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On The May 6th Anniversary, Stocks Are Now On The Edge, And Dumping Fast

Tyler Durden's picture




 

We may be about to see how much has really changed in the one year since the first and certainly not last flash crash.

Luckily, Waddell and Reed is under strict regulatory supervision right now so really, there is no risk.

 

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Thu, 05/05/2011 - 15:19 | 1244536 Henry Chinaski
Henry Chinaski's picture

Don't blow this one.  BTFD.

Thu, 05/05/2011 - 15:42 | 1244659 JailBank
JailBank's picture

NFLX is up!

Thu, 05/05/2011 - 15:46 | 1244707 wirtschaftswunder
wirtschaftswunder's picture

So is CMI ALB SHS GRA HUN and 100 other cyclicals

Thu, 05/05/2011 - 17:20 | 1245238 Cdad
Cdad's picture

Tyler,

Nothing has changed...save for one thing I can see tonight.  VIX has misplaced it's true value by a standard FUBAR deviation of about 9.

Commence the Plunging and Screaming phase of this Skynet market.

Good grief [and by that I mean...is it even possible to further destroy this market's cred?]

Thu, 05/05/2011 - 15:17 | 1244541 Cassandra Syndrome
Cassandra Syndrome's picture

There is a glitch in the Matrix.

Thu, 05/05/2011 - 15:42 | 1244661 EscapeKey
EscapeKey's picture

It's not a glitch. An email went to the PPT telling them to allow the equities markets to drop another 70 points, as it "looked suspicious". Now that it has dropped 70 points, the slide has been halted.

Thu, 05/05/2011 - 15:17 | 1244542 RingToneDeaf
RingToneDeaf's picture

Buy The Dip, Bitches!

Thu, 05/05/2011 - 15:18 | 1244545 DonnieD
DonnieD's picture

Cinco de Mayo. BTFM

Thu, 05/05/2011 - 15:27 | 1244593 Dr. Richard Head
Dr. Richard Head's picture

Ethiopian Independence Day too! - http://www.youtube.com/watch?v=W4vllQV-KHQ

Also, Ron Paul money bomb for today's presidential debate - www.ronpaul2012.com

And my Birthday bitchez.

Thu, 05/05/2011 - 15:59 | 1244777 Hephasteus
Hephasteus's picture

Happy Birthday!!!

Thu, 05/05/2011 - 16:15 | 1244897 RockyRacoon
RockyRacoon's picture

Happy Birthday, Dick!!

Thu, 05/05/2011 - 15:18 | 1244547 Larry Darrell
Larry Darrell's picture

If another flash crash materializes tomorrow, then anyone left in the markets on May 7th is a brain dead moron who deserves to lose everything.

Thu, 05/05/2011 - 15:18 | 1244548 Timmay
Timmay's picture

I hope the whole system flash crashes, especially Corp bonds.

Liquidity IS the premium.....

Thu, 05/05/2011 - 15:19 | 1244549 HelluvaEngineer
HelluvaEngineer's picture

Oh, the humanity!

Thu, 05/05/2011 - 15:19 | 1244550 GFORCE
GFORCE's picture

Just highlights the sham that markets have become. The silver weekly chart looks horrendous. Jim Rogers meet parabolic.

Thu, 05/05/2011 - 15:20 | 1244554 HamyWanger
HamyWanger's picture


Silver, bitchez!!!

Now down 30% in 7 days and 12% today. 

Thu, 05/05/2011 - 15:27 | 1244588 Temporis
Temporis's picture

Hamy... in case you have not noticed, everything's down.

 

Please take your head out of your ass before you suffocate.

Thu, 05/05/2011 - 15:36 | 1244626 Rynak
Rynak's picture

TrollInc is bullish. Hamy achieved over 280 junks in another thread, and now tries to top it. May be a bubble.

Thu, 05/05/2011 - 17:59 | 1245376 andybev01
andybev01's picture

I'm proud to say that I was junk-280 on that post!

Thu, 05/05/2011 - 15:31 | 1244599 Hushups
Hushups's picture

Down 30% in 7 days only matters if you bought in 7 days ago. But you already knew that because you're really smart.

Thu, 05/05/2011 - 15:33 | 1244621 Sophist Economicus
Sophist Economicus's picture

Actually, he's functionally illiterate

BTW, Maria et al are starting to pee pee in their pants as the market dives...

Thu, 05/05/2011 - 15:44 | 1244674 EscapeKey
EscapeKey's picture

Everyone who bought silver EVER bought at peak. At least according to our local need-a-bridge-to-guard population.

Thu, 05/05/2011 - 17:16 | 1245234 legal eagle
legal eagle's picture

I bet you were unloved as a child.

Thu, 05/05/2011 - 15:23 | 1244559 101 years and c...
101 years and counting's picture

"the first and certainly not last flash crash."

i assume you are referring to the 1st and certainly not last MARKET WIDE flash crash.  afterall, there are flash crashes almost daily in select equities.

Thu, 05/05/2011 - 15:22 | 1244566 mspgrandi
mspgrandi's picture

wow!!!!

any stop has been taken away.... people are switching off mobiles and are praying in the toilets to avoid receiving margin calls

Thu, 05/05/2011 - 15:27 | 1244581 Upswaller
Upswaller's picture

What's a margin call?

Thu, 05/05/2011 - 15:29 | 1244592 CPL
CPL's picture

Credit issued by brokerages with even worse interest terms and conditions than Capital One Credit cards given to University Students.

Thu, 05/05/2011 - 15:39 | 1244656 Upswaller
Upswaller's picture

Bahahaha!  Thanks, I was kidding really, that game is not for me.  I'm a physical guy, bought most in 2009.  It's been fun, this party, but now it's time for Mr. Toad's Wild Ride.  Was that an E ticket?

Thu, 05/05/2011 - 18:40 | 1245508 andybev01
andybev01's picture

Careful Upswaller, your age is showing ;-)

Thu, 05/05/2011 - 15:26 | 1244573 Tense INDIAN
Tense INDIAN's picture

someone tell me whats the reason for the DOLLAR JUMP??

Thu, 05/05/2011 - 15:26 | 1244587 CPL
CPL's picture

Good times are here again...naw just fucking with you...no clue why the market doesn't what it does in terms of valuation anymore.  You are as much in the dark as the rest of us.

 

Here have a beer...we are sitting on the deck watching the world burn.

Thu, 05/05/2011 - 15:37 | 1244635 dugorama
dugorama's picture

Cinco de Mayo.... I'm having a margarita instead

Thu, 05/05/2011 - 15:32 | 1244618 john39
john39's picture

just a guess.... but nowhere else left to go.

Thu, 05/05/2011 - 15:33 | 1244625 Re-Discovery
Re-Discovery's picture

How much further could it reasonably be expected to fall and be an investible asset?  Plus the powers that be are in squashing commodities by every available means.

Eurozone weakness.  Higher interest rate chatter.  People actually believe that QE is ending.  Stupid people do stupid things, and you need to get out of their way when they do.

Dangerous trade to go back into the dollar, but everybody seems to be doing it.

Thu, 05/05/2011 - 15:47 | 1244719 tmosley
tmosley's picture

Paper gold =/= physical gold.

Don't get caught holding paper when the music stops.

Thu, 05/05/2011 - 16:05 | 1244843 flacon
flacon's picture

"Actually the music has stopped already" ~ George Soros

Thu, 05/05/2011 - 15:38 | 1244638 Sudden Debt
Sudden Debt's picture

It's Euro's time to go down this and next month.

 

 

Thu, 05/05/2011 - 15:43 | 1244668 Upswaller
Upswaller's picture

Our man in Europe.  Isn't it all just a riot?

Thu, 05/05/2011 - 16:04 | 1244819 oogs66
oogs66's picture

Trichet was dovish on rates in Europe.  He also seemed to challenge Bernanke and Geithner to live up to their strong dollar rhetoric.  With the economy in Germany taking a turn for the worse, I believe that we are starting to see a concerted effort by Europe to weaken the Euro.

Thu, 05/05/2011 - 16:23 | 1244984 RockyRacoon
RockyRacoon's picture

Why the dollar jump?  You're kidding right?  

Let's see...   Hmmm.    Gold/silver/oil take a dump and the dollar has to do... what?

Seeing as how all this is valued in dollars.   Sorry for being Mr. Obvious.

My take:  It's all about oil anyhow.   There is an intolerance for oil at the highs causing economic grief.   Some behind-the-scenes arms were twisted and that "speculative premium" was removed.   All the commodities have to follow suit or there would be a huge eyebrow raising that even the common fella would understand.   The consensus that the gov't can't do anything right has just seen what the gov't can actually do when the right people are squeezed -- hard.

Fri, 05/06/2011 - 03:38 | 1246583 GlenD
GlenD's picture

They lifted silver margins to burn investers. Many burnt investers responded by liquidating all their investments out of commodities into USD - once bitten, twice shy.

Thu, 05/05/2011 - 15:23 | 1244576 IdiotInvestor2
IdiotInvestor2's picture

The commodity margin changes are probably forcing people to raise money by selling stocks. Law of unintended consequences rule !!! They wanted to crash the metals and oil, hey the trading gods threw in the stock market crash for free :-)

Thu, 05/05/2011 - 15:27 | 1244594 Cassandra Syndrome
Cassandra Syndrome's picture

That makes sense. But, where will this money go? And shouldn't the dollar index be surging by a far greater amount? Its like as if aliens nicked trillions of dollars out of the Global Financial System today, not unless the velocity has sank and hit a brick wall?

Thu, 05/05/2011 - 16:00 | 1244780 Larry Darrell
Larry Darrell's picture

"But, where will this money go?"

 

Don't you know?  There is no money.  The only thing happening is the leverage is coming back down.  That's the essence of all ponzi schemes--there is never as much money as the pretty charts show in existence.  There is a much smaller amount of money, and you only beat the ponzi if you take it while it is there to get.  Once the money is gone, the rest is empty leverage.  Ask all of Madoff's victims.

Thu, 05/05/2011 - 23:08 | 1246261 ceilidh_trail
ceilidh_trail's picture

It goes to money heaven...

Thu, 05/05/2011 - 15:24 | 1244579 carbonmutant
carbonmutant's picture

Somebody leaked tomorrow's unemployment numbers

Thu, 05/05/2011 - 15:29 | 1244600 Cassandra Syndrome
Cassandra Syndrome's picture

Good point, but would very disappointing results not infer that QE3 is a certainty and to buy everything now before June?

Thu, 05/05/2011 - 15:42 | 1244660 Re-Discovery
Re-Discovery's picture

You could go through a lot of hurt with that trade. 

A friend once told me, when the "shit hits the fan, it's easier to clean up after it dries out a bit." 

(I know, he was a trader so he was pretty gross all around.)

Thu, 05/05/2011 - 15:57 | 1244762 Mesquite
Mesquite's picture

Good one..!

Thu, 05/05/2011 - 15:40 | 1244644 Sudden Debt
Sudden Debt's picture

They don't matter. We all already know that it was to hot to work.

FREAKING WEATHER!!

 

and leaked? EVEN THE YAHOO CROWD KNOWS THEY'LL SUCK!

Thu, 05/05/2011 - 15:24 | 1244582 Dr. Porkchop
Dr. Porkchop's picture

cinco de massacre

Thu, 05/05/2011 - 15:31 | 1244612 Gubbmint Cheese
Gubbmint Cheese's picture

good one Chops!

Thu, 05/05/2011 - 16:07 | 1244856 carbonmutant
carbonmutant's picture

Sinko de market...

Thu, 05/05/2011 - 15:25 | 1244585 JP McManus
JP McManus's picture

Tempted to try and catch a knife.

Thu, 05/05/2011 - 15:38 | 1244641 Re-Discovery
Re-Discovery's picture

A silver one?  Gold one? (Please dont say a paper one.)

Thu, 05/05/2011 - 15:38 | 1244653 Sudden Debt
Sudden Debt's picture

Paper cuts can be just as nasty!

Thu, 05/05/2011 - 15:26 | 1244589 6 String
6 String's picture

Russell 2000 holding steady, bitchez. Only down .50%. BTFD. The 2000: The Most Stable Asset Known to Mankind.

Thu, 05/05/2011 - 15:32 | 1244604 Drag Racer
Drag Racer's picture

wtf? look again

Thu, 05/05/2011 - 15:48 | 1244703 6 String
6 String's picture

You fucking eh right WTF. Trending green now, bitchez. The 2000: The Most Stable Asset Known to Mankind.

Thu, 05/05/2011 - 15:31 | 1244610 6 String
6 String's picture

Ben....Jackson Hole? Ben...do you hear me? Jackson Hole? Ben...? Is this your fucking 15 minutes? Ben? Ben...? I thought Blue Horseshoe loved Annecot Steel?

Thu, 05/05/2011 - 15:38 | 1244622 hambone
hambone's picture

REIT's - must. short. REIT's.  Except...can't. short. REIT's.  Not droids you are looking for regardless of those fuckers still sitting at 2.5yr highs as we speak.

Must run to the safety of mother dollar...and Treasuries.  "Hold me mama, I can't see anymore, mama, why are things getting dark, squeeze me tighter mama, I can't feel nothing!?!"

Thu, 05/05/2011 - 15:29 | 1244591 SoNH80
SoNH80's picture

I will sub for RobotTrader.  "Hey guys, check out [insert name of pump 'n dump mid-cap stock here], QUOTE.  Doing real good, lots of sheeple buying $13 hamburgers.  Going long..."

LOL, enjoy your stock market crash swine, see you in September

Thu, 05/05/2011 - 15:32 | 1244616 Temporis
Temporis's picture

Perfect impression SoNH80!!

+200

Thu, 05/05/2011 - 15:33 | 1244598 hambone
hambone's picture

QE...can't live with it, can't live without it!!!

btw- Dry powder bitchezzz...just when the fuck do I step in to buy more physical???

Thu, 05/05/2011 - 15:37 | 1244646 dugorama
dugorama's picture

Once the trend line reverses, of course.  Tuff to buy in free fall. 

Thu, 05/05/2011 - 15:31 | 1244601 AG BCN
AG BCN's picture

Trading on margin is very risky and may not be suitable for all investors.

Thu, 05/05/2011 - 15:29 | 1244603 MiningJunkie
MiningJunkie's picture

Buy the fucking E/S DIP!!! (at 853.75)

LOL

Thu, 05/05/2011 - 15:30 | 1244608 Sophist Economicus
Sophist Economicus's picture

To quote the great yogi -- It's Deja Vu all over again...

Thu, 05/05/2011 - 15:36 | 1244623 John McCloy
John McCloy's picture

Tickup in unemployment by 1% even in the false BLS number plus the potential to all those lucky folks who found a job being let go as margin pressure on commodities forces more layoffs = wipes out the White House euphoria of OBL killing.

American sheepies did get one week back in candyland.

Thu, 05/05/2011 - 15:34 | 1244630 max2205
max2205's picture

PPT is keeping the big names even to down 1%...fucking unreal

Folks we are not even down 3% on the spx from the last top

Thu, 05/05/2011 - 15:37 | 1244631 Sudden Debt
Sudden Debt's picture

You know. It's almost becomming a joke here.

We know Ben needs a excuse to go to level QE3

Anybody with a IQ of +10 knew it

Now they are doing it

And still there a people who look surprised.

And the funny part it: This will take all month. Even into the first week of june: and people will panick and say things like : HOW COULD THIS HAPPEN AGAIN?! Media? Speculators? Marsian?

And when they first knew the answer, they'll be looking for something else that doesn't make any sense.

 

 

Thu, 05/05/2011 - 15:47 | 1244718 Urban Redneck
Urban Redneck's picture

HOW COULD THIS HAPPEN AGAIN?! Media? Speculators? Marsian?

FAILURE TO END THE FED.

Thu, 05/05/2011 - 15:51 | 1244725 SilverBaron
SilverBaron's picture

It's Wall St. calling Boner on his trillions in cuts threat.

Thu, 05/05/2011 - 17:02 | 1245167 css1971
css1971's picture

Well... Start a meme.

 

What caused the 2011 crash? Answers on a postcard.

Thu, 05/05/2011 - 15:38 | 1244640 chancee
chancee's picture

What would they do without SPY to save them?

Thu, 05/05/2011 - 15:40 | 1244649 cosmictrainwreck
cosmictrainwreck's picture

Certainly quite a coincidence that the DOW slide STOPPED precisely at 3:30 pm....a marker for EOD run-up. You can set your watch to this bullshit. BUT, it may just fail...... (or not)

Thu, 05/05/2011 - 15:43 | 1244665 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

Has everyone gone from bad news is good news and good news is good news and the infinite power of Benny's printing press to totally bearish in the last hour?

Or are GS/JPM going to crash the market just like everyone and his wife on ZH has predicted?

Interesting times.

Thu, 05/05/2011 - 15:50 | 1244702 Non Passaran
Non Passaran's picture

Looks like I picked the wrong week to quit smoking... I'm going to start deploying my remaining cash - take 20% and with it buy 50% gold, 50% silver and keep doing it every few days till I'm all in... If they don't come up with QE3 all the nice QE work they've done will be for nothing - definitively not a way to get reelected.

Thu, 05/05/2011 - 16:07 | 1244830 Tail Dogging The Wag
Tail Dogging The Wag's picture

Stay aggressive, but keep a source of income coming in the form of cash. Diversify and get ready for this Amerikanskie Gorki of a rollercoaster!

Thu, 05/05/2011 - 15:51 | 1244740 Jim B
Jim B's picture

I vote for a computer glitch, they should just cancel today's trades.... LOL

Thu, 05/05/2011 - 16:24 | 1244970 anony
anony's picture

Well I sure as hell hope so! My TZA, SKF, and VXX have been in the dog house for a year. 

Finally, a stopped clock is right for once.

Fall back to 666 and make me look like a prescient genius.

Thu, 05/05/2011 - 16:28 | 1245005 whatsinaname
whatsinaname's picture

I see S&P going to 1600 (to save Buffett's behind) while crude oil will be hammered down to 80 per barrel and thus justifying the higher equity premium - at which point all derivatives will be unwound and all hell will let loose. All in a twiated world where lower commodity prices do not imply lower earnings.

Thu, 05/05/2011 - 16:48 | 1245118 nah
nah's picture

Oils going to 40 bucks, the Dow is going to 6k, the treasury debt limit will not be raised, government will loose huge swaths of their economic control, the asian wars are going to end, people will become empowered by life and globalist government will look like a total failure, Ron Paul wins 2012.

.

or jaw bohner

Thu, 05/05/2011 - 17:09 | 1245206 sbenard
sbenard's picture

There were flash crashes on virtually ALL the soft commodities today.

Thu, 05/05/2011 - 21:34 | 1246097 Gold 36000
Gold 36000's picture

OMG THEY ARE TAKING SILVERBUGS OUT ON A STRETCHER TONIGHT.  OMG!  LOOK AT AFTER HOURS TRADING!

Fri, 05/06/2011 - 00:56 | 1246447 mberry8870
mberry8870's picture

I am getting very bad vibes all over

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