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MUST HEAR: Panic And Loathing From The S&P 500 Pits

Tyler Durden's picture


"Guys this is probably the craziest I have seen it down here ever." Here it is, memorialized for the generations and away from the now openly ridiculous disinformation propaganda of the mainstream media, just what a full market meltdown panic sounds like: straight from the epicenter, the S&P 500 pits. Luckily open ouctry still exists, if at least for shock value. Click here for a first hand account of the most shocking 15 minutes in recent market history. Fat finger my ass.

h/t Tim


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Fri, 05/07/2010 - 05:40 | 336546 qp
qp's picture

 larger keyboards???

Fri, 05/07/2010 - 05:59 | 336557 M.B. Drapier
M.B. Drapier's picture

Special trading wands?

Fri, 05/07/2010 - 07:49 | 336648 WaterWings
WaterWings's picture

It was Wall Street holding up a sign: "KILL THE BILL"


Fri, 05/07/2010 - 10:40 | 336812 4shzl
4shzl's picture

Yup. Which means Uncle Sam has an "agency problem." Unlike the Japanese, whose price-keeping operation was faithfully executed by its broker/banker sock-puppets, the Treasury's primary dealers have "gone rogue" on their masters. Bad, bad, bad. My solution: make the Marine Corps a PD. "Marines follow orders, or people die." Semper fi, baby -- you better believe it.

Tue, 05/17/2011 - 01:54 | 1282102 Karston1234
Karston1234's picture

Thank you for the support and keep the articles coming!
online phd degrees
online associate degree
doctoral degree

Fri, 05/07/2010 - 10:35 | 336808 dumpster
dumpster's picture

Plunk your Magic Twanger, Froggy".

Fri, 05/07/2010 - 13:54 | 336983 Strider52
Strider52's picture

I am now net long on WTF and Physical gold. I am short. Really, I'm only 5'10".

Fri, 05/07/2010 - 14:32 | 337015 TaggartGalt
TaggartGalt's picture

Wider bandwidth!

ZH is drowning!

Fri, 05/07/2010 - 05:42 | 336547 floydian slip
floydian slip's picture

sounds like an auction at a horse race

what signal does having the dow bounce like a superball and then say a fat finger did it mean?

DOW 36,000  here we come!


Thats what!


Whots uh the deal?

The gold its in the...





Fri, 05/07/2010 - 08:48 | 336707 B9K9
B9K9's picture

Look, we're all adults here. It's fun to snark about DOW 36,000, but the reality is that the only possible way out of the ponzi trap is to keep it going. For that to happen, it's critical for the public sector to increasingly assume responsibility for credit demand, even if it has to take over 100% of the market.

And guess what? The Keynesiens who got us into this mess even have a theoretical justification. No, not for the underlying credit-money system itself, but intellectual support for government's resistance to private sector de-leveraging: Functional Finance.

You see, in their world, debts are assets & interest is income. Since government controls currency, there's no limit to how many "assets" they can create by incurring debt. Pretty sweet rationale, no?

So yes, look for DOW 36,000. Also gold $36,000 and so on down the line for anything priced in $USD.

Fri, 05/07/2010 - 14:36 | 337023 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

"the only possible way out of the ponzi trap is to keep it going."

I must differ. If you believe the above sentence, then you are really saying is that we need to keep drafting more suckers into the game so that you may cash yourself out ahead.

Or, worse, you're one of those traders who prefers a "double up and throw up" methadology when you find yourself in a bad trade. Either way, it ends up in tears.

Sat, 05/08/2010 - 16:55 | 338297 crosey
crosey's picture

I don't think there are any more suckers around, to tap.  But, your brief holds up mathematically, and on paper, so long as supply remains.  However, at some point, it ends.  I think the end is near, because someone or something will simply "pull the plug".  Quick, easy, awesome to watch.  But sure as hell better than the incremental drowning we have now.

If the DOW does make it to 36,000, I think that volatility will be nearly unendurable....risk-on, risk-off inter and intra-day swings of biblical proportions.  As the game grinds on (assuming there is liquidity), there will be tens-hundreds-thousands-millions of broken pieces of the ponzi machine scattered over thousands of square miles.

Fri, 05/07/2010 - 05:54 | 336554 Graphite
Graphite's picture

This is why "liquidity" is such a bitch ... it's never there when you need it.

Safety, bitches!

Fri, 05/07/2010 - 05:56 | 336555 maff
maff's picture

Somebody who knows how to play with video really ought to splice this recording as a soundtrack to the greek riots and post it here.



Fri, 05/07/2010 - 06:00 | 336558 i.knoknot
i.knoknot's picture

that's radical. almost didn't listen to it. wow.

a seasoned vet and he was clearly blown away.

Fri, 05/07/2010 - 06:06 | 336559 SlowLoris
SlowLoris's picture

No news today about Europe dying? Oh yeah, that was yesterday's hype.



Fri, 05/07/2010 - 06:03 | 336560 whacked
whacked's picture

JPM buy side bid the market up ...

Fri, 05/07/2010 - 06:16 | 336563 Cognitive Dissonance
Cognitive Dissonance's picture

You can hear the absolute incredulity in his voice as this plays off. Particularly at the beginning, when you hear him announcing the incoming wave of paper for sale. "Here they come to sell them again."

"We made it within a handle of limit offer here guys" @ 4:50 sounds veryinteresting. So the intense pressure petered off just before limit down? Then there was one final wave that took it to what seemed limit down (69 @ 5:50) before it started back up.

Then just as crazy, it ramps up with just bids, no offers (6:28) "no offers in the pit here" followed by the exclamation "Tell them we made it down to 1060" @ 7:08 and then "86 even bid and 95 even offer, we're 10 handles wide" @ 7:19 which is just insane. The rising pressure was more intense then the selling.

Fat finger my ass. This was a panic and I would suggest it was engineered.

Fri, 05/07/2010 - 06:18 | 336574 koaj
koaj's picture

and someone at the PPT pushed "Nuclear Buy" yesterday at about 2:53pm est

Fri, 05/07/2010 - 07:51 | 336655 Dr. No
Dr. No's picture

do you think Obama has a big "Buy Buy Buy" button in his oval office right beside the red button to nuke Russia? Or perhaps the nuke button has been rewired since it is no longer needed in his nuke free world.

Fri, 05/07/2010 - 08:03 | 336669 Joe Sixpack
Joe Sixpack's picture

You called?

Fri, 05/07/2010 - 06:22 | 336577 plongka10
plongka10's picture

Now that's what I call entertainment.

Fri, 05/07/2010 - 07:57 | 336652 WaterWings
WaterWings's picture

I wish that finger had hit "T" instead of "B".

Yo Creamer, which hand had the fat finger? Right hand is blaming left hand - which one do we chop off?

What do the keys immediately around "M" do anyway?

Fri, 05/07/2010 - 07:55 | 336659 LeBalance
LeBalance's picture

and having studied our 07 and 29 history we are not going to put our heads up our asses. Based on *admitted* scams of yesteryear, this *was* engineered.  That is the prevailing status quo, not a *fat middle finger.*

Fri, 05/07/2010 - 09:20 | 336751 tj3
tj3's picture


Mon, 05/10/2010 - 03:46 | 340652 Miles Kendig
Miles Kendig's picture

The way you chose to fictionally examine the topic was well worth the effort.  And you're so right about the pressure of the reflate.  I have never heard both the bid and offer totally evaporate one right after the other, especially with that kind of order flow.  Amazing.

Fri, 05/07/2010 - 06:15 | 336566 justbuygold
justbuygold's picture

That may be what happened in the pits , but there was definitely an aglo gone wild that caused that large basket of stocks to absolutely crater over the one to 2 minutes.   Now that all those trades are being cancelled you can be sure that it was to save a certain firm from possibly bankruptcy due to the error.  You can also bet it was one of the big boy firms such as GS, JPM, Blackrock, or C that was the big loser , and therefore that put heavy pressure on exchange officials to get those cancels.

Fri, 05/07/2010 - 06:15 | 336567 Gordon_Gekko
Gordon_Gekko's picture

The TURD that the US Stock market is, God knows it DESERVES to crash. Yesterday's crash was one of the happiest moments of my life. HALLELUJAH!

In other news, DOW 36000 - here we come!

Fri, 05/07/2010 - 06:16 | 336570 koaj
koaj's picture

that was world ending type shit yesterday. no fucking way it was fat finger. it was real week before hand

i miss the s&p pits. used to listen to them all the time


i traded through asian fin crisis, ltcm,, 9/11...was nothing compared to yesterday

Fri, 05/07/2010 - 06:17 | 336571 QuantTrader
QuantTrader's picture

The market crash was so yesterday.  Time for ZH to move one.  One day of glory is over.

European voting in favor of bailout.  Back to our regularly scheduled programming.  Dow 12,000 here we come.  Futures soaring.

Fri, 05/07/2010 - 07:47 | 336647 Headbanger
Headbanger's picture

Welcome back Harry.

Fri, 05/07/2010 - 10:05 | 336780 TaggartGalt
TaggartGalt's picture

Hope you are still long and strong, ass wipe.

Fri, 05/07/2010 - 06:19 | 336575 The Axe
The Axe's picture

The money they must have made fading that bullshit.....

Fri, 05/07/2010 - 07:56 | 336662 Hansel
Hansel's picture

Of the guys I know:

2 made over $500,000

1 made $300,000

2 made over $100,000

and a whole bunch made over $25,000

Sure, they all "earned" it by adding so much "value" to society.  What a scam.

Fri, 05/07/2010 - 09:24 | 336752 Reductio ad Absurdum
Reductio ad Absurdum's picture

The speed at which the stock market operates nowadays has turned it into a scam/casino. The purpose of the market is to raise capital for business ventures; this doesn't need to occur at high speed. We might be better off if all transactions were forced to take one year minimum to complete. Such rules might force people to become investors again.

Fri, 05/07/2010 - 10:13 | 336786 DaveyJones
DaveyJones's picture

You hit it on the head. The traders matter more than the economy and with that comes each one's destruction.

Fri, 05/07/2010 - 10:41 | 336816 Marley
Marley's picture

I know of few good charities you and your buddies can donate those ill gotten gains too.

Fri, 05/07/2010 - 10:57 | 336827 Hansel
Hansel's picture

I was demoted to punk ass chump last year.  I'm out of the market.

Fri, 05/07/2010 - 12:58 | 336914 Marley
Marley's picture

Sorry, my bad.  Misread the 1 for an I.

Fri, 05/07/2010 - 06:24 | 336580 -1Delta
-1Delta's picture

fat finger my ass

Sat, 04/23/2011 - 00:43 | 1198437 Daen
Daen's picture

One of the most noteworthy posts yet.  Awesome! Regards, bladder infection symptoms

Fri, 05/07/2010 - 06:25 | 336582 QuantTrader
QuantTrader's picture

why does he talk about 1000 Dow points down at the very beginning?  There is something missed at the front as to why he brought that up?  Was he talking about limit down when dow was off 300-400 points?

Fri, 05/07/2010 - 08:53 | 336714 jedwards
jedwards's picture

I was curious about that to.  I think he's talking about the circuit breakers on the Dow which would have gone off after 10% down.


Imagine the pandemonium that would have occurred if the markets hit limit down?  Someone must have been defending the limit down on behalf of the PPT.

Fri, 05/07/2010 - 09:04 | 336732 choob
choob's picture

Yea he was talking about limit down prices in dow and ES, a little after he mentions 'we still have 60 handles of room'. Pandemonium wouldn't have ensude if the market hit limit down...that's what it's there for - everything would have calmed down and it would have been back to 'normal'. If you listen to the clip you can hear the big buyers coming in near the limit price.

Fri, 05/07/2010 - 06:26 | 336585 Greater Fool
Greater Fool's picture

Excellent audio--thanks again, ZH.

Yes, it does seem a little suggestive that support suddenly materialized before it was about to go limit-down.

Fri, 05/07/2010 - 12:17 | 336877 GoinFawr
GoinFawr's picture

'Limit-down' was 20% that time of day. 10% limit is earlier.

Which, to me, reeks even more.



Fri, 05/07/2010 - 06:28 | 336587 Mentaliusanything
Mentaliusanything's picture

I never read the above - I am still (1hour later) still shaking from the words of a trader leaving work on the NYSE and I quote

" The machines have taken over"


I screw with you not - such truth on the Worlds TV should never be assumed to be Flippant. 

Fri, 05/07/2010 - 06:54 | 336603 Cognitive Dissonance
Cognitive Dissonance's picture

I find it fascinating that no matter how good the computers are, during a storm with an angine out, the flying public demands a human pilot at the controls. Because there is no way of knowing when this will happen, the human pilot is in the cockpit at all times. Yet there is nothing wrong with taking the humans out of the loop when it comes to trading $Billions (that's B, not M) of dollars of stock in seconds? 

When I studied for my Series 6 twenty five years ago, the book repeatedly told me that the human market makers were there to act with reason and forethought to prevent panics from getting out of hand and to make the right and legally binding choice between making a buck and making a liquid market.

Looks like the almighty dollar displaced reason and forethought. And the humans.

Fri, 05/07/2010 - 08:01 | 336666 WaterWings
WaterWings's picture

A keyboard has turned into a weapon of mass destruction! Better sleep with your shoes on like MsC down in the TN floods. Never know what you'll wake up to.

Fri, 05/07/2010 - 06:34 | 336592 QuantTrader
QuantTrader's picture

The fucked up thing I was long the May 120 SPY puts going into yesterday.  When Dow was off about 900 I tried to sell and 1) IB wasnt taking orders and 2) the bid on the options was 6 and the offer was 12.  Whoever was making a market in those was RAPING anyone not focused and using market orders.  How does the CBOE allow that kind of spread?  So they would let you buy puts at 12 but they'd let you sell them at 6.  Total fail and rape of the retail investor. 


Fri, 05/07/2010 - 06:51 | 336598 godfader
godfader's picture

If you looked at the option quotes in individual stocks they completely disappeared. bid 0.10 ask 1000.00 etc.

This is nothing new. Option pricing formulas imply a perfectly liquid, gap-free market in the underlying. Once that condition is removed in a panic only an idiot will make you a market in options.

Even for big indexes like the SP500 I'd stick with the outright underlying like SPY/ES instead of the options if you want to make sure you can exit your short/put bet before expiration date with decent liquidity.

Fri, 05/07/2010 - 07:48 | 336650 duo
duo's picture

I was on TDAmeritrade the whole time.  Sold my SPY puts (limit) at 1140, bought some more (limit again) at 1130 and change, and re-sold those same SPY puts a few minutes later at $SPX 1095.  In between I sold my XRT puts.  Bid/ask spreads on SPY puts were reasonable until the break below 1080, then something went haywire.


On the rebound I got an execution on a 119 put.  The bid-ask spread on some SPY puts was as large as 6, but some were as little as half a point.  Let's hear it for Black/Scholes.

Fri, 05/07/2010 - 09:01 | 336724 choob
choob's picture

You can't enforce a spread, this is how any market works. If you were a market maker you would have done no differen (if you had any sense). As far as retail investors go, if they are ignorant of this fact they deserve to be 'raped', it's the only way they'll learn.

Fri, 05/07/2010 - 06:41 | 336595 TheGoodDoctor
TheGoodDoctor's picture

I don't know what it all meant but it sounded like a horse race or an auction.

Fri, 05/07/2010 - 07:28 | 336625 Moonrajah
Moonrajah's picture

Actually it was one fat finger up the collective asses of everybody else. From the sound of it they didn't enjoy it very much.

Fri, 05/07/2010 - 10:35 | 336807 chumbawamba
chumbawamba's picture

That dude is definitely a screamer.

I am Chumbawamba.

Fri, 05/07/2010 - 15:31 | 337032 WaterWings
WaterWings's picture

Dupe, but...

Oh My Gold!

Fri, 05/07/2010 - 15:30 | 337038 WaterWings
Fri, 05/07/2010 - 06:52 | 336601 Gordon_Gekko
Gordon_Gekko's picture

This is probably how those who reassure you that nothing's changed, it's all gonna be hunky dory, we're "recovering", how they have so much "experience" and it's never "different" etc. are going to sound like once the system starts collapsing for good.

It's DIFFERENT this time. It's not a recession. It's not a depression. It's DISINTEGRATION.

Fri, 05/07/2010 - 07:46 | 336646 Missing_Link
Missing_Link's picture

Yup.  Did you see how Accenture got to $0.01 yesterday?  From $41 to ONE CENT in a matter of seconds.

Fri, 05/07/2010 - 06:58 | 336607 economists_do_i...
economists_do_it_with_models's picture

I listened to it...twice.

The enthusiasm...the passion...I get the same feeling just watching the Dow move sideways on a ho-hum Tuesday or whatever.

Win or lose, this is the greatest game in the world.

I *hate* the weekend.

Fri, 05/07/2010 - 07:02 | 336611 TumblingDice
TumblingDice's picture

For those home gamers day trading this market... was there any chance to have an order filled after 3:40? I'm guessing stocks were still out there to trade but no way do I see that it was possible to trade options during this mayhem.

Fri, 05/07/2010 - 07:22 | 336617 John McCloy
John McCloy's picture

   I do not want to sound conspiratorial but a market that has been an unending low volume ramp job does not just crash in moments without coordination. All of this on a day that the Fed was the nearest they have ever been to a true audit and a potential bank breakup amendment? The news about Fed audit passing intact hit with Reid now backing a bank breakup hit about 11. Soon after and before the crash the White House released a "White House Opposes Fed Audit" and we know Bernanke was making rounds to Senators this week. For the market to have dropped like that the market making algos which just churn away all day to keep liquidity readily available vanished and what we discovered is that without them trading amongst one another nobody is left to buy. One of the many wonderful after affects of 2008 was Bear and Lehman vanished further placing market control in the hands of GS & JPM.

Somebody on here said it best yesterday that,"They paraded out the digital nukes". I also find it a bit coincidental that the selling time frame coincides with Jim Cramers brief 15 minutes on CNBC. I also found it odd that the most negative I ever heard CNBC was in those 5 minutes prior it was as if they were attempting to drum up fear with El-Arian was talking about how European banks are looking at each now with mistrust, they were talking about this being similar in terms of indicators to Lehman and they also had streaming video of the riots as bombs were going off and screaming was occurring. And in the middle of the sell off the bring on Roubini? If you wanted to crash markets for 20 minutes and bring it right back that is exactly how you would do it with all the visual and audio stimulants needed to affect psychology.  Go watch that whole 25 minutes.So either of the following events could have occurred IMO:

1) The errand boys for the big banks CEOs who are the stealth secret messengers for when they wish to coordinate a naked short attack or NFLX squeeze meet in whatever secret location like a Starbucks line and pass information on a napkin like 2:45. I would believe they all have employees who's sole job is to pass information to one another.

2) The computers puked because everyone with a brain said, "Hey this could really begin to occur not just in Greece but elsewhere and in states so if were gonna retest 10k I better get out now instead of waiting.

3) This was a tester. If it becoming evident to anyone in the markets over this time frame that all that is required is large volume to send the computers running. Perhaps some hedge fund bear or collection of hedge fund bears that have become pretty sick to their stomach of being squeezed out of positions by bully banks over the past year and wanted to see how to best to crack the computers. So they learned that just putting pressure on the pivots was not enough because when the volume left the algos returned. So they hit every pivot at once a few consecutive times in a short time frame to make the comps see red alert and they all pissed all over themselves. 

4) Maiden Lane unplugged to send a message to Senators.


5) At 2:47 May 6th 2010 SkyNet became self aware.

Logic tells me that since the odds of an event like this occurring are about 1 in 23 million considering how the markets have moved so this had to have been intentional considering the coincidence of the negative bank legislation on the floor. The fact that it was bought up with impunity as if whoever caused it knew that everything would ok is even more indicative. Finally when you consider the prefabricated cover story about Citi this begins to look very much like an intelligence operation akin to TARP fear tactics.

Fri, 05/07/2010 - 14:29 | 337013 moneymutt
moneymutt's picture

good stuff...

I agree, this smells ENGINEERED addition to your points some other things stand out, Jim Cramer says buy PnG at practically the precise moment market turns PnG climbs enormously, market recovers just before shut down point....

and also, is it normal for such a wild dip and recovery to be so freaking symmetrical...we had wild swings in fall 2008 and market would recover a great loss the next day etc but it never seemed so symmetrical, I mean the slope down and up the same market down 3 percent going in and coming out etc..Is that a normal, natural pattern?

although I think HFT is a real problem and could cause such mess without anyone intending, although many algos probably are more complex than their creators can understand, I still find it hard to believe there aren't some big ones out there with buy orders at low values for particular companies.. that should have stopped this madness quickly...and even if it was illiquid, why the symmetrical rise, we not a bumpy ride back up in a 30 min, not 5?

I'm also surprised Bernie caved, not compromised, caved...I think it was for something more than his political survival....

Fri, 05/07/2010 - 07:20 | 336618 chindit13
chindit13's picture

Echoes of 10-19-87.  I was in the pit then, and we had a 5 to 10-handle spread, albeit at much lower levels.

This is not over.  Sure they'll try to ramp it today and maybe even drum up a scapegoat, but this is the end result of a low volume, one year melt-up.  Everybody who wants in is in, thus no real bids below the market.  If there is a reason to get out (other than the obvious overvaluation in a dead economy), there will be no bid unless Bernanke prints it.

A thousand points is nothing.  We could have a forty percent week.  Guaranteed the PTB are petrified, and will effuse the usual pablum about how we'll get through this just fine.

A bad employment number (unlikely unless honesty suddenly takes root in government), or a bad German election this weekend, and it'll be deja vu all over again.

Fri, 05/07/2010 - 07:24 | 336622 valachus
valachus's picture

Sounds like a live transmission from D-Day, early morning on Omaha Beach.

Fri, 05/07/2010 - 07:28 | 336627 jkruffin
jkruffin's picture

Sounded like Beeks was missing again for real.  "Turn those machines back on"  lol


Wait until the JPM derivatives blow up in their face, then you will see major tankage.  They are $62B exposed to Spain alone.  JPM will be out of business by the time the blood bath is over.

Fri, 05/07/2010 - 07:31 | 336629 kaiten
kaiten's picture

Wall Street became the biggest casino the World has ever seen.

Wed, 01/26/2011 - 18:19 | 907512 web dizajn
web dizajn's picture

and some rigged casino it is... web dizajn

Fri, 05/07/2010 - 07:44 | 336636 doggis
doggis's picture

look at the day candle yesterday for the wilsh 5000. it is identical to a candle that happened in sept of 08, both in size and bounce at exactly the same price levels. mistake? oh please! and on another note, i think ZH should do what does. it has an on screen donation goal, and it allows you to give 5$ through your cell. lets get ZH the infrastructure it needs so it doesnt go down anymore. there will be many more panic days in the upcoming year and i need ZH to stay up during that time.

Fri, 05/07/2010 - 07:39 | 336637 What_Me_Worry
What_Me_Worry's picture

Yet the "truth" will be what "they" tell us.

Fri, 05/07/2010 - 07:44 | 336642 jwalker46
jwalker46's picture

I spent 20 years on a futures exchange trading floor, and this tape is a joke (i.e. it is not a tape of a professional clerk quoting the market to traders).  Professional clerks maintain an even tone, and quote both sides (or "no bid" etc if there is only a 1-sided market).  Professional clerks never, ever tell a broker "that's too much!" (it is not a clerk's place in life to critique the bid/ask spread).  Most interestingly, 'noise' (the volume of sound) rachets up with selling, yet the background noise does not match the hysteria in the voice of the amateur quoting the prices.

This tape may be some product produced for a website, or for a brokerage firm, to 'make believe' retails clients can hear the floor.  Whatever it is, the voices are not professional clerks or traders.

Fri, 05/07/2010 - 08:07 | 336676 Cyan Lite
Cyan Lite's picture

That's Ben Lichenstein from  I trust him over a random poster on ZH.

Fri, 05/07/2010 - 09:01 | 336722 Dixie Normous
Dixie Normous's picture

Ben has been broadcasting from the big pit for at least 10 years.

At one time it was invaluable for listeners (and a huge money maker), until some of the big guns told him not to mention them and their trades.

As for amateur, his broadcast is his profession, but he also got his fancy coat about ten years ago.


Fri, 05/07/2010 - 07:45 | 336644 nedwardkelly
nedwardkelly's picture

The last thing the ZH servers need at the moment is a 7mb download. The smoke has probably not cleared from yesterday...

Try this link instead:

(Coral cache

Fri, 05/07/2010 - 07:56 | 336661 John McCloy
John McCloy's picture

+1 haha. I think they temporarily removed the past saved posts and comments in order to prepare for a volatile day today. Funny thing is yesterday when we went through 300 on the Dow I said to myself, "Well..there goes Zero Hedge for an hour"

I imagine traders at the big banks running to ZH to see what is occurring in the markets. Perhaps Bernanke checking ZH on his Blackberry.

Fri, 05/07/2010 - 08:05 | 336673 WaterWings
WaterWings's picture

I had my fat finger on F5 in between checking out "photos of the day" on whatever website (where the F is ZH!). Nothing is better than ZH.

Fri, 05/07/2010 - 23:40 | 337649 jdrose1985
jdrose1985's picture

I have ZH and my ""bloomberg terminal" up on my Blackberry all day ;), what more could I need?

Luckily I'm an arm's length away from the markets right now and I was smiling peacefully as I fished from a kayak and watched the Dow knife thru 10k.




Fri, 05/07/2010 - 07:50 | 336651 Headbanger
Headbanger's picture

And welcome to 1930 all over again.

Fri, 05/07/2010 - 07:50 | 336653 Jack Ryan
Jack Ryan's picture

Thanks for putting that audio up. 

Fri, 05/07/2010 - 07:55 | 336660 FischerBlack
FischerBlack's picture

I had a list of GTC stink bids out there that went off in the mayhem. I had forgotten about a few of them. I'm still trying to sort out what I actually own right now. LMAO. What a day.

Fri, 05/07/2010 - 08:01 | 336667 Headbanger
Headbanger's picture

Uh oh.... The ramp up faltering this morning with the ES now up only 3.50 compared to the +11 or so it had an hour ago. Another knife catching day ahead?

Fri, 05/07/2010 - 08:03 | 336670 Cyan Lite
Cyan Lite's picture

Options Spreads went crazy yesterday.  on Google the 480 put was trading higher than the 490 put.  About $17 dollars higher.

Fri, 05/07/2010 - 08:20 | 336679 BeerGoggles
BeerGoggles's picture

So he announces the bottom before it has hit, how does that work?


Fri, 05/07/2010 - 09:02 | 336728 Cyan Lite
Cyan Lite's picture

He was asking what the "limit down" was.  We broke through 1150 support and he began wondering outloud...

Fri, 05/07/2010 - 09:00 | 336709 choob
choob's picture


Fri, 05/07/2010 - 09:11 | 336743 Itsalie
Itsalie's picture

Hey bernanke just invented another perpetual motion machine - tell the machines to remove all bidsand drop the thing 10%, then buy them cheap; sell the next day on no volume ramp up; a trillion wiped out, all in the Fed and cronies pockets, all in under 2 hours. And you guys are complaining about the Fed's 2 trillion balance sheet? No need for any further treasuries auctions for the rest of the year. Was that why the Treasury Department was cutting back debt issuance despite lower tax receipts ?  :) :)

Fri, 05/07/2010 - 09:26 | 336754 fsudirectory
fsudirectory's picture

I wonder what time


1) The Bank Break Up Amendment Failed

2) The Sanders Amendment was delayed until approx. Tuesdsay.

Fri, 05/07/2010 - 10:11 | 336785 Brak82
Brak82's picture

lol, thats the best comedy since Bizarro from Sealab 2021

Fri, 05/07/2010 - 10:29 | 336800 imapedestrian
imapedestrian's picture

Sorcha Faal says it was Obama's people.

Russian reports are always the most accurate!

Fri, 05/07/2010 - 10:30 | 336801 Al Huxley
Al Huxley's picture

Here we go again - S&P down 32 at the moment.  Wonder if they'll use the 'fat finger' excuse today, or come up with another reason.  The 'do-over' the regulators ordered only works if there are buyers who want to get back in.  Looks like that's not the case.

Fri, 05/07/2010 - 10:31 | 336802 dumpster
dumpster's picture

Plunk your Magic Twanger, Froggy".  

Fri, 05/07/2010 - 10:32 | 336805 UGrev
UGrev's picture

Ok, I know it's early and stuff, but DOW -270 .. I want to hear today's excuse. Was it a fat finger? or a fat thumb? which digit was it this time? mother fuckers!!

Fri, 05/07/2010 - 10:39 | 336811 TonyV
TonyV's picture

Dude, you should stop using sentences like "Fat finger my ass"

Fri, 05/07/2010 - 13:10 | 336930 rmsnickers
rmsnickers's picture


Fri, 05/07/2010 - 19:39 | 337432 gigit
gigit's picture

TonyV that is fucking funny.  Thanks for pointing it out.

Fri, 05/07/2010 - 10:40 | 336813 ApplesConspiracy
ApplesConspiracy's picture

Everyone's got the wrong story here. The powers that be have engineered these "blips" for the express purpose of DDoS'ing Crazy financial "blip" causes a panic, which incites higher viewership of the site, which causes a server takedown.


They're on to us folks.  Can't have a site reporting the truth just before the big con goes down.

Fri, 05/07/2010 - 10:43 | 336818 Caviar Emptor
Caviar Emptor's picture


There never was any evidence of a "fat finger". Even so that should never crash the entire market. THe market volume was low and computers are not model 1987. They work on nanosecond time frames when it favors them. 

The circuit breaker was tripped: They locked people out of the options market for 25 minutes. Few trades executed in options. Today they're denying that published bids and asks were "real". They can make it up as they're going along. 

Another near death experience for the market and the US economy. Unfortunately for them today they are finger pointing, not proposing solutions, cheating customers and spooking market participants. 

Fri, 05/07/2010 - 10:55 | 336824 Bryan
Bryan's picture

I don't understand what he means by "89 evens are trading, 87 evens are trading 86 evens!!"

"70 even bid on 75!!"

Who is he talking to and what is he selling?

Fri, 05/07/2010 - 11:17 | 336840 joneog
joneog's picture

he's calling the action in the pit... 89 evens mean 1189 just traded 70 even bid means the highest buy order is at 1170

Sat, 05/08/2010 - 18:02 | 338349 FUN160
FUN160's picture

"89 evens" are 1089.00. When he says something like "82 half trades" he means 1082.50.

"70 even bid on 75" is 1070.00 bid for 75 contracts. Another way to say it is "70 bid for 75." That's shorthand for "I will pay 1070.00 for 75 contracts of June S&P 500 futures."

What you MIGHT have heard was "70 even bid at 75," which would be quoting a two-sided market, 1070.00 bid and 1075.00 offer.

As for what he's selling, nothing. He's just a guy quoting the S&P 500 futures pit for a service.

Thu, 05/13/2010 - 09:19 | 348812 Bryan
Bryan's picture

Thank you for the explanation, Fun160.  That helps a lot!  Maybe I should read more about the "pits" at the exchange.  I didn't know there were 'callers' out there just reading the prices.  I figured everyone had computer screens to look at.  And this guy goes into some kind of auction chant, like a cow auction or something, too.  Weird.

Fri, 05/07/2010 - 11:14 | 336839 partimer1
partimer1's picture

welcome to the financial mass destruction!  HFT will kill all the markets.

Fri, 05/07/2010 - 12:15 | 336874 Hughe Crapper
Hughe Crapper's picture

That seriously is worth a huge crapper. I'm off to my golden commode with legs, worth $30k.

Need some serious privacy to dump my stock.

And I am not Humbawimpie or whatever he calls himself... (^_*)

Fri, 05/07/2010 - 13:00 | 336917 deadparrot
deadparrot's picture

Everyone execute a fat finger trading strategy. Place limit sell (or cover) orders on all your positions at 50% above (or below) the current price.

Fri, 05/07/2010 - 13:15 | 336943 Youri Carma
Youri Carma's picture
TRANSCRIPT: CEO of the NYSE explains what caused the drop in the market on 6 May 2010 on CNN

Q: Duncan first I think the big question is what happened today with the sell off

Duncan: Well that's a pretty broad question but I think you saw is asturbated volatility largely due to the Market structure

I think there was a lot of selling around the Greece issue But I think the market went down a lot more than it otherwise would have If it were not for some of the market structure and efficiencies.

Q: Talk about the market structure and efficiencies because as we spoke before you talked about SLOWED TRADES on this exchange and NOT OTHERS. It's complex but it's important to this.

Duncan: It's gonna sound very technical but we have a different market model than everybody else. We trade as fast as they do WHEN WE THINK IT'S APPROPRIATE.

But when there is very high volatility like there is today we have it in our market model to basically slow the market down and take 40 or 60 seconds sometimes to find the right price for a stock.

And today was, because of the volatility today THAT TRIGGER KICKED IN IN A LOT OF STOCKS so what happened ......

Q: Is that automatic or is that a decision made by the people here?

Duncan: It depends on the movement, it's stock by stock, you know how many, it's basically tied to the stock-price in every stock and if a stock moves down X amount at one time we say "wait Oh Minute lets find the right price", so we SLOW DOWN ....

Q: What happened we're talking about Procter & Gamble 3AM a centre major stock here that we're SLOWED?

Duncan: Right those are three examples and ITS PART OF OUR MODEL.. So, so please don't say SLOWED like that is a bad thing.

We actually think it's good for the issuers and investors. We think people are nervous. We decimate to the rest of the markets that the next trade in these stocks is not gonna be a milli second from now, it's gonna be 40 or 60 seconds from now.

The rest of the markets are free to trade around us, through us, with us anywhere they want and that's what they did today.

It turns out that we opened Procter and gamble a minute later at roughly the same price we traded it at the last time, the other markets have sold us down in that case 20% or 30% at the interim.

Q: The NASDAQ issue a statement saying that there was a faulty trade, there was an error made. Was does that mean for the average person?

Duncan: I think what happens is, I donnow that it's a faulty trade the way everyone would think about it. I think that everyone looking for the smoking gun saying what, what trader made a mistake, who had a fat finger and sold something it didn't mean to sell. My view is that is not what happened. What happens in these periods is, in a day like today, it may just take a few offers of people selling the put in a market sell order, the think they are gonna get filled near the price and because of THE OTHER ELECTRONIC MARKETS are thinly trade the next price maybe down 5, 10, 15 dollars and that 's how THINGS trade. So I think you'll see NASDAQ and other electronic markets, including Archipelago take trades off the tape later as erroneous.

Q: What was it like on the way up cause the market was off nearly a 1000 points. It closed down just 347, I say just because that was quiet a phenomenal recovery.

Duncan: Right, but if you think about it the market was down about 400 before WE WENT INTO THE SLOW MODE on Triple-M and P&G and Excenter and others and I think a lot of that move from 500 and than down a 1000 was people seeing these stocks trading strange prices getting a little nervous and you saw it snap back right away. There was not a lot of volume on the way down or frankly on the way back up and it doesn't surprise me that the market ended up closing down about 400 that's kinda where we were before we had the KNOCK OUT EFFECTS OF US saying: "Hee! we gonna slow down for a minute". We recommend to the other markets don't trade trough us during that time and they did.

Q: I was just gonna ask you that should that teach us that maybe all of the markets place should be connected in order to all slow their trades at the same time because you said we halted our trades for a while and others traded trough us?

Duncan: Right, and remember a while, I don't like to use the word halt cause halt means something else technically in the market OK. Halt means you may not open for an hour. THIS IS PART OF OUR MARKET MODEL. WE INTERVENE HUMAN JUDGEMENT. we do price discovery. It takes 40 to 60 seconds, it doesn't take forever and we think the market should wait. They obviously think  for competitive reasons they shouldn't have to wait and they are gonna trade at whatever prices they wonna trade at any interim

Q: Big question is how much money was lost as result of this trade? The market closed down near the lows of were it was before the sell off. But what kind of damage could this do to investors?

Duncan: Well, it's hard to know because we don't know how many trades, a lot of times what happens is these trades will be cancelled. People will say ; "Oh we didn't realize what was going on". The fact is that these electronic markets realize full well what is going on. They have policies to deal with these kind of things. The last time this happened frequently was during the crises where there were thousands of trades cancelled on a daily basis at the electronic venues because it's a different market model, so.

Q: Who or what if anything should or can be held liable. you said it's a different market model that's what the traders told me: "This is the new market place"

Duncan: Right, and in our view we think we've got the best market model no surprise we gonna say that right others think they have a better market model I think in periods in volatility like this our model shows it's value. A computer just looks for the next price that it can fill it's order at. So if you put a market sell order in and I am the only bidder on that electronic system your orders getting filled whatever my bid is. It could be 10, 20 40 dollars below the market price and I think we just have to say in periods of extreme volatility people should trade their orders more carefully. Now the SCC could come out and say; "He guys wait a minute" if it's a trading halt we get that you're not gonna wait. When it's one of these situations were it's a half a minute or a minute why don't we all wait and let cooler heads prevail.

Q: Yeah, the volatility will maybe over for the day, Asians markets will open shortly, European markets, this market place will open on Friday morning and heading into the weekend the big question is will traders want to hold their positions, with the volatility, with the crises in Greece and Europe. Question is Duncan what are you do going into tomorrow.

Duncan: I am not a trader any more I am just a guy running a business but I think the view is coming into a Friday after the week of volatility we've had, it's hard to believe people will come in with bids tomorrow but the market is sold off quiet a bit here and I think people are just trying to digest; " How big a issue is Greece? What is the contagion effect? You had a couple of people say today there's gonna be knock on effects were the credit market seems to be ceasing up. That's gonna make people really really nervous especially on a Friday in front of a weekend.

Q: It's a big question again as I've been saying all of doom what happens going into tomorrow.

Duncan: Yeah, yeah hard to predict I, It's, we'll find out tomorrow. I mean that makes the market right, so OK.


CNN: CEO of the NYSE explains what caused the drop in the market on 6 May 2010

Fri, 05/07/2010 - 13:20 | 336951 Fix It Again Timmy
Fix It Again Timmy's picture

From 2001 - A Space Odyssey

"Let me put it this way, Mr. Amer. 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."

"I'm sorry Dave, I'm afraid I can't do that."  "This conversation can serve no purpose anymore. Goodbye."

Fri, 05/07/2010 - 22:12 | 337575 stoverny
Fri, 05/07/2010 - 14:10 | 336996 AnonymousMonetarist
AnonymousMonetarist's picture

May Trix, a fitting foreshadowing of the denouement of the trusted, a reminder that the 'I Can't Believe it's not Capitalism' plan has not completely resolved the 'What Just Happened' Crisis; verily, some quarters, including this one, think our 'solution' has worsened the problem.

May Trix... A V-shaped 'Discovery': the shape of things to come.

The pablum narrative will probably focus on : (NY Times) In Washington, Treasury officials began combing market tapes for answers. By the evening they still had not gotten to the bottom of it, but they discovered some aberrations — market blips — in trading coming out of Chicago… As of about 6 p.m., all the officials knew was that there had been what one called “a huge, anomalous, unexplained surge in selling, it looks like in Chicago, at about 2:45.” The source remained unknown, but it had apparently set off algorithmic trading strategies, which in turn rippled across everything, pushing trading out of whack and feeding on itself — until it started to reverse...

And yet...

Fil Zucchi at Minyanville:

'Since everyone has an opinion on yesterday's 5 minute plunge, let me offer this:

•We've oft discussed that a tell-tale sign of risk withdrawal is a rising JPY/USD
•Currency movements are measured in 1/100 of a cent
•Between 10:50 and 14:00 yesterday, the JPY/USD rose 307 bps.; that's the kind of move people usually position for over a year period, not 3 hours
•Between 14:00 and 14:10 the JPY/USD gained another 100 bps. ; the S&P 500 (SPX) fell a modest 6 points in that time frame
•The plunge in the equity markets began in earnest at 14:10, after traders were already disorderly buying JPY/USD
• After 14:10 the JPY/USD gained another 150 bps. And that's when the SPX went into a tail-spin

Interpret the data as you wish, but the JPY/USD signaled crash-like risk aversion before the SPX went off the cliff. Maybe panic caused a "fat finger", but to these tired eyes, the selling was no mistake.'

Oh ye crazed randomwalkers, no doubt some revisionist rationale will be provided as to why the models don't, can't, and won't explain this latest 'reality' show.

The initial mongering (PHD and the like) crowd will hold up as a sticks-and-glue proof, that the bubbles in your soda pop do in fact explain the bubbles in your portfolio, something called the Generalized Auto-Regressive Conditional Heteroskedasticity Model and its variations. Seriously, you can look it up!

My retort? Got fractals?

What has been will be again, what has been done will be done again; there is nothing new under the sun.

The Band of the Hand can only create a Potemkin demand...

As in, the Atlanta Fed confirming that the major contributor to income growth during the past several months has been transfer payments.

As in, that birth death model... it ain't payin' no taxes!

Bread and Circuses divert folks from staring at the 'chickenless' pot...

As in , no Fed audit, no breakin' up the banks, but hey we might limit ATM fees to 50 cents!

And soon coming to the cineplex near you, the horror film, 99 Weeks Later.

They will inflate until they can’t. Inflation rewards those that have their wealth first. All roads lead to deflation. The stock market will bottom when no one cares. Much like the aristocracy when the barbarians are at the gates… you save the silver (banks) first. They will destroy the village (dollar and markets) in order to save it. After the deflation is overwhelmed, the West will never be the same.

In 1982 S&P bottomed at 6.6 P/E, a 15% earnings yield...

In 1974 S&P bottomed at 7.9 P/E, a 12.66% earnings yield...

In 1932 S&P bottomed at 5.6 P/E, a 17.86% earnings yield...

And 2012 is 40 days and 40 nights from 1932 dontchaknow...

History ingeminates and the truths you hold to be most dear are lies told to you by liars.

Fri, 05/07/2010 - 14:32 | 337017 Chris88
Chris88's picture

It was a good day to be 30% in SDS and SRS :)   It's like that one song, "You ain't seen nothin' yet!"  The US equity market has a long way down to go, it'll be interesting to see if there is a dead cat bounce first. 

Fri, 05/07/2010 - 15:44 | 337063 experimentals
experimentals's picture

Bloomberg just gave this link a plug. They played a short portion and told the viewers it can be heard at

Fri, 05/07/2010 - 22:36 | 337591 amanfromMars
amanfromMars's picture

"the Treasury's primary dealers have "gone rogue" on their masters. Bad, bad, bad." ..... by 4shzl on Fri, 05/07/2010 - 09:40

Nothing that Mad Men Meme SMART Psychotic can't handle with cars/special vehicles/spooky services.

You also might to consider the pirate rogues are Apache Renegade NINJAs [Networks InterNetworking JOINT Applications] and a New US Governance Program for your Entry into Heavenly CyberSpace with HyperVision, a Precogniscent Hindsight.

Of course, everyone appears to be avoiding the Much Bigger Question which Feeds Asking .......Have Computer Geeks and Flash Boffins Hacked and Cracked the System and would Deliver Alternative Reality Program Assets, Applications and Alms.

And with Prime Sovereign Investment Shorted Long and Virtualised to an Off Planet Semantic Account, is Capital Safety Assured in a Virtual Shelf Haven and Interest Generates Currency and Power Flow.

Special Alien8dDBanking ..... Vorsprung durch AI Technik.

"No news today about Europe dying? Oh yeah, that was yesterday's hype."..... by SlowLoris on Fri, 05/07/2010 - 05:06 #336559

Err ..... is that the Europe that has had any number of fantastic civilisations flourish and disappear to make way for new modern attempts at making sense of it all, before Uncle Sam was even discovered? Methinks the bell, it tolls for thee.

To Imagine that as a Curve Ball or a Googley pitched at the Markets, rather than Realise it with IT will be an Expensive Trip to Better with  Betas but Always Reaps Fabulous Rewards for Dividend Spend AIR&dD and InfraStructure Program Maintenance.

"5) At 2:47 May 6th 2010 SkyNet became self aware." .... by John McCloy
on Fri, 05/07/2010 - 06:22  #336617

And NEUKlearer HyperRadioProActive CyberIntelAIgent too is a Rare Associative InterNetworking Stock Event indeed and XSSXXXXStreamly Volatile IT is.

Sat, 05/08/2010 - 03:42 | 337772 Grand Supercycle
Grand Supercycle's picture


Posted May 1st - a week before the crash.

 '11,250 / 300 is an area of significant resistance and if this level can’t be breached it should signal the end of the March 2009 bear market rally - the weekly DOW chart shows an expanding wedge indicating a significant move is probable - this remains an overbought bear market rally and the uptrend could falter at any time - the VIX index continues to give bullish warnings which is bearish for equities - long term charts of key equity indexes continue to give bearish warnings and the March 2009 lows will be breached in my opinion - USD Index bullish warnings since 2009 on the weekly and monthly chart have not changed and further USD strength and thus EURO weakness is still expected '

Sat, 05/08/2010 - 09:37 | 337842 BeerGoggles
BeerGoggles's picture

So he announces the bottom before it has hit, how does that work?


by Cyan Lite
on Fri, 05/07/2010 - 15:02

He was asking what the "limit down" was.  We broke through 1150 support and he began wondering outloud...


Why the hell would he want to know the limit down before the price has even started moving rapidly? Just breaking through daily support isn't enough reason.

I meant right at the beginning where he says something is too big (not his finger).

Where he says "stop right here at 45, what is it, is it 75 then, 1050 something. 1053, so 90 handles, that's too much."

Sat, 05/08/2010 - 13:12 | 338011 pcrotty41@hotma...'s picture

Thank you ZH!  This is the sound of a REAL market in action and what makes this country great.  There should be NOTHING changed in our markets.  The technology has merely sped up the action to match the pace of our data and technology driven society. 


There was nothing "disorderly" in Thursdays action as price discovery, and the natural ebbs and flows of the markets were displayed in all their vulgarity and magnitude for the eye to see.  Change nothing and let the natural market forces discover things for themselves.


The CBOT is the worlds oldest futures and commodities trading exchange and we practically invented this shit.  Let it ride baby, and bring on the volatility.  This is what makes this country great!

Sat, 05/08/2010 - 22:55 | 338644 Lower Class Elite
Lower Class Elite's picture

I bet you still have that poster of the yellow Lamborghini Countach hanging on your wall.  And a copy of "Billionaire Boys Club" (BetaMax, no doubt) cued up and ready to play.  "Natural market forces" my hairy wanger.  A bunch of privileged alpha male wanna-be's pretending that their gambling compulsion is the greatest benefit to society since fire, operating in a casino run by HAL9000.  Yep, that makes America GRRRRREAT!!!    

Sun, 05/09/2010 - 18:47 | 340042 pcrotty41@hotma...'s picture

Yes, and I have also been sighted with Ron Levin in Greece vacationing during the Athens riots last week.  I guess, in your view the markets are pre-disposed to go up all the time and any disconerting drops that affect your 401k plan that you expect to grow to a $million dolllars should be outlawed.

You are right, it is not possible for a market to decline so much in one day and it is due to blueblood whitecollar sociopaths leaching money off of the working class, to feed their gambling addiction.  Or better yet, it was a computer glitch that erased one trillion dollars of market cap in 30 minutes.  

Everything is a scam to take away the "high life" and throw us out of our homes.  In fact, I want some more free money from the fed, so I can live in my home with no mortage payment.  Crack me open a cold one my friend, for the markets will rise again and all will be well.

Mon, 05/10/2010 - 03:48 | 340657 Miles Kendig
Miles Kendig's picture

One of the most noteworthy posts yet.  An absolute instant classic.  EPIC.

Sat, 01/01/2011 - 19:05 | 841905 J.T. Marlin
J.T. Marlin's picture

Here is a better version of the Flash Crash, aligned with a bloomberg terminal --

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shawnlee's picture

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shawnlee's picture

Bloomberg just gave this link a plug. They played a short portion and told the viewers it can be heard at

helpful link, thanks to share

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Tue, 03/22/2011 - 00:56 | 1084889 shawnlee
shawnlee's picture

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Tue, 03/22/2011 - 00:57 | 1084892 shawnlee
shawnlee's picture

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Canny's picture

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Wed, 04/20/2011 - 05:12 | 1187202 shawnlee
shawnlee's picture

Everything is a scam to take away the "high life" and throw us out of our homes. In fact, I want some more free money from the fed, so I can live in my home with no mortage payment. Crack me open a cold one my friend, for the markets will rise again and all will be well server+ practice exam \ sscp practice exam \ vmware practice exam \ mcp practice exam \ ccie 350-001 \ ccna 640-802 \ mcitp 70-680 \ mcitp 70-640 \ ccnp 642-813 \ ccnp 642-902 \ icnd 640-822 \ mcitp 70-642

Mon, 04/25/2011 - 03:43 | 1202564 Canny
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Mon, 04/25/2011 - 07:02 | 1202878 george22
george22's picture

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Sun, 05/22/2011 - 23:44 | 1301095 kummar
kummar's picture

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Wed, 05/25/2011 - 17:12 | 1310401 sun1
sun1's picture

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Mon, 05/30/2011 - 05:44 | 1322062 kummar
kummar's picture

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Thu, 06/09/2011 - 09:56 | 1354224 killtoy
killtoy's picture

Whether it be Tedd Kennedy and Mary Jo Kopechne or Congress passing a tax law they call health care and then not having to abide by it - ever. i agree,Laws do not apply to the elite or the rulers. Whether it be Tedd Kennedy and Mary Jo Kopechne or Congress passing a tax law they call health care and then not having to abide by it - ever.


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David Hohnen is the man behind Cape Mentelle. He planted the first vineyards in 1970, which makes him one of the Margaret River pioneers. The dyed fabric success of this venture led him to found Cloudy Bay in New Zealand’s Marlborough region in 1985. In 1990 textile industry Veuve Clicquot acquired 50% of best bath towels the business, and then in 2000 they took 100% ownership. In 2002 the present owners, LVMH, bought Veuve fabric stores Cliquot, and with it Cape Mentelle.

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