri, 11/20/2009 - 13:07
#137516
Screwed again, purchased 200 UUP calls (dollar strength) expiring after close for cents on the dollar - Etrade shows UUP jumped up to 27.15 today on a 23 strike, now it is just back to 22.45. It's funny, the chart itself has had the transactions wiped (doesn't show the spike), but the days high is still showing. That was my last options trade.
Goldman's comment that the dollar would strengthen 20% in 3 days was too prescient or a veiled threat (audit the fed bill?).
Squids are out in full force on this particular blog post - "me thinks he doth protest too much" - nothing to see here, just an error, move along, conspiracy theory, blah, blah, blah. It is possible that one or more global banks are going down and there was a flight to the safety of the dollar.
on Fri, 11/20/2009 - 13:13
#137534
I see the sub-20 trades on the VIX are now wiped out also. In fact, the new low of the day is 22.26.
on Fri, 11/20/2009 - 13:08
#137529
Thanks for including the link, I never would have know what you were talking about.
Can you make 3 things clear? What exactly do they teach in this class, and who is the professor, and will the credits transfer?
on Fri, 11/20/2009 - 12:03
#137421
"The lead contract surged as high as 82.18, up from a 75.38 close on Thursday. Such a move was improbable given that in spot markets, the dollar's moves against major currencies such as the euro were limited to about 1%. "
I don't trade it but you'd think this would have been "easy money" for arbs, they failed to act, that's all. So they bust the trades??
on Fri, 11/20/2009 - 12:08
#137426
If you're not cheating, you.re not trying.
Mistake my ass - can you say "Algo caught in the open"?
on Fri, 11/20/2009 - 12:18
#137440
Nov. 3 -
By Wanfeng Zhou
NEW YORK (Reuters) - The IntercontinentalExchange said it had canceled some trades in the U.S. dollar index that roiled the market early on Tuesday.
The ICE Futures U.S. dollar index .DXY, which tracks the greenback's value against a basket of six other major currencies, jumped to a one-month high early Tuesday as concerns about the global banking sector ignited safe-haven demand for the greenback.
At one point, the dollar index rose to 76.817.
At 3.30 p.m. in New York (2030 GMT) it was up 0.08 percent at 76.349.
But trader talk was focused on odd movements in the dollar index early in the session. Linn Group, a Chicago-based clearing services firm, said in a research note Tuesday morning that "there was an error in the $US index that rallied the market sharply at 4:55 a.m." Chicago time (10:55 GMT).
"We sent out a notice to participants on the exchange that we were canceling trades earlier this morning," Sarah Stashak, director of investor and public relations at ICE, told Reuters.
"The exchange has taken action in accordance with its rules," she said.
Stashak declined to provide any specific information related to these canceled trades, such as the size, price level, or who might be behind the trades.
Linn Group's early market note says the exchange "busted" trades at higher levels, which it said was "over 77.50."
Disappointing results from UBS (UBSN.VX) and a shake-up of UK banks Lloyds (LLOY.L) and Royal Bank of Scotland (RBS.L) prompted investors to cut back on risky trades.
A five-minute chart showed the dollar index jumped sharply between about 3:20 a.m. and 5:00 a.m. Chicago time in response to the poor results from banks.
on Fri, 11/20/2009 - 12:24
#137448
I Mis
Interpreted
The Rules
How can I reach these kidsssss....
on Fri, 11/20/2009 - 12:29
#137460
I had a long position in the ES e-mini that was doing just fine and then it tanked when the DXY spiked and I lost a decent sum of $$$. Does anyone know if I have any recourse or do I just suck it up???? GD Manipulators!
Thanks
on Sat, 11/21/2009 - 04:03
#138134
Yeah, when everything is correlated (more than ever) to everything else, do we get to have every trade that moved against us because of the correlations busted too? I'm too lazy to figure out if the pre-market in US was open, but if it was, presumably all kinds of crazy trades occurred everywhere in the thin market.
The trades should stand, even if in error, because the market is an ecosystem in which everything affects everything else, and "everything else" is impossible to bust. This isn't an outright ridiculous case of a single equity going bonkers like when Google traded at a couple of dollars a share at EOD some months back. 9% is borderline ridiculous in currency, of course, but on such an important instrument the momentary market impact is systemic and irrevocable. Does everyone else get to try again?
on Fri, 11/20/2009 - 12:30
#137461
This program has performed an illegal operation...
on Fri, 11/20/2009 - 15:06
#137709
LOL
What's the difference citizen of the US and member of it's banking/financial/corporate leadership. When a citizen sees that message they just reboot the computer. When one of them sees it they start stuffing cash in SEC envelope.
on Fri, 11/20/2009 - 12:45
#137485
Dammit, Timmah, I said 72 not 82! Fix it!
.......zzzzz.....
on Fri, 11/20/2009 - 12:53
#137502
Said this morning (in jest) that the VIX might as well go to 0 after this morning.
I see the VIX just printed sub-20. In a down market...
on Fri, 11/20/2009 - 13:25
#137557
when gold will 1600$ cost?
on Fri, 11/20/2009 - 13:25
#137559
Choose whether or not you wish to put your capital at risk in their system.
on Fri, 11/20/2009 - 13:41
#137587
Remember Goldmans message that the dollar could strengthen (market weaken) in 3 days or 3 months - at the time I thought it was an unusual statement.
33 is occultic, like 666 on the S&P - perhaps it was a message like ringing the bell at the top. Numerology is big in the upper levels of masonry (33 is the top degree).
on Sat, 11/21/2009 - 00:34
#138060
November 22 (11.22) this Sunday. We know what happened at Dallas, also LA on June 6, both cities on the 33 parallel. These people are nuts, Kurtz.
on Fri, 11/20/2009 - 14:17
#137644
I was scanning the posts after the article, but I believe Max Keiser is correct- the demise of the dollar is based on the twin tower controlled demolition which was a success in the eyes of the govt- terrorists got blamed, financial records that needed to be destroyed were burnt up, and after the initial impact of the planes, the government set off its explosive charges so the buildings would fall straight down in an orderly controlled demolition. 3000 patriots losts their lives (expendable)
-so this is a controlled demolition of the dollar after the initial 700 billion dollar explosion.
We all know the FED and Congress set the explosives during the bubble.
If they let the dollar spike too much its like letting a tower lop over on another building- causing uncontrollable results- beyond the planned carnage they intended in the first place.
on Fri, 11/20/2009 - 17:17
#137890
by physical gold and silver from a coin dealer--if he has any left, and forget abut it .....R. T. Foster Author Fiat Paper Money-the history and evolution of our currency.
on Fri, 11/20/2009 - 18:39
#137961
So Dendreon plunges almost 13 points a couple of minutes before the release of certain data,and the trade is left untacked(despite the acknoledgment that there was something a miss). But obviously in that case MM made a bundle of money. And when the scenario is reversed,the trade is canceled,probably because the big guys are short the dollar,and their computers excuted stop loss that cost them a bundle. And what is so magis about 76.5?why not 77 with an infinite probabbilities untill 82?I wonder how people can still trade in such an incredibly rigged enviroment. The odds of making money is much less than in Las Vagas in the Mafia days(lol)....
on Sat, 11/21/2009 - 13:17
#138229
IMF Signals Support for US Dollar (Bam Investor)
As you all know, our model is calling for a USD melt-up coincident with a stock market crash and we believe that has finally started. We also believe the quant-driven “one-trade” dynamic of dollar DOWN/stocks, crude, gold, etc. UP will be looked upon (blamed) as a “catalyst” once the market crashes.
Here’s an interesting article released yesterday. It didn’t gain a lot of attention but that’s pretty typical when sentiment moves to an extreme. (USD bearish sentiment readings are at record levels)
Our model is extremely bullish the US Dollar and we remain long.
=================
IMF/DOLLAR (URGENT)
WASHINGTON, Nov 19 (Reuters) – The U.S. dollar will remain the world’s primary reserve currency for many years or decades, an International Monetary Fund official said on Thursday.
Spokeswoman Caroline Atkinson’s comments came two days after IMF Managing Director Dominique Strauss-Kahn said the world can no longer rely on a currency issued by a single country, and a new global currency may evolve out of the IMF’s in-house unit of account, known as Special Drawing Rights. (For more, see [ID:nPEK204168])
“The managing director has said … he expects the dollar to be the leading reserve currency for many years or decades,” Atkinson said at an IMF media briefing.
She said the IMF routinely looks at what is happening in the international monetary system, but was not launching any sort of formal study into how SDRs might one day replace the dollar as a global reserve currency.
“During this last financial crisis, people actually found the dollar a safe haven and preferred to move into dollar assets when risk aversion was very high,” she said. “That suggests there’s very solid demand, based on the U.S. economy’s strength and size and liquidity of its financial markets.”
The dollar’s role in the world economy has been a topic of debate in recent months as its value fell against a basket of currencies. China, the largest foreign buyer of U.S. government debt, has expressed growing concern that the weakening dollar would hurt its finances. (Reporting by Emily Kaiser, Editing by Chizu Nomiyama)
on Sun, 11/22/2009 - 02:53
#138604
Amazing. It is true that GS had mentioned 3 days or three months as zh reported herehttp://www.zerohedge.com/article/goldman-dollar-carry-trade-20-reversal-either-3-months-or-3-days
So what was in that spike?most probably a dry run for what if scenario. The noises are getting too loud about the dollar plunging,so they decide how much market action would a sudden dollar spike cause!!!or like others speculated:probing enemy positions. so another coincedence that propheticly happened(to add to many of GS profecies that came true,including but not limited to the unemployment and the Mar put purchase recommendation)
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