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"Inordinate Influx" Of Orders Stalls NYSE, Locks Quote Dissemination
Looks like the troubles recently seen in NYSE's handling of ING stock, when unexpected sell volume caused a halt in the stock, could be spreading to the US. The pick up in the equities followed the PMI number, which were followed by a dramatic downside reversal thanks to sell orders caused the NYSE to almost crash. An alert just released notifies that the NYSE cash market "experienced an inordinate influx of orders that caused delays in quote dissemination and several locked quote conditions." First the rating agencies, and now the exchanges simply have no idea how to deal with action that is not perpetually positive. Just how much selling volume will be needed for the NYSE to announce it is halting trading?
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Turn those machines back on! Wilson, get in there and sell you idiot
LOL!
Gotta give their co-located banker friends time to get in front of the parade.44
" the exchanges simply have no idea how to deal with action that is not perpetually positive",
is this the Bubble Ben effect?
Tyler, man, check out the 3qtr 09 report given by the NYSE Euronext .... i think you will gloat man ... http://www.google.com/hostednews/ap/article/ALeqM5hFMbNWax-k8r31FYPyebQ7WsBfQQD9BLDOC80
I think the clowns on Fast Money just gave that a buy buy buy the other day. Shocked!
Nice that they can handle buy, buy, buy orders for months on end... but sell orders seem to be a problem... they may want to take a look at that issue... since I think sell, sell, sell may be the way of the near future...
So this seems to be another case in favor of dark pools...The exchanges simply can't process the orders coming from all these algos...at least they can't be relied upon to process said orders in the crunch (brit slang/double entendre).
Of course that's what they want you to think.
And I hope the guys above are joking about the difference between buys and sells, because if someone is buying, that means that someone had to sell it to them. Unless they're all buying naked shorts!
Everything will be fine as long as nobody panics and hits the "sell" button.
We're old guys, excuse us: But, here are some ...
Ingredients for a nasty selloff: (1) Longs have no more or limited money to invest (2) Longs will turn and sell this market quickly to protect gains made in the last 3-6 months (3) Few shorts are left to bid this market up (4) New shorts will enter the market on weakness (5) Government money is getting tapped out (politically, and with the public). (6) Underlying market fundamentals are weak (7) Seasonals, and technicals strongly argue for a top and selloff, and (8) Computer led programs and quants will pile into a negative momentum led selling (and after today's above post - should we add - causing the exchanges to "freeze up"). Patience everyone...
We are closely watching the carry and correlation trades related to the dollar. Good luck everyone.
speaking of exchanges getting the old shaft, and ths is off topic, but the saudis dropped west texas intermediate crude as a pricing basis....not sure when it takes effect but i wonder what that will do to cmas bonuses on nymex...
Volume has been so low as the HAL9000's have been the only players for so long that the NYSE probably cut it's bandwidth on the belief that this was the new norm!
It's the New PPT.
IKnewThat
Adding to #114982
NYSE Euronext beats Street view; sells Liffe stake. http://301.es/qzs_
Here's what ya gotta do -- Unplug the cables connecting the HFT servers to the exchange servers and plug the HFT servers into themselves. This daisy chain formation will threaten to form a Higgs boson, which, as recently postulated in an article in NYT, will cause a force from the future to intercede and solve the problem. Of course, the solution might not be the one we're looking for, such as the recent massive malfunction at CERN.
Are those just realy technical glitches,or are they a part of a coordinated effort to show a gloom and doom scenario in the ongoing battle with the fed,and the threat we read about today in Bloomy about a fall in stocks bonds and the dollar,if congress dare to interfere in the fed's business?
Once again, glitches only happen on a down day...