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A moment of silence please, as we all enjoy Bernanke's panic.
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I see a hole (tee hee) line of them:
One with the word "economy" written on it. Another with the word "banking system." One with "Fiat currency"
One called "Big Ben." That would be a strap on most likely.
A butt plug with "End the Fed."
don't you think so? i mean around my parts, girls give other girls one for birthday gifts. guys could buy them for a joke†
ps ms you turn me on a lot more this way, thanks for changing.
Unless that guy knew the deal his gal pal was in.... Then a pocket pal may be in order.. No?
Should one be developed with a million and a billion setting for those with skinny fingers?
not too sure i get this one, miles!
wouldn't want to embarrass you, and ask to explain your question.
One of the reasons given for today's market action hon was a supposed error in hitting the billion key rather than a million key...
Darling, please write to me directly at howardbeale72 at gmail dot com or connect to me through the Zazzle store. Zazzle doesn't offer feminine relief tools but we may be able to come up with something interesting!
Can there be any confidence left in these so-called "markets"?
PPT for the stick save.
Euro down to 1.2553
It was 1.262 just minutes ago.
Bloomberg is having a traffic jam....
Maybe they see the writing on the wall and it is starting to freak them out. Or maybe they are selling US stocks to cover Euro losses.
Or maybe they fear the CRB is next.
Right after China..
http://www.crbtrader.com/crbindex/crbdata.asp
Wow...fire up the generators, network all those old apple IIe's...your servers are smoking!
Yeah they were, I was just now able to access them. ZH needs more bandwidth.
Something bullshitty is going on. I couldn't get current prices right through the end of the day. Some were revised well after the bell, like "no, your final price was actually this."
Noticed the same thing. The disinformation just became no information.
Fog of war? Are we on a battle field, then? Total Situational Awareness for the win.
Whatever that was...that was seriously F'd up.
Any hope I had left that there was, in fact, a free and un-manipulated stock market is gone. I've been at this for 20+ years and I've seen a lot of sht but today takes the cake.The almost instantaneous response from the Fed/GS/GE moneymouths that this was a "computer failure" make me want to puke.
In the end, just another vote of No Confidence in the global financial markets. Martin Armstrong, Alf Fields and Jim Sinclair have all been calling for a rapid advance in gold up to $1650. I can clearly see where that is coming, sooner rather than later. Why would any serious money F around with anything but gold at this point in world history.
Amazing, CNBC was all over that "mistaken trade" news almost instantly.
I can't wait to see what "mistaken trades" are going to happen tomorrow when everyone checks their tickers on the way home from work.
Maybe someone will mistaken a "T" for a "M"
Fat fingers? A "trading error" caused the market to crash, the Euro to crash, the Chinese and Japanese markets to get seal-clubbed 16 hours ago, the Greeks to riot for the last 3 days, the Gulf of Mexico to shine like Cramer's head, etc. Yeah, sure.
+10. Great post.
Ha ha best in thread
Problem is that this 'event' is just waaaaay to easy to spin nicely.
Forget the fact that the market is down almost 350pts.Hows these headings:
"Market rises 650 pts in minutes!!!11!11!"
"Software error that caused glitch fixed now"
"Market down on software glitch"
"Market down on misplaced trade"
etc.
The massive 1k point drop can be played off as some sort of error/mistake, etc etc. Meanwhile noones talking about the fact that despite mistakes/intervention/etc, the market still cratered.
I hear ya, MacDaddy.
Looking for the market to trade up about 200 at the open on the "better than expected" jobs #s. I'm gonna be selling like a mthrfckr into that rally!
Yeah, what a gift this is - I can't believe it. The milking of the masses is taking on a whole new dimension of ruthless savagery.
Yeah, apparently we're lucky that the market is down 3.5% today.
The DOW was flirting wth -5% for some time BEFORE this plunge happened.
US corp. profits going to get killed as $ gets stronger. We are all Greece now.
What a fucking lie!
So what if a trader types in T for thousands instead of K? Does he sell 1 trillion?
Shame on you CNBC for trading in propaganda. You ought to be ashamed of yourselves.
What a bold faced LIE!
PPT entered the market. Look at oil to prove the economy was unwinding well before the infamous "fat fingers" mistake.
Yeah I've seen the same excuse in a bunch of places... If it was a bad trade in PG how does it explain shit like this?
Accenture was at $0.01 at one point...
http://img11.imageshack.us/img11/8465/acnf.png
I tend to agree. I've built alot of trading software, and they always have limit checks and sanity checks in them before the trade executes. I'd be surprised if that wasn't the case here. I think we actually saw what it looks like when 100 million bulltards all discover the theatre's on fire at the same time, and try to get out of 1 tiny exit. Whatever, it was freaking AWESOME.
CNBC is apparently the go-to network for propaganda. Maybe Cramer can pop on there and explain that Goldman lost some money today, so that means the Squid is off the hook.
CNBC is the Judith Miller financial network.
Cle...eeeeve...er. That is sooo good!
I'm not going to speculate on its connection to the market move, but you have to admit there was definitely a big fucking error in PG...there's no way a stock (especially P&G) makes a round trip from 60 to 40 in about a minute without a human or system error...unless of course I missed the annoucement of the world's best invention that keeps clothes clean forever and stops babies from shitting in their pants.
Imagine the unimaginable. That is about to happen.
Focus on what is important, America.
An ex-football player has been arrested for raping a teenager, and all you can talk about is the biggest fake-dead-cat-bounce in the history of the universe? We have known about the existence of FLUBBER for quite some time. Of course it will be employed by The Beard to stabilize the markets. Duh!
Back to the "news" of the day. Who ever heard of a fat old jock raping a little girl?
Couldn't get into ZH for a couple of hours today. Wonder if Ben had the power cord pulled from the socket until the markets closed?
Not that it was in any way related, but the Free fall into PPT on PG & MMM came at a very opportune time, along with a press release dump of epic proportions from both of them about everything under the sun.
Hand hygiene champions and diaper rash? Really? And not surprising market Watch shows themselves to be content whores as they ran with both the chaff stories.
Time to donate some cash so ZH can upgrade their server farm or whatever!
Done! Thanks for the reminder.
Algo idea guys - the rules are the market closes in NYSE for 1 hour or 30 minutes if Dow down 10%, except in the last 90 mins. Circuit breakers. So there has to be a flag somewhere in the algos to cope with the change in rules. The times "2.00pm, 2.30pm" are in there somewhere.
Market starts to puke properly just after 2.30...
Possibility is someone.. lets say Citi... has an algo in production that has only been stress tested for heavy selling conditions before the 2.30 cutoff. Why? Because its Citi, and they're simply not very good at this.
As credit, FX, bonds, gold and their volatilities all head towards more stressed levels the algo is selling, selling all OK until 2.30pm, when it promptly goes beserker wth nobody watching.
http://en.wikipedia.org/wiki/Berserker
You heard it here first.
Nah. I think The Beard and Lloyd were in a room with some congress"men" watching the ticker. Finally, the congress"men" fold on audiingt the Fed and clamping down on dirivitives, then LLoyd and The Beard give the all clear to the desks, despite Timmy begging for just a little more, and everything is fine, 'twas just a trading error, folks.
When you have nukes you need to parade them on trailers for the TV cameras occasionally.
The chi.com market was down 4%+ last night. Trading errors are contagious.
Yes, big fucking surprise that the other nearly simultaneous big news of the day in finances was the senate leadership supporting the fed audit bill.
This is all so very transparent, but yet nobody in the regular media will ask any of the tough questions.
My thoughts exactly , was thinking the same thing, They said " So you wanna play tough guy eh?" "well heres just a taste if you dont play ball" Just say UNCLE BEN OR LLOYD when you 've had enough !
That was absolutely AWE INSPIRING.... I mean just to watch the HFT robots literally bend the entire market universe around the spoon of a few measly retail stops. Wow. It's like the scene in Indiana Jones & the Temple of Doom where Mola Ram reaches his fingers straight through Harry Wanger's rib cage like it was Play Doh and rips his still-beating heart out while the rest of his body just stands there looking on in shock.
Top Shelf!
LMFAO!
Great scheme ... run up massive debts, then shock the world into making a panic flight to the safety of your currency. Those Fed banksters are really clever to let Greece take the fall for their machinations.
They pulled the plug on the HFT just in time.
I understand ZH is not a Google ( it crashed today too) , but common guys, we need this side operational. I advertise this site to my friends but lately i notice there are several hickups with the server. Change the provider.
+1000! PLEASE TD! We have a 1,000 point drop in the Dow and we can't get to the site for an hour. Bloomberg's headline was the alleged computer error! I'll contribute. I promise!
Agreed. Perhaps you can redirect temporarily to the/a blogspot site (with, say, the latest 5-10 posts posted there temporarily for the duration of the outage) if the traffic gets too heavy for your server?
Donate!
http://www.zerohedge.com/content/donate-zero-hedge
finance.yahoo.com down for quite a while too
ring... ring... ring...
German Chancellor Merkle: Hello?
Rahm: Fuck you, and I don't mean that literally you ugly b--tch!
*CLICK*
Rahmbo is a jew, so he would probably call her an ugly Nazi bitch.
Man, is that shit going to soar on the opening tomorrow. Get your seat, early, and wear your eye protection.
As Harry Wanger likes to say, Bye! Bye! Bye!
Harry Wanger gets far more coverage here than he actually deserves.
Why?
Great scheme ... run up massive debts, then shock the world into making a panic flight to the safety of your currency. Those Fed banksters are really clever to let Greece take the fall for their machinations.
you got it.
+ 1000
that's what is happening.
and were baaaacckkkk!
What'd I miss?
Just another normal, gov't sponsored rescue effort under the guise of "oops, I trade at Citi and publicly admit I don't know what I'm doing."
Silly shit. Since it's so easy to miss one character on a keyboard, I will do us all a favor by taking the blame now and miss one character in our Presidents' name.... From now on I will call him Hussein Osama.
Sorry for the mistake. I pressed the wrong key, Mr. Prebistunt.
...and the vice prebistunt, Hoe Biden...oops!
Warren Mosler nailed this in 2001. see http://www.huffingtonpost.com/warren-mosler/the-euro-has-been-an-acci_b_561394.html
I wrote this article about the Euro in 2001 and it is very apropos today.
I am currently reminded, in the these times of sustained concern about the Euro, that I used to say "It's an unstable equilibrium." It is like balancing a marble on top of an upside down bowl; once it starts to move it accelerates downward. The U.S. dollar in contrast is a stable equilibrium system; it is like placing a marble in a bowl right side up. Any movement meets forces which brings it back to the starting point. Like many ponzi schemes, the Euro worked just fine on the way up, running into difficulty only after things turned down.
****** Start of my 2001 article "Rites of Passage "******
The Child of Consensus
Conceived in post WWII politics, and baptized in the political waters of the 90's, a new common currency- the euro- assumed its position on January 1, 1999. Representatives of the prospective member nations masterfully achieved political consensus by both the absence of objectionable clauses and the inclusion of national constraints, as manifested in the Treaty of Maastricht. During that tumultuous process, with deep pride, the elders grasped and shielded the credit sensitive heel of the infant euro. The 'no bailout' directive for the new ECB (European Central Bank) emerged as a pillar of the political imperative to address the 'moral hazard' issue that so deeply concerned the political leadership, and, two years later, that same rhetoric of fiscal responsibility continues to ring at least as loudly when the merits of the EMU (European Monetary Union) are proclaimed. Unfortunately, however well intended as protection from a genetic proclivity toward fiscal irresponsibility, the naked heel is but a magnet for the financial market's arrows of our hero's mortal demise.
As Apollo's chariot adeptly carries its conflagration from east to west, the European Monetary Union carries its members on the path of economic growth. Unlike the path of the sun, however, the path of an economy continuously vacillates, including occasional dips into negative territory. And, like the sign most rental car agencies post by the entrance for returning cars about to drive over a one way bump strip, the new EMU, with its lurking unidirectional bias, could do a service to it members with a similar posting - WARNING- DO NOT BACK UP!
The Dynamics of the Instability
The euro-12 nations once had independent monetary systems, very much like the US, Canada, and Japan today. Under EMU, however, the national governments are now best thought of financially as states, provinces, or cities of the new currency union, much like California, Ontario, and New York City. The old national central banks are no longer the issuers of their local currency. In their place, the EMU has added a new central bank, the ECB, to manage the payments system, set the overnight lending rate, and intervene in the currency markets when appropriate. The EP (European Parliament) has a relatively small budget and limited fiscal responsibilities. Most of the governmental functions and responsibilities remain at the national level, having not been transferred to the new federal level. Two of those responsibilities that will prove most problematic at the national level are unemployment compensation and bank deposit insurance. Furthermore, all previous national financial liabilities remain at the national level and have been converted to the new euro, with debt to GDP ratios of member nations as high as 105%, not including substantial and growing unfunded liabilities. These burdens are all very much higher than what the credit markets ordinarily allow states, provinces, or cities to finance.
Since inception a little over two years ago the euro-12 national governments have experienced moderate GDP growth, declining unemployment, and moderate tax revenue growth. Fiscal deficits narrowed and all but vanished as tax revenues grew faster than expenditures, and GDP increased at a faster rate than the national debts, so that debt to GDP ratios declined somewhat. Under these circumstances investors have continued to support national funding requirements and there have been no substantive bank failures. Furthermore, it is reasonable to assume that as long as this pattern of growth continues finance will be readily available. However, should the current world economic slowdown move the euro-12 to negative growth, falling tax revenues, and concerns over the banking system's financial health, the euro-12 could be faced with a system wide liquidity crisis. At the same time, market forces can also be expected to exacerbate the downward spiral by forcing the national governments to act procyclically, either by cutting national spending or attempting to increase revenue.
For clues to the nature and magnitude of the potential difficulties, one can review the US Savings and Loan crisis of the 80's, with the difference being that deposit insurance would have been a state obligation, rather than a federal responsibility. For example, one could ask how Texas might have fared when faced with a bill for some $100 billion to cover bank losses and redeem depositors? And, once it was revealed that states could lack the borrowing power for funds to preserve depositors insured accounts, how could any bank have funded itself? More recently, if Bank of America's deposit insurer and lender of last resort were the State of California rather than the Federal Reserve, could it have funded itself under the financial cloud of the state's ongoing power crisis and credit downgrade? And, if not, would that have triggered a general liquidity crisis within the US banking system? Without deposit insurance and lender of last resort responsibilities the legal obligation of a non-credit constrained entity, such as the Federal Reserve, is systemic financial risk not ever present?
The inherent instability can be expressed as a series of questions:
Conclusion
Water freezes at 0 degrees C. But very still water can be cooled well below that and stay liquid until a catalyst, such as a sudden breeze, causes it to instantly solidify. Likewise, the conditions for a national liquidity crisis that will shut down the euro-12's monetary system are firmly in place. All that is required is an economic slowdown that threatens either tax revenues or the capital of the banking system.
A prosperous financial future belongs to those who respect the dynamics and are prepared for the day of reckoning. History and logic dictate that the credit sensitive euro-12 national governments and banking system will be tested. The market's arrows will inflict an initially narrow liquidity crisis, which will immediately infect and rapidly arrest the entire euro payments system. Only the inevitable, currently prohibited, direct intervention of the ECB will be capable of performing the resurrection, and from the ashes of that fallen flaming star an immortal sovereign currency will no doubt emerge.
****** End of article ***********
Are you posting Warren Mosler as a joke?
He thinks the problem is that they can't just print more EUROs. He is a post-keynsian MMT espouser - i.e. a monetary crank.
The European nations cannot print money and that is why the Euro fails - just like the great football team in its chase to defend's its CL title. If the ECB had been smart and taken the soveriegn debt onto its own balance sheet, the problem would not be as acute. We are now about to witness massive dislocation in Europe and I think Spain is what causes the collapse -- too much debt and 20% unemployment. The overall problem has been private banks building their balance sheets with no assesment of credit and risk.
Yeah, that is exactly what I am mocking you for - the crazy MMT position that all would be good if only the ECB could print monies like the FED.
Oohh now, don't go and get all sustainable & conservative on everyone against the Neo-Liberal utopia of state balancing... :-]
LMa .... I know you will be asking questions if Spain is left to collapse. Questions will be asked as to what should have been the correct call. That is always the beauty of monday quarterbacking .... in European terms ... the question that the Barcelona coach will have asked what he should have done after being defeated by Inter Milan.
Can someone explain how a stock that is not part of the S&P index would be effected by a trading error made on an SP future? Is there an index that encompasses every stock on the NYSE?
Todays action looks like someone flexing their muscles.
No sht. This is what bugs me most about the CNBS "explanation". If the Dow ONLY moved down, well then maybe. But I saw the S&P down 100, too. How the F does that happen one the basis of one error ticket on one stock???
As did the TSX and Cdn Venture exchange. Explain that, CNBS bullshitters!
Market was totally heading south, then Ben and Timmay jumped in.
The Turdman is just an average schmoe.
Is there anyone out there who can comment on the "entered 'B' instead of 'M'" thing?Seems highly unlikely and implausible. Is there anyone here on ZH who is currently employed, or has been employed, on a major equity trading desk that can accurately state whether or not this type of typo is the root cause of the collapse this afternoon?
I'm not an expert but considering CNBS is pumping this, I am 100% sure this is a LIE.
I've built trading software, and I've seen a lot of trading software, and in my experience there are usually limits set up (position limits, counterparty limits, trader limits, etc...) to prevent this kind of thing. So to me the whole 'b' instead of 'm' thing sounds kind of suspect.
we'd also see if there is (was) any
hedge fund(s) liquified.
Yep, me too. There's layers of security in these things.
1. Sure?
2. Errr.. thats big. Really sure?
3. I'm sorry Dave, I cant let you do that.
Usually 1 and maybe 2 can be switched off by the trader. 3 cant, ever. Any bank without these steps in place in the 21st century deserves to lose a yard or two.
In binary computer systems (ie: all of them) isn't it easier to code so the program understands digits instead of having to decipher words? ie: Isn't "1,000,000,000" easier to parse than "1 Billion"?
i ain't buying any of this....so i hope you aint sellin. it looks like the central banks want a collapse of the euro - no intervention. will they push the panic button and then when the smoke clears, new SDR fiat system in place - but first all the major currencies needed to be a certain established levels. i am just sayin is all......
I work overnights. Up all night. Up all day watching the market. Finally hit the wall around 2PM. Went to bed. Just happened to wake up at 4PM.
Missed the whole thing. lol
You wanna talk about surreal... I'm still waiting to wake up from the dream and laugh to myself b/c such a swing down couldn't happen -- let alone right back up almost all the way in the *same* day(?!?!).
Someway, somehow, against all probability, the establishment cannot afford a repeat of these events tomorrow. I think they will go to extraordinary measures to make sure there is a sizeable up day to try to regain confidence and keep everyone from freaking out. The media will have pom-poms in-hand bright and early. Every computer will be set to 'buy only.'
*thinking...
Re: PG... If you really wanted to sell that many shares, would you do it all in 1 order that you know is going to blow up the entire global financial system?!? In that sense, I *do* believe such a trade could spook the HFT computers. I think someone with knowledge of how they operate may have intentially tried to trigger a selloff. Someone very high on the food chain way above Obama probably made a phone call and made a not so subtle suggestion to pull the plug on the machines.
There is something *massively* odd/wrong about the lack of volume during both the rise and fall. Think about it -- no HFT volume spike. No panic. It all happened so fast no one knew what hit them. Doesn't that strike you as being incredibly odd/ironic???
A 'Fabulous Fab' type person with a bright mind probably knew how to spook the system and profited from it greatly. Probably jacking off to his paper profits right now. Expect him to fall down an elevator shaft...oh...later on tonight-ish -- never to be named, implicated, or otherwise mentioned. Erased from existence like he never was. Sorta like the guys who pulled the Greyhound place bet scam in Vegas. They never showed up to collect their winnings. Wonder what happened to them..........(??)
I don't believe anything 'hit the fan.' I think it was an ingenius scam. And you'll see order restored with complete authority tomorrow. Which is good news for Harry... :o)
I can't get any reliable charts of the S&P volume today. I found a DOW chart that shows it rising into and out of the crater. I'm very curious about how the S&P volume behaved, however.
Hey ZH, please give me a thread about the DOW 10000 today... WTF? Nikkei below 10000 also?
That's what I'm talking about.
Either this is a cached version or something good cooking, if not, idk, extra strange
If you look at the S&P chart for the day, you'll see a definite accelerating downtrend from 1pm to about 2:15pm that took it to about -5% and looked to be heading lower based on the curve trend (far from scientific, I know).
But I don't see how that part of the sell-off could be explained by this fat-finger explanation, and it looked to be heading us towards a 5%+ loss on the day. Nothing to shake a stick at.
Agreed.
Harry Wanger and all his buddies headed for the exits at the same time. CNBS is propaganda artist of last resort, willing to look foolish by citing unamed "sources".
Can't wait until those with real market expertise examine what happened today. And no, not Cramer.
Interesting that WSJ doesn't seem to be giving any particular creedence that this was some sort of glitch. They entertain that it might have been HTF programs following each other over the cliff as designed, but not a "fat finger" trade. They also report that the NYSE "circuit breaker" was in fact triggered.
"NEW YORK (MarketWatch) -- There were no erroneous trades on shares of Procter & Gamble or in any other shares at the New York Stock Exchange on Thursday, said Eric Ryan, a spokesman for the exchange"
Great post. Thank you.
I saw an article on WSJ Online earlier quoting an NYSE official who said that some trades in PG in the low 30s will not stand. Investigation ongoing. Official also said tomorrow's open will be "nasty."
"following each other over the cliff" is almost certainly correct. This has been a fear in certain circles for a while. Once these bitches decide the game is up, they can pull the plug on you in a millisecond. All they need is fast algos listening down the rack a ways to pickup up the sells. I bet you could drop 10% in under 5 minutes, which is about what we saw.
The worst situation would be harmonics, where the ones that sell turn around and buy the next dip (the one they created) and then wait 30 seconds to sell into the run-up they just created. Harmonics set it and the entire thing falls apart in under 10 minutes. But for the circuit breakers there is no bottom to this kind of whip-lash insanity. And even then, the exchanges would have to reverse a million trades that blew through the breakers.
Market Crash 5/6/2010
Today the intraday market crash was the largest since 1987, at the low the DOW touched 9,870 and was down 992 points or 9.1%.
Now, let’s talk about today, the drop was NOT a “fat fingered” mistake. The backdrop was set for a crash with the movement in currencies over the past several days. Today Harry Reid made a statement that he was going to support legislation to break up the big banks and that it and the audit the Fed bill would make it to a vote. KABOOM. The central banks who own all the computers and all the stock hit the sell button. The lesson? Don’t mess with the people who control the money. This is yet another historic event where the central bankers are flat out blackmailing the people in order to get their way. The message is, “keep your hands off or we crater the markets.”
this from nate's economic edge, thought a great explaination.
umm, duh.
Why would Bernanke panic? The Euro is unraveling and their capital is flowing here. Good time to sell some 10 year bonds and delay our bankruptcy.
Why would Bernanke panic? The Euro is unraveling and their capital is flowing here. Good time to sell some 10 year bonds and delay our bankruptcy.
LOL...+ a quadrillion.
+1 million for mephisto's explanation.
And yes, ZH needs a better web hosting provider. This thing crashes more than a Prius.
DONATE to ZH
can someone have a look at this. Down where it says "DB Echtzeit-Indikation" http://markets.ftd.de/markets/
is it broken or are these the real afterhour dates? DOW 10.052,00, Nikkei 9.685,00.
Im confused...
I think its fixed.
But gold is at $1209 !
from finance.yahoo.com ....
"A human trading error at a major firm was the root cause of Thursday's sudden, 9 percent selloff in U.S. stocks, sources told CNBC.
Multiple sources said a trader entered the letter "b"-as in "billion"-when he or she meant to type "m," for "million," shortly before 2:47 p.m. New York time.
U.S. stocks plunged suddenly, briefly by more than 9 percent, before pulling back to a near 3 percent drop, as investor worries mounted that Greece's debt problems could spread.
Sources also told CNBC that the firm in question is Citigroup.
Citigroup (NYSE: c) said it has no evidence of a bad trade but it is investigating the situation.
The New York Stock Exchange reported there were no computer glitches in its systems Thursday.
Separately, Nasdaq said it was working with other major markets to review the market activity that occurred between 2:00 p.m. and 3:00 p.m."
CNBC says someone at Citigroup can't use a keyboard.
NYSE reported no computer glitches Thursday.
Hmmmm..... who to believe.
Huh, so Citi's prop traders have no trading limits. Who would have guessed. Well, I guess they're all just real good and real trustworthy, so they don't need any controls.
yeah, really. The dude must have blindly clicked the "are you sure you're sure" button. I hate these fuckers so bad.
The "b" and the "m" on a keyboard are separated by the "n." If you type much at all it is pretty hard to type a "b" instead of an "m" because you use your left hand for a "b" and your right hand for the "m." Crossing up (ie, using your right index finger intended for the "m" key to type a "b" by mistake is highly unusual and contrary to basic typing. If they have traders who have not taken basic typing class they should be shot.
I call bullshit on this explanation.
It doesn't make sense. How can trade go through for more shares than exist for the stock?
I'd just blame it on the weather. They blame everything else on it.
There was some shit going on. I started raising the stop on a VXX trade at a public computer in a library near where I was working at 2:22. I was pissed that I didn't have access to level 2 and bracketed trade options like at my office. The public computer wouldn't download the power etrade software Anyways, I would have rather put in a trailing stop of .50 or so and a cap sellat $30. The last stop I put in was at 25.94. I never figured it would get taken. I came back at 4pm and VXX had sold at 24.04, yet the lowest it got after 2 was 25.60. Citadel was the market maker. It will be fixed. I was told their were 1000's of bad trades that needed to be corrected.
Fck it. I'm long 3 things overnight:
1) June and August 1200 gold calls
2) SDOW
3) 12-pack of Sam Adams Summer Ale
I will rest well.
- here's a nice tune to go with your 12 pack.
http://www.youtube.com/watch?v=qLAKE0X-k3M
uhg, SA Summer Ale...too bitter
Sanders vote now.If it passes lock down limit
Traders also noticed errant trades among exchange-traded funds, including the iShares Russell 1000 Value Index Fund (IWD), which dropped from close to $60.00 to 7.5 cents.
"These ETFs traded to lows that are not mathematically correct," he said.
DXY seeing a nice moon shot. Carry trade unwind must be verging on insane right now.
I looked through the time and sales on PG during the 10 minute selloff and each trade was either on an ECN or dark pool, no NYSE prints.
My level IIs were all messed up so I could not watch anything more than the prints and charts but there is no doubt that liquidity was pulled and stops kept getting hit.
That makes most sense.
Banks stop lending in Europe after market close in Europe. What do European traders do with their banks assets at US markets? Pull of course.
The dip was a great buying opportunitiy short term.
Nope. All trades during the hyper-volatile are cancelled.
yep, NYSE has slow mo throttling in volatile markets, halting trading in stocks for 30-60 sec for better price discovery. Alternate electronic exchanges do not honor that policy so NYSE volume/liquidity/narrower spreads disappears and prices can swing wildly in a vacuum for a short period of time.
The PPT has this under control - Like that 700 point swing. Its not quite time yet to scare everyone into treasuries for good.
exactly, the Euro is buying BB and TTG more time...until Spain hits the fan
I had stepped outside to enjoy the brilliant sunshine for only a moment. When I got back inside you know what happened. Thank you for letting me live vicariously ZH.
The "M"arket "M"akers are flexing nuts. The PPT WAS that swing. It may have been 3M or PE or whatever, but it was also a fix in the currentsea market. Some dude pressed "b" instead of "m" my ass!!! False Flag!!!!!!!!!!!! They are saying, "What will you do, slaves?!" Stand up to them. Buy silver, and gold.
Headline at Bloomberg … "Sanders Drops Proposal to Audit Federal Reserve's Interest Rate Decision"
The financial terrorists have won.
No!
They won't be happy until it's burnt to the ground.
1000 point drop...hmmmmmm
Hey, what ever did happen to that Goldman Code that was stolen??
Was that Putin who pushed the PG sell order?
Serge's hidden anti P&G subroutine.
Is "hacking" into the NYSE computers as a form of domestic terrorism a possibility?
"your either with us, or the terrorists"
GWB
It's pretty cool to see that everyone rushed to zerohedge today to get real market news (which crashed the server). You get this uncontrollable desire to wretch when you cannot access zerohedge for info and have to go to cnn......arghh!
OK, we commenters are here at ZH but nobody from ZH is here? WTF is going on? Why no articles? I've never seen this length without articles...esp on a day like this? Is it time to start putting on our tinfoil and guessing what's going on? Technical glitch???
todays market: http://www.youtube.com/watch?v=D_rE0RzrFY8
I never worked on Wall Street, so maybe I'm just "confused" about something, but I've got a question. What kind of trading software would let someone sell a "b" instead of an "m" of any stock? Is there any company with a billion shares? I find it highly unlikely that a sell order of over one billion shares would go through -- wouldn't it be kicked back with a giant red WTF stamped on it?
TOO MANY companies have billions of shares outstanding but you are an idiot if you just put in a market sell order in for a million shares (or e-minis as I heard).
You use algorithms to seek liquidity from multiple market centers and dark pools and work the trade in over a period of time or you personally work the trade in over a period of time.
Where is Tyler, the FED bodyguards took him? Is he in prison?! OMG!!
ZH way too quiet after the crash, site went down for a while BTW. I hope the guys are OK.
Serge's revenge?
This was a massive sell-off, followed by a govt. buy in, plain and simple.
This Greek bailout is not a done deal IMHO.
I went over to the old ZeroHedge blogspot sight to see if Tyler or anyone was there, but there's no one posting. Tyler's last post there before the move said they would keep the sight up just in case something went awry here. I think something's awry here.
How far can the EUO (ultrashort ETF for the EU) rise? $100? $1,000?
Bermonkey. Ben Bermonkey.
Position checks are on multiples levels. Maybe NYSE is still using 32 bit machine and got overflown....
Quite possibly a struggle on a very grand scale, a all out battle
of dare I say... unhappy campers. I think its
now "GAME ON" for control by the TITANS, stay outta the way its gonna get ugly, not just on WALL STREET either just look around , at whats going on everywhere,
not just in money land but the weather, the people, war, money, food, water, latest ancient discoveries, unusual sightings, its all there
right in front of you if you stop ,look and listen open your mind, To reproduce exact humans (of our selves) it only takes 6% of our DNA ,the other 94% they havent a clue what or why its there and what purpose it has. Yup I know its heavy but sumthin weird is going on.
I know the termites are eating away at the house but how long before it crumbles?
EUROTRIP!
shouldn't CNBC have pulled out there DOW 10k 3.0 hats real quick? technically, 10k did breach and we broke through it again. another green shoot!
MAY 1st:
"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.
http://www.zerohedge.com/forum/latest-market-outlook-0#comment-326767
Time to buy Euros! Every one is bearish, everyone is short euro.. 1.25 strong support... time to buy. Things haven never looked better for the EUR from a contrarian point of view.