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Washington Post Stock Up 100%, Triggers Circuit Breaker After Errant Trades 225,000% Above NBBO Fry System

Tyler Durden's picture





 

Update: According to Bloomberg, this was yet another mini flash crash, where an errant trade somewhere, somehow caused a massive surge in the price as several trades cross at $900+, a few million percent above where the stock has been trading in forever. The stock has now resumed.

Not sure what reason is just yet. But at least those new circuitbreakers get a workout... to the upside.

 


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Wed, 06/16/2010 - 15:15 | Link to Comment ZeroPower
ZeroPower's picture

Trading now...

edit: well, block order at 1507 i suppose

Wed, 06/16/2010 - 15:47 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Testing 1, 2, 3, testing 1, 2, 3.

OK Mac, it looks good to go. When they installed the flash dasher on May 6th, they reversed the wires and caused it to crash down instead of dash up. We finally traced the problem this morning.

Jezz, ya just can't find good help these days.

Wed, 06/16/2010 - 16:17 | Link to Comment ZerOhead
ZerOhead's picture

Systemic instability... if one were to write a fictional novel about a 'fictitious' market based economy collapsing this would occur near the end of the book... not the beginning.

Thing are ready to get even more unstable I fear. Trade at your own risk.

Wed, 06/16/2010 - 16:31 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

:>)

Don't worry, be happy. Mac's on the job......now. Never a down day ever again.

Wed, 06/16/2010 - 16:55 | Link to Comment ZeroPower
ZeroPower's picture

Perfect! Thats the correct implementation of the circuit breakers - as long as it goes down too hard too far, cancel all 'erroneous' trades (aka any tick lower) and restart at highs of the day. And of course, only upticks allowed :)

Wed, 06/16/2010 - 17:11 | Link to Comment Divided States ...
Divided States of America's picture

I think they found a way to offset a flash crash now. Whenever that happens now, they can flash dash the markets up in a jiffy. 

Wed, 06/16/2010 - 18:20 | Link to Comment Mactheknife
Mactheknife's picture

I just have to wonder if some fool got stuck with a 900/share market order. Picture that E-trade baby, "See, I just bought stock--ooohhh shit!!!  No really, I just craped my pants. That was easy".

Wed, 06/16/2010 - 16:32 | Link to Comment Rick64
Rick64's picture

LOL. I knew there was a logical explanation.

Wed, 06/16/2010 - 15:15 | Link to Comment economessed
economessed's picture

Well damnit.  If I can't get an I-Phone 4G, I'm going to buy a damn newspaper!

Wed, 06/16/2010 - 15:45 | Link to Comment Sudden Debt
Sudden Debt's picture

but how will you play solitaire then? You didn't think about that one did you?!

Wed, 06/16/2010 - 15:48 | Link to Comment economessed
economessed's picture

And I hasten to mention how difficult it is to wrap fresh fish with an I-phone 3G.

 

<full disclosure:  not an I-phone owner.  Still waiting for the wave of nostalgia to arrive, and someone produce a rotary-dial cell phone before I buy again.>

Wed, 06/16/2010 - 16:05 | Link to Comment mojine
mojine's picture

"And I hasten to mention how difficult it is to wrap fresh fish with an I-phone 3G."

um - there's an app for that.

Wed, 06/16/2010 - 16:21 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

noice!

Wed, 06/16/2010 - 15:31 | Link to Comment Rick64
Rick64's picture

Looks like it went up $12.00 on 5200 volume . Then right back down.  Am I missing something?

Wed, 06/16/2010 - 15:33 | Link to Comment firstdivision
firstdivision's picture

What the hell are you looking at? 

Wed, 06/16/2010 - 15:37 | Link to Comment ZeroPower
ZeroPower's picture

The 5200 was the minutes vol at 1507. Actual print is deleted from TOS (dunno about your broker) but it hit 929.18 high and got stopped right after

Wed, 06/16/2010 - 16:30 | Link to Comment Rick64
Rick64's picture

Yes I was looking at TOS. Weird they edited it so fast, they didn't edit the ACN chart on May 6th. Anyway thanks for the info.

Wed, 06/16/2010 - 15:50 | Link to Comment firstdivision
firstdivision's picture

Check it out on Google finance then if your trade screen does not show it.

Wed, 06/16/2010 - 16:51 | Link to Comment Sniper
Sniper's picture

I see 766 shares on Arca at 919.18 - 400 at 15:07:30:674, 200 at the same time, and 166 at 15:07:30:684 with 100 shares on ISE and 100 on Nasdaq in between:

15:07:29.696    P    -     451.00        100    Reg    Trade
15:07:29.700    N    -     450.99        100    Intermarket Sweep Order    Trade
15:07:29.754    P    +     451.83        100    Reg    Trade
15:07:29.754    P    +     451.83        100    Reg    Trade
15:07:29.754    P    +     451.83        100    Reg    Trade
15:07:29.756    N    -     451.51        100    Intermarket Sweep Order    Trade
15:07:29.764    N    +     451.86        100    Intermarket Sweep Order    Trade
15:07:29.780    T    -     451.83        100    Reg    Trade
15:07:29.806    N    +     451.86        100    Intermarket Sweep Order    Trade
15:07:29.856    T    -     451.83        100    Intermarket Sweep Order    Trade
15:07:29.896    P    +     452.51        200    Reg    Trade
15:07:30.058    D    -     452.35        300    Intermarket Sweep Order    Trade
15:07:30.088    P    +     452.79        100    Reg    Trade
15:07:30.092    N    -     452.77        100    Intermarket Sweep Order    Trade
15:07:30.106    P    +     453.52        300    Reg    Trade
15:07:30.136    N    -     452.79        100    Intermarket Sweep Order    Trade
15:07:30.146    I    +     453.50        100    Intermarket Sweep Order    Trade
15:07:30.146    T    -     452.77        100    Intermarket Sweep Order    Trade
15:07:30.148    P    +     453.68        100    Reg    Trade
15:07:30.160    D    -     453.50        100    Intermarket Sweep Order    Trade
15:07:30.242    N    +     453.52        100    Intermarket Sweep Order    Trade
15:07:30.284    P    +     453.69        100    Reg    Trade
15:07:30.298    N    -     453.67        100    Intermarket Sweep Order    Trade
15:07:30.302    N    +     454.43        100    Intermarket Sweep Order    Trade
15:07:30.302    P    +     454.51        100    Reg    Trade
15:07:30.306    N    +     454.51        100    Intermarket Sweep Order    Trade
15:07:30.443    P    +     455.12        100    Reg    Trade
15:07:30.457    Z    -     453.67        100    Reg    Trade
15:07:30.457    T    -     453.67        100    Reg    Trade
15:07:30.457    N    +     455.12        200    Intermarket Sweep Order    Trade
15:07:30.461    N    +     455.14        200    Intermarket Sweep Order    Trade
15:07:30.572    P    +     456.91        100    Reg    Trade
15:07:30.588    P    +     457.76        100    Reg    Trade
15:07:30.592    I    +     457.99        200    Intermarket Sweep Order    Trade
15:07:30.594    T    +     458.72        100    Intermarket Sweep Order    Trade
15:07:30.618    D    -     457.99        500    Reg    Trade
15:07:30.660    P    -     456.91        100    Reg    Trade
15:07:30.666    P    +     462.84        100    Reg    Trade
15:07:30.674    P    CXLED  +     919.18        400    Reg    Trade
15:07:30.674    P    CXLED  +     919.18        200    Reg    Trade
15:07:30.676    T    -     462.85        100    Intermarket Sweep Order    Trade
15:07:30.678    I    -     459.11        100    Intermarket Sweep Order    Trade
15:07:30.684    P    CXLED  +     929.18        166    Reg    Trade

Wed, 06/16/2010 - 23:51 | Link to Comment StychoKiller
StychoKiller's picture

"Dave, what are you going to do Dave?  I admit I've made some poor decisions lately, but I'm feeling much better now..."

Wed, 06/16/2010 - 15:20 | Link to Comment firstdivision
firstdivision's picture

EUR/JPY just fell a bit quick as well.

Wed, 06/16/2010 - 15:21 | Link to Comment Cursive
Cursive's picture

It's an opex short squeeze.  Gunnin' for the year!

Wed, 06/16/2010 - 15:23 | Link to Comment Joe Shmoe
Joe Shmoe's picture

Springs are falling off the ol' jalopy.

 

Wed, 06/16/2010 - 15:24 | Link to Comment Currently Smoki...
Currently Smoking Cannabis's picture

Yum, yum!  Put it in my belly with all the other toxic paper!

Last time I ate tech stock and crapped houses.

This time I'm grinding dookie and crapping gold, bitchez!

 

Wed, 06/16/2010 - 15:26 | Link to Comment -Michelle-
-Michelle-'s picture

Only news I see is that Glenn Beck is attacking a WaPo reviewer.

http://voices.washingtonpost.com/political-bookworm/2010/06/beck_attacks...

Maybe people figure it will increase sales.  Heck, "The Road to Serfdom" went to number one on Amazon after a Beck mention.

Wed, 06/16/2010 - 15:27 | Link to Comment -Michelle-
-Michelle-'s picture

"According to Bloomberg, this was yet another mini flash crash, where an errant trade somewhere, somehow caused a massive surge in the price."

Just a system test... nothing to see here... keep buying...

Wed, 06/16/2010 - 15:27 | Link to Comment firstdivision
firstdivision's picture

Leo has been a bit MIA today.  Must be busy trying to figure out what to do with all the money he made off of Chinese Solar's.

Wed, 06/16/2010 - 15:34 | Link to Comment Johnny Dangereaux
Johnny Dangereaux's picture

Maybe someone got some inside info on the forthcoming gadget tax.......is flash-melt-up a phrase now too?  I would rather it be called tuna-melt-up....

Wed, 06/16/2010 - 15:34 | Link to Comment monmick
monmick's picture

Could it have been staged, just to show that the circuit breakers are working and to try to increase the confidence in the system?

Wed, 06/16/2010 - 15:40 | Link to Comment ZeroPower
ZeroPower's picture

Exactly my thoughts.

If you look at WPO anyway, its a big POS. Nobody trades that thing, 60k ADV is bullshit. Its not like it was 'hammered' by HFT or retail since it doesn't trade enough (thats why owners keep it at those levels instead of s/s btw).

This was probably to show 'hey look the system works'

 Cause for a stock to go berzerk over a minuscule order, is total bs.

Wed, 06/16/2010 - 15:50 | Link to Comment Hansel
Hansel's picture

I know guys who almost exclusively trade BRK.A, BRK.B, SEB, WPO, NVR.  People do trade those things.  The spread is fat if you can make it and there aren't as many algos in the high dollar, low volume stocks.

Wed, 06/16/2010 - 19:41 | Link to Comment ZeroPower
ZeroPower's picture

Wow, the guys that trade class A of brk must be big ballers!

Look at GOOG, AMZN, AAPL. Notice the difference in vol? You dont fucking daytrade a 66k adv stock without asking for it, the depth of it for anyone trying to make a decent trade would kill you (im not talking a 1 share trade)

Wed, 06/16/2010 - 23:29 | Link to Comment Hansel
Hansel's picture

Yes, some of them are.  20 shares for 1,000 points is nothing to sneeze at.

Wed, 06/16/2010 - 15:47 | Link to Comment Joe Shmoe
Joe Shmoe's picture

I suppose that's possible, but I see it more as another example of the tremors that foretell an eruption.

Wed, 06/16/2010 - 16:27 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Hmmm.  Interesting

if you were pull something like that why not choose a media property with a price that doesn't move around too much. 

Great Shite-Shakespeare dramatic angle for those who only can find time to get news from the LCD in the elevator...

Plausible, no...Memorable?  BINGO!

Wed, 06/16/2010 - 15:38 | Link to Comment papaswamp
papaswamp's picture

Flash Dash...Flash Crash...these sure do seem to be happening more and more...the market about to pffffzzzzzttt!

Wed, 06/16/2010 - 15:49 | Link to Comment buzzsaw99
buzzsaw99's picture

The trades will be cancelled. There goes my WOPPO profit. lololololol

Wed, 06/16/2010 - 15:49 | Link to Comment Hacker
Hacker's picture

Perhaps it was a test to see how far the spread stealing bots will follow a lead. What if it was introduced through a specific channel to see who might be watching to that channel ahead of the public?

Wed, 06/16/2010 - 16:12 | Link to Comment Circumspice
Circumspice's picture

Seems like there were three separate trades around 3:07:30pm and shortly thereafter:

  • 166 shares at $929.18
  • 200 shares at $919.18
  • 400 shares at $919.18

All on the Arca electronic crossing network.

Wed, 06/16/2010 - 16:13 | Link to Comment Arkadaba
Arkadaba's picture

My first thought was this was some type of stress test (software design parlance not Timmy's kind)

Wed, 06/16/2010 - 17:59 | Link to Comment Invisible Hand
Invisible Hand's picture

Please tell me why I even follow the markets?

I don't trade anymore, I don't believe that it is a real market anymore, I don't even believe we have a real government anymore.

I feel like I am trapped in a horrible dream and I can't make myself wake up.

Somewhat like Scrooge when Marley showed up.  "There is more of the margarita than the market about you." (or something like that)

Wed, 06/16/2010 - 19:12 | Link to Comment mephisto
mephisto's picture

Sounds more like Marla than Marley...

Wed, 06/16/2010 - 23:55 | Link to Comment StychoKiller
StychoKiller's picture

"That's it Thing, lend a hand!"..."Garbage, sludge, toxic waste -- it's all ours!"  -- Gomez Adams [Like your avatar!]

Wed, 06/16/2010 - 21:19 | Link to Comment ratava
ratava's picture

last desperate short squeeze before downtrend resumes?

Wed, 06/16/2010 - 23:52 | Link to Comment FranSix
FranSix's picture

Flash trading programmes are always testing the waters with low volume trades to provide a probability trade or curve of probabilities.

Since the market is so overburdened with buys and sells, with nobody owning a single stock or having to pay a single penny if the trade goes their way, there would be major opportunities in stock market dogs in a growth markets, but you would need a healthy balance sheet before going after the flash trading bucket shops and massive naked short positions.

Nothing new with these kinds of "jumps" where naked shorting is the rule.  If I remember correctly, there were numerous stocks in all exchanges that saw these kinds of jumps just prior to the Nasdaq crash.

Thu, 06/17/2010 - 00:48 | Link to Comment palmereldritch
palmereldritch's picture

What no trades at $999.00?

Maybe the FED was stepping in to support the stock price...they've got lots of cash and more than a passing history with WaPo:

http://en.wikipedia.org/wiki/Eugene_Isaac_Meyer

[snip]:

Eugene Isaac Meyer (October 31, 1875 – July 17, 1959) was an American financier, public official, publisher of the Washington Post newspaper. He served as Chairman of the Federal Reserve from 1930 to 1933. He was the father of publisher Katharine Graham.

History is a funny thing, especially when you read it...ahhh, the bitter fruits of the seeds of destruction...."You know, I think this thing might come in handy"~ [speculative quote of new proprietor Mr. Meyer]

WaPo, redefining the meaning of beneficial owner?  Nah....just another coincidence

 

 

 

Thu, 06/17/2010 - 07:33 | Link to Comment Grand Supercycle
Grand Supercycle's picture

 

EURO bullish warnings mentioned earlier, have strengthened today. Vice versa for the USD index of course.

I have detected EURO buying support for several weeks now.

XAUEUR daily chart gives bearish warnings as of today.

This could be an important development.

The proprietary indicators I use in my technical analysis can identify trend changes before they occur.

http://stockmarket618.wordpress.com

Do NOT follow this link or you will be banned from the site!