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Today's Flash Crash In Century Aluminum Stunningly NOT Brought To You By Waddell & Reed
Time for our now daily flash-crash segment. After on Friday, LQD flash crashed and several tens of thousand shares traded courtesy of some rogue algo, only to be DKed subsequently, a crash that mind you saw the very suspicious absence of Waddell & Reed in its execution, it is about that time, when 24 hours later we need, nay demand, another flash crash. After all why would all those who claims our markets are beyond busted be taken seriously if there wasn't a daily flash crash somehow, somewhere. Luckily, here comes Century Aluminum (CENX) to prove all those naysayers absolutely correct once again. Oh, and just like in LQD and who knows how many times before, no circuit breakers were triggered: remember that SEC lie that stocks would never drop below 10% of the NBBO following some latent version of SkyNet hitting the tape? A week ago we demonstrated out how PGN dropped from $44 to $4 in one millisecond. Today, CENX dropped by 17% (way beyond the circuit breaker threshold), before trading resumed at previous levels. As for all those who made a killing by taking advantage of broken algorithms? Sorry, you are out of luck again - several hundred thousand shares ended up in the trash basket again.
To wit:
Pursuant to Rule 11890(b) NASDAQ and NASDAQ BX, on its own motion, has determined to cancel all trades in security Century Aluminum Company (CENX) at or below $11.61 that were executed in NASDAQ and NASDAQ BX between 12:06:00 and 12:07:00 ET. This decision cannot be appealed. MarketWatch has coordinated this decision with other UTP Exchanges. NASDAQ will be canceling trades on the participant’s behalf.
So if you had a stop loss order at $11.62, you are fucked.
And if you were not trading CENX, and don't care what happened to some unlucky fools who lost 10% just because they were in the wrong place, and the wrong time, how long before the flash crash train hits a stock you do care about?
We eagerly await for the SEC to point out where, in what is now a daily flash crash occurrence, did W&R's unpatriotic and outright terrorist attempt to hedge itself occur and destroy the last remaining margin of confidence in what is now SkyNet's stomping grounds.
CENX:
And the trade audit:
And some additional observations, courtesy of Nanex:
.....seems that BATS starts to stub as soon as high volatility is detected.....don't think that had much to do with the plunge here but it is interesting to see:
The CBOE bid comes in crossed with the BBO....and the BBO stays with it for quite awhile:
here's where the trades occured:
Bottom line: no scapegoat available this time, although we are confident that once the teleprompter is done blaming the previous regime for increasing US debt by $2+ trillion in under two years, he will blame the First Regional Bank of Kansas for killing Lehman.
THIS IS NO LONGER A MARKET WHERE ANYONE HAS EVEN A REMOTELY FAIR CHANCE OF MAKING MONEY: THIS IS, FOR LACK OF A BETTER WORD, SEC-ENDORSED BULLSHIT, IN WHICH THE DEREGULATION OF MARKET STRUCTURE ALLOWS FLASH CRASHES TO NOW BE A DAILY OCCURRENCE. TAKE YOUR MONEY AND RUN NOW.
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have to find another patsy.
But..but..but...
I just read the 100-page SEC report showing how Waddell & Reed caused the flash crash in May!
Maybe those rascals are at it again!
100 pages! Wow.
1 paragraph would have yielded you this in the article:
Dang those underwear thief elves!
The Gnomes business plan is as follows:
LOL!
Tyler: THIS IS NO LONGER A MARKET WHERE ANYONE HAS EVEN A REMOTELY FAIR CHANCE OF MAKING MONEY: THIS IS, FOR LACK OF A BETTER WORD, SEC-ENDORSED BULLSHIT, IN WHICH THE DEREGULATION OF MARKET STRUCTURE ALLOWS FLASH CRASHES TO NOW BE A DAILY OCCURRENCE. TAKE YOUR MONEY AND RUN NOW.
+1
Relax. Take a deep breath. Here, something cute in blue and electrons for those sickening moments of clarity:
http://madscienceunlimited.com/fiction/theexchange.html
In which we answer the question: What does a girl do with 4 trillion computational units?
Spoiler; she kicks your ass all over the place and sets your servers on fire. And we won't even discuss her sister.
damn i love when you talk, pussy cat. no really, just reading this article turns me on cause you all know what it means. but these charts are really really nice colors and art.
Ive took my money and ran before Dec 2009. I was approaching my pain threshold at that time.
I THINK YOU'RE RIGHT.
Stash fast cash from flash crash fast.
Try to say it quickly.
Coug, whoever junked you should be flogged.
Here's one official "un-junk" from mtomato2
2 un-junks
hey I'll make it 3 unjunks. you know, as fucked up as this whole mess is you gotta have a little humor. Plus, like many commenters on ZH couger adds a lot of insight. See now if you can do that and have a little humor, even if we're on the edge of the cliff, you make my visits to this site even better. Thanks for not being an ass and tellin us how you pretty much know everything in the universe and we're all a bunch of fucking retards (...7.7)
I'm in on the un-junk
Another DJunking.
The Tomato's pulling a train! :-) Unjunk!
I unjunk as well. I like tomato's.
Is this unjunktion junction.
i don't understand, but can i be the caboose?
No assetman has to be the caboose. You're pointed the wrong way.
UnJunque.
Oh wait ... nevermind.
why does ass et man have to be the caboose?
it is usually red, you know. little red caboose, is that what your inferring?
l i t t l e ass et man. what point, in what way. i need some straight arrows, with your point.
im hungry.
How did I EVER miss this conversation???
i guess your the designated caboose/
notice dates. i was under review for bad behavior and steak called me out and insinuated i am basically bad moral hazard and called me an "it" and i was the reason why cheeky left. now cheeky hates me. and CD congratulates everyone for hating me and thanks steak for getting me kicked off the website. i didn't do anything ass ...... man. nothing. he said i was trying to lure ZH'er to show naked pictures of me to them. like i am bad and all this shit going on in the economy and find out the sec reads pornography. i had a nervous breakdown and had to live at my older sister's house for 8 months and couldn't even say the word shit or god forbid even walk around in pajama's let alone be naked. no wonder when i got free i wanted to rip all my clothes off. ok thanks for the vent and your not going to report me to tyler.
I think Leo is on the board throwing a junk tantrum at the red hue market wide today.
My fans, they junk me.
Well then I'm your number one fan because I just junked you. :>)
It feels soooo good to be soooo bad.
That was some junkfest. Whew!
...left ME smiling and satisfied...
This is a funny idea, work on expanding it!
Carlsberg don't do flash crashes...
but if they did, they would probably be the best flash crashes in the world.
SkyNet is slowly but surely becoming self-aware...
Researcher builds machines that daydream
Perth computer scientist Graham Mann was developing algorithms to simulate "free thinking" and emotion.
Speaking at the World Computer Congress in Brisbane this week, the Murdoch University professor described efforts to translate the "feel" of Aesop's Fables for machines.
http://www.itnews.com.au/News/232971,researcher-builds-machines-that-day...
Daily Flash Crashes the new normal. Oh and the USD/CNY has been flash crashing too by the way.
I vote that Tyler create the FCC -- Flash Crash Channel -- all flash crashes, all the time (with clips from roller coasters in the background...) :>D
It appears someone else is taking the money and running.
BTW, whose ass was $11.61 pulled out of and used as the live/die line?
The ref's ass. Someone has to win the flushes and somoene has to be turned into the loser.
Aha. The price is both right AND wrong bitch.
Brilliant!!! Watch out, next they will burn the Reichstag and blow up some buildings!
Are those two even human anymore? One could stand at the corner of Wall And Broadway and ask the same of anyone walking down the sidewalk. Are they even human anymore?
You're seeing the result of Wall Street inbreeding. It produces idiots.
Those ears kind of remind me of someone...can't...quite...remember....wait, its right on the tip of my tongue...doh lost it. Oh well.
Looks like WB7 uncovered the roots of the Paulson family tree.
LMFAO.... that pretty much sums it up nicely.
we now return you to your regularly scheduled flash crash brought to you by
your friends at the SEC, Waddle and Reed, er I mean Reed & Waddle.
And don't forget anyone who hits the "BUY" button on your brokerage account is automatically entered in the Bennie Bucks raffle. Second place prize is a years supply of Preparation H.
they must be related:
http://gallo.com/fr/resources/images/timeline-large/1984-bj.jpg
I give this one a Gunnery Sgt Hartman Outfucking standing rating. Absolutely brilliant. Thanks for the laugh.
W&R may be innocent scapegoated morons, but they sure don't know how to protect their brand. I don't think they realize what a farce they are becoming.
"Lets do a Waddell & Reed" is the newest expression for financial whitewash.
WB7
I've been surprised that W&R has been essentially silent. I mean other than a weak denial, not much is being heard from W&R.
Which to me means that either they've been paid off to shut up while the anal probe is inserted or they figure silence is Golden when dealing with the SEC. In other words, they were selected "Bad Fall Guy of the Year" and they know the SEC led beating will only get worse if they complain.
Exactly- I would guess they have been quietly threatened with an investigation for doing something that everyone else is doing but is still technically illegal. If the SEC can choose not to enforce a law (creating widely recognized industry norms where 'everyone does it'), they can also selectively threaten to enforce that law, when is it convenient.
We will now engage in our daily two minutes of hate towards Goldstien (Waddle and Reed) for betraying the people (causing flash crashes). My, doesn't that feel better?
It was just their turn in the barrel.
What would you have to say after that?
They are scared shitless.
Scared, maybe.
They have a good lawyer, potentially a US attorney general in the future if played right.
anal probe, is that a metaphor?
LOL! Yea Robo and Leo are now running around throwing junk tantrums today.
Whoever junked the wanted sign, come out and defend your position. This is funny shit. What is the problem? It's not respectful (aahhhahahahahahaha) or what?
You know something just occurred to me that would be interesting about the whole "junking" thing...
Post a "junker" tag for each account that shows how many junks that poster has issued. I don't recall issuing any, myself, although I do occasionally come here a bit inebriated...
But wouldn't it be nice to know if someone's applied junk count exceeded their post count?
Skynet says: All stop-losses--TERMINATED.
those circuit breakers must be made by Federal Pacific.
+120v
wonder if you can have any flash crashes in physical gold :P
Hard to exchange physical gold at the speed of light.
Your statement is profound. It has the makings of the same debate around artificial intelligence or stem cell research. It's almost an ethical question. Should someone with more photons, less hop counts, latency and co-location have more advantage in partaking in determining asset pricing than someone (or some business) who does not?
The counter argument, is someone in the 1500's with superior shipping and trade routes and better navigation tools any more fair?
Is the only difference between the 1500's and now that back then there wasn't a zerohedge common sense pamphlet being published 24x7 for the laypeople?
"hear ye hear ye to wit: boat takes short cut through uncharted route and front runs local tradesman at docks - run for your lives, the market is rigged, here are the verified navigation charts of the super fast cheater transport ships!"
HFT is a shell. Follow the pea. We are being robbed of everything at the speed of a snail while smiling at and thanking the theifs for being so damn amazingly smart.
"previous levels?" Looks to me like the tape reset slightly lower and trended back up to previous levels. Flash crash created short-term bias. Anything above $11.61 is fair game for skimming. I guess it is getting harder to make a fortune now that there are fewer people left in the game - so now they have to bum roll the remaining day traders for a nickle.
"Testing, Testing, One Two Three, Testing.
OK, it looks like we can flash crash individual stocks anytime we want. And those buffoons at the SEC won't do a thing about it other than cancel every trade below the 10% line. So we know where to set the algos. Looks like we're going to have 100% profitable days in the 4th quarter again, just in time to stock the bonus pool.
Hehe, it's like shooting fish in a barrel."
Hope you don't mind, CD, but I'm going to insert my chimp sounds here:
http://www.youtube.com/watch?v=OQ9jw_FoOSQ
Here's Citi and Goldman going toe to toe. Wait until the end of the video.
http://www.youtube.com/watch?v=QOOnxi3UTCg
I ain't got time to wait til the end of no video. I have 15 ZH articles to catch up on.
My 12 hours a day has turned into 14. I'm having to cut back on those little slices of death to maintain my paranoia.
Once upon a midnight dreary, while I pondered weak and weary,
Over many a quaint and curious volume of forgotten lore,
While I nodded, nearly napping, suddenly there came a tapping,
As of some one gently rapping, rapping at my chamber door.
`'Tis some visitor,' I muttered, `tapping at my chamber door -
Only this, and nothing more.'
There are two things I can take from these increasing flash crashes.
1) This is further evidence how false every stock price across the board is since it only takes the algos seconds to prove over and over again that there are no real buyers and only continuous churn bids from computer to computer like pong.
2) The Wall Street trading desks are becoming so desperate for any potential trading profits they are doing this purposefully with the intention of wiping out stops and buying up shares to later distribute for profit. This is pretty sickening
+1
This is the "scary" thing, which is the same "exciting" thing ... the zebras are nervously looking at each other, trying to decide who is going to bolt first.
The room is packed, and the crowd is nervously looking at each other, while mentally calculating the number of steps to the door, trying to guess if they can make it there before the rest of the stampede.
We are now seeing blatant wholesale raping of the retail investor and "dumb money" (nobody is dumber than pensions and municipalities). Sickening, yes, but they are *that* desperate to make just one more mortgage payment on their Hampton get-away.
People forget that this "wholesale raping" was common in the late 1920's boiler rooms. People saw it, and knew the system was fraudulent, but put up with the "pay-to-play" because there was free leverage and momentum everywhere. Until there wasn't.
(nobody is dumber than pensions and municipalities)
Sounds like our resident chinese solar pumper
Between these two posts (Mr. McCloy and Mikla) you have what every MSM outlet should be reporting which very succinctly describes the nature of the stock market today. These are instabilities which should be seen by all as canaries keeling over.
I get the feeling we are nearing the moment where the markets just go away for good and the momentum will be so swift and strong not even the PPT can prevent it because they will be to busy watching their balance sheet routed in days as they and the banks are the only ones holding assets and they are all severely overvalued. I believe even they are amazed at the inability for the economy to normalize..things are not going according to plan. They assumed they would be at the beginning stages of selling off all their stealth stock purchases over the past 18 months but they cannot because a fraction of the selling would send the markets into a tailspin as the HFT's would see the selling and drop all the bids and front run one another to sell setting off binary armageddon because all these prices are illusory.
You and mikla have capsulized the entire scenario. Amazing how simple the ploy really is.
I feel plain stupid not to be able to succinctly match your intellects.
Algobot says, "Danger Will Robinson!"
http://www.youtube.com/watch?v=RG0ochx16Dg
Stop whining and get on the winning side of this crashning business by buying some shares of the double sided crash ETF: FCKU2!
So time to update the algorithms to target a 10% safety zone on buy/sell orders during a flash crash? Check.
And all trades not in the prop desk favor will be promptly cancelled.
Thank You.
What Time Is It???
Half past the market's crash,
Quarter to it's stall.
Never again will a stop loss be efficient at well, Stopping a loss.
It's like buying geen banana life insurance from a fruit fly.
that's funny
"Untenable"? Does he know what that word means? Barry basically just said 'the gig is up'. Amazing. He is a very dumb dumb man, but one that is a psychopath. A sadistic/masochistic dumb psychopath.
Also, his words may trigger a flash crash. Like I said, he is a masochist.
Who is Barry?
i was thinkin it was the english language version of barack ,
I would have to say that these reports are fucking awesome. Much ado, that we all get to electronically witness the desparation of our elected government leaders fighting so hard to keep the system set up for themselves to line their own pockets from the so called power elite, instead of just telling the american people the truth.
Their own greed and threats to them from the power elite for thier own lives must be such a line in the sand to cross, much like crossing the into gangland. There is no going back. In the process though, we the people have to suffer for all of these self righteous idiots who believe in enslaving us.
YABA DABA DOO!!!!!
That should be a campaign slogan,
I AM CROSSING THE LINE
I'd prefer...
The line must be drawn here! This far, no farther.
http://www.entertonement.com/clips/lqmhxjtdfz--linedrawnhere
shiruba ikeikes!!!!!!!!!!!
Oops...sorry guys, my bad. I turned in my empty beer cans right around that time...was a few weeks worth.
VHC flash melt up. Doubt W and R is here either!
I wonder if this is like "pinging". They just flash crash them to see who and where people jump in with buy orders to get the IP addresses?
Robo ~
...could you post a chart of American Express Company, thanks.
Check out the Flash Crash in AXP......
Whoa!!!
I'd say squaring off against the Fed govt on anti-trust charges warrants a drop like that...no flash in that crash.
This shit will not stop until flash trades stick and the robots get to eat their loss.
exactly. ALL TRADES STAND. algos eat it.
http://www.youtube.com/watch?v=lZ1FWrYgNqM&feature=channel
i know some very talented and crafty folks that make a great deal of money off these trades.
Another Flash Crash in Pre-Paid Legal..
another foreclosure fraud factory exposed? people want to know.
LPS
I don't think Am Ex would be flash crash, its been heading south since just before noon, look at the day, minute chart, steady down hill with a big ramp up in volume.
To qualify for Waddle & Reed Flash Crash status, it has to be under a fraction of a fart/ I mean second.
I think Mastercard and Visa are going to settle an antitrust suit but Amex is fighting it. Not sure but I *think* this caused the 6% drop.
Joe six pack front running pomo now, look for more selling tomorrow.
Systemic collapse is warming up.
Again?? This worries me.
Were there any Old Testament hidden messages? Persian hidden pingback messages?
Is this advice to sell stocks? I thought ZH didn't do this.
We have long advocated avoidance of all stocks.
i love how you ALWAYS use the word W E . i read and you always state we. that is nice. cause, i never can say we. you have never said I or me. i notice such things.
English royalty often referred to themselves as "We".
Maybe Tyler is Prince Harry?
http://en.wikipedia.org/wiki/Majestic_plural
Velobabe, you might be on to something here!
And here I thought you were just some guy pretending to be a girl, searching for that innuendo that no one else could possibly find...
It is also called the royal pronoun, the royal "we" or the Victorian "we".
ok i anoint tyler durgen, oh, i mean durden K I N G
for the day. or maybe, a queen.
I thought by now you'd realize it is impossible for a single human to read/write/post/research the amount of stuff a single handle like TD does on this site.
i say that same thing to myself everyday, how do you guys do this?
bang up job tyler.
test
Damn crash flashers never use a market order.
It's just a new way for the kleptocrats to steal mon ey or equities.
Greenspan is on the record as saying the SEC is hopelessly outclassed against these banks.
The best thing to do would be to make a brand new exchange- buy and sell- maybe some futures options and puts for hedging. No ETFs, funds ,nanosecond algos allowed. Then get some price discovery.
The FEd, Treasury and banks are. Bunch of racketeers, breaking the rule of law everyday because they think the banks cannot survive in a free market environment. We have to destroy democracy in order to save it.
The dxy goes up 35 cents and the panic begins. All in one market- driven by the destruction of current cy and savings in the middleclass.
Do yourself a favor and do not vote for incumbent parties- maybe go 3rd party. It's time to punish the system.
Remove your money from large banks and place them in regionals.
Pay down your debt.
Stop borrowing money
Vote the idiots out of office
Stop buying crap from big boxes
Fire your broker
Pull all money out of the stock market and funds.
Transfer cash to smAll FDIC banks.
Buy and store metal.
Any other suggestions?
I noticed today that Silver flatlined for several hours, which is unusual. Then in after hours it climbed. It seems really hinky to me. Maybe HFT Skynet has targeted silver for termination.
Yep, just as suspected -- kinder gentler and "milder" flash crashes so anyone considering them as such can be branded a "conspiracy theorist" and bar coded accordingly...
Avoiding stocks easy. Avoiding the dollar, not so much . . .
Who is the DTCC and what does it do?
You own electron's until the check clears correct?
In essence, DTCC owns probably 99% of all the stocks in the entire world.
Do Algos Dream of Electric Sheeple?
Get the HFT computers off the exchanges! The only way to cure this theft.
HFT is just 60% of total volume. Which means way to go until everyone else is squeezed out. When exchanges end up paying a lot for submitted fast trades with little retail revenue back they'll change their thinking.