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Another "Algo Gone Wild" Bailed Out By Nasdaq After Mini Flash Crash
2013 has begun just as 2012 progressed as Granite Construction just plunged 12.6% in under one second. As Nanex shows below, it is simply ludicrous. Of course, the algos (like every entity that comes close to 'failing' in the new normal) will never learn since, as usual, NASDAQ has decided to cancel the trades...
- *NASDAQ TO CANCEL SOME TRADES IN 'GVA' FROM 11:45-11:46ET AT/BELOW $32.72 11:45AM-11:46AM
S.S.D.Y.
On January 2, 2013 at 11:46:56, the stock of Granite Construction Inc. (symbol GVA) tumbled 12.6% in 1 second on hundreds of trades (~50,000 shares). It recovered most of that drop seconds later.
1. GVA - 1 second interval chart showing trades color coded by exchange.
2. GVA - 25 millisecond interval chart showing trades color coded by exchange.
3. GVA - 25 millisecond interval chart showing bids and asks color coded by exchange.
4. GVA - 5 millisecond interval chart showing trades color coded by exchange. Chart shows about 5 seconds of time.
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Fun-Eh.
The Obama laughing photo that has been on the front page of drudgereport since the tax hike vote, is hilarious, I hope he keeps it up there two more fucking days!
Fuck you Boehner!!!
He needs to put up a picture of boner crying right beside it.
OT: Record decline in Japanese population
It appears the Kyle Bass thesis is playing out like a slow motion demographic train wreck.
so all trades within that 30% drop are good, correct?
nothing would surprise me - I wouldn't have been shocked if they found out it was the specialist shorting the stock to get cheap shares for his pals, ya know, like in here's a late xmas present guys?
Can someone tell me why we still refer to these events as "trades"? The term is antiquated and obsolete.
I prefer "near-instantaneous value-killing price-fixing event" (or "NIVKPFE" for short).
It will look like the gangster tattoo of the two jokers, "smile now, cry later".
C'mon. The world is cheering US socialism and Greek fiscal policy! Look at the numbers!
http://confoundedinterest.wordpress.com/2013/01/02/the-day-after-republi...
As always, nothing to see here. Move along. Move along...
that must be the button next to the gold etf.
+1000 for you sir.
Hey now, Bank of America is at 52 week highs so these markets can't be rigged and everything is just fine.
So why cancel trades if the markets aren't broken?
Wait...I'm thinking again...
...must not think...
So Anyone with a buy order at 32 gets fucked ? What a stupid casino.
Better odds in Vegas!
NASDAQ's canceling of trades gone wild is the equivalent of begging for forgiveness rather than asking for permission.
No begging required. Forgiveness seems to be automatic and penalty-free right now.
We will see no official follow up on the cause (except through ZH & nanex, of course), no fines will be levied on the "rogue" trading, owner of the algo will not be identified, and no trading suspension or limitations made on the owner of the algo.
Merry Xmas to the quants, fuck up all you want, it's risk-free! And besides, it's just OPM anyway, right?
"Nasdaq to cancel some trades"
We can't have anybody but the house winning in this rigged market.
There are many casinos who go bankrupt because they've milked everybody in the area, hence no customers.
That's what's happening. The house bosses are killing each other because the customers (suckers) are out of money.
The Fed/government has a monopoly casino franchise. It makes all the difference in the world........right up until the end.
<But it does make for some unbelievable extended game play.>
Funny how it's never Trump though!
He's gone bankrupt twice, as far as I remember.
i want mulligans on my trades, too !!!!
Sorry, but you ain't a playa. You (and I) is the sucker.
<No mulligans for you.....one year.>
Conspiracy theory suggestion - most trades get busted, except for the ones the open market operations team need filled. Talk about getting alpha on millisecond-distressed securities.
Be funny if it were remotely true, wouldn't it?
What will be interesting is if the trades cancelled will be cherry picked for the benefit of some and not others.
This is what happens when there are no suckers left and HFT hienas are forced to attack each other into a big fish eats small fish natural extinstion mode.
"Need more robots and less people, robots dont eat, complain or procreate"
- The 0.1% -
"Unintended consequences? just hit reset and start over, now isnt this fun"
-The 0.1% again-
Catch 22, as if things can't speedy up any faster than they are currently on track for.
The entire market is an algo gone wild. Why pick out a tiny example?
Anyone...anyone...please tell me...the anxiety is eating at my core!
HOW LONG CAN THIS $1 Quadrillion CHARADE KEEP GOING?
Criminies! My brain is about to go Hillary!
I'm going to the gym...
It can go on so long as the majority can be fed and are happy with their bread and circuses. When the supply lines for essential goods and services breaks, then shit gets real, not before. same as it ever was.
Correct.
Yes Hillary, it costs the same amt of money to grow a broccoli or teach a person as it did in 1850.
Why does it cost so much today?
Too many middle men.
For the last fucking time, there are no markets, only the Bernanke and perception management. This must be maintained at all costs until all of the western world has been disarmed and everyone works for Chinese wages.
Now what are you gonna do about it?
Masturbation is my plan.
It's not really a plan per se, more of a desperate and unfulfulling process... I see little difference between it and playing the market.
Unfulfilling? You're doing it wrong.
or actually have someone else to have sex with...
Bernanke and the Fed will fix that. They have infinite fiat.
As long as people have faith in the US dollar.
nothing, you are about one century off target, But i agrree..
how about we reach 50 red arrows this time, 44 doesn't cut it !
Granite Construction? Didn't Fred Flinstone work for them?
+1 - Mr. Slate (Rock and Gravel Company)
I can't tell what's happening here....I need a microsecond chart.
the exchange takes away any incentive to provide liquidity. the risk/reward gets thrown out of whack with these broken trades. the potential risk of buying into one of these flash crashes (providing liquidity) is that some significant news has come out causing the move and you will get stuck with a giant loss. the potential reward is nil, if your trade is profitable the exchange will simply cancel it. i've had it happen in the futures (thanks cme, you fucking assholes) and its a fucking joke.
If the exchanges came out and said no trades will ever be broken some of the real liquidity (ie. liquidity when it is actually needed) would return.
Exactly..why play in such a rigged casino!
Jack Kerouac made him do it!
Its really hard to comment on what has happened to America and its finacial sytem but, the words I find that are most revealing is that it is a disgrace to watch this fraud.
BTFD
You see, only the fastest computers are able to make a 12.5% profit in 30 milliseconds. The rest of us, after adjusting for inflation, will never see a return on our stock investments.
How is an honest trader supposed to make any money if their .01/share standing orders keep getting cancelled when filled??
i got in at the lows on this one, woo hoo!!!
had to type really fast though
INHO, there are a few VERY SIMPLE fixes to this problem
Let me be clear. I am NOT against "Program Trading." I AM against unfair rules that give one market participant a significant unfair advantage over any other participants.
I prefer to call these TOILET FLUSHES
Looks just like the vortex you get when you pull the lever, and since these events are full of , well, you know....
Nasdaq is up big. The market crash announced here everyday has been postponed ... yet again.
Will 2013 will be as good for stocks as 2012 was? Safer than gold? Will the euro remain the very strong currency of broke countries?
It is already boring.
Campaign contribution?
Just like Hillary Clinton who got these great deals on the cattle future market. Curious who was buying at the bottom. All capital gains, really.
We simply are catching a glimpse of reality, that prices are what they say they are.
That might have been news in 1932
Wile E Coyote is not going away...
Recurring short squeezes propelling markets higher just ensures the Wile E. Coyote drop will be brutal ~ we are witnessing a mega crash in the making.
Whether it’s caused by fiscal cliff, debt ceiling, Europe or flesh-eating zombies invading Wall St, it doesn’t matter because another crash is guaranteed.
It’s a no brainer.
Charts don’t lie.
http://trader618.com
@grandsupercycle
Fuck you Boehner!