And This Is What A Full Blown Market Exodus Looks Like

Tyler Durden's picture

260,000 S&P 500 e-mini contracts traded in the three minutes following the fake AP Tweet. That is ~$20.4 Billion notional value 'changed hands'. For those with trailing stops, our condolences...

the day - to get a sense of the scale of volume...


and close up...


and VIX smashed higher on huge volume too...


and Treasury Futures...


eMini Depth of Book for every minute of every trading day between March 2010 and April 23, 2013. April 23, 2013 is the thick red line. Via Nanex:


And, via Nanex, the whole thing animated at this link

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Cdad's picture

I'm sure confidence is soaring within America's investor class.


I say this was an INSIDE JOB, like the Gold and Silver crash and bitcoins, the list will get larger in the days to come..just watch, probably stuff we never dreamed of..

redpill's picture

It's worse than you imagine, there were BBs in that tweet!

Precious's picture

An algo can't even trust an AP tweet anymore.  What's the world coming to ...

ACP's picture

And the AP's twitter account has been suspended. Classic!

notbot's picture

Not to worry, Maxine Waters is the Ranking Member of the House Financial Services Committee.  I'm sure she'll get to the bottom of this.

Jonas Parker's picture

Maxine Waters is already at the bottom...

redpill's picture

And why's they called dark pools and not light pools?  These rayciss white people markets

brewing's picture

She'd better consult with her "cousin Muddy" to get to the bottom of this...

redpill's picture

Exactly, poor software is just trying to make a living front-running the market and fucking retail investors and you have these little jerks getting in the way.  It's a travesty!

debtor of last resort's picture

Now they know that after a paper collapse the demand for physical stocks will be huge.

smlbizman's picture

please notice the cleansed charts on signs of any i guess the market went down but not the stocks in it.....

Cognitive Dissonance's picture

Just a little blemish cream to smooth over the market uglies.

Ident 7777 economy's picture




Just testing the dynamic/impulse response characteristics of, and measuring the inherent time-delays present in the market-reporting system, gentlemen.


As you were ...



-- or --


That's one way to get a market to move.



asteroids's picture

It's pretty obvious that during the day almost ALL trading is done by computers pissing on each other. Retail is gone. I suspect big funds are now "buy, hold and pray".

GAAPpreNixon's picture

Exactly! humans simply do not move that fast. What an amazingly stupid way to destroy the last vestige of beleif in a free market.

A casino roulette wheel has better odds!

Stoploss's picture

Kinda knocks the shine off the techies.

It was a blip.  LOL!!

Totentänzerlied's picture

It was a high-capacity assault tweet.

NoDebt's picture

It was at least the 6th major, undenyable warning that they need to put a throttle on the HFTs.  Their liquidity is pure illusion.  Like credit- when you need it you can't have it, when you have it you don't need it.  They preach liquidity (implying stability) when, in fact, their influence is the exact opposite.

Of course, nobody is ever going to stop it, least of all the SEC or any other regulator, until they break something permanently.  The regulators require iron-clad proof before taking action.  The kind of proof that only comes in hind sight after a lot of people have been irreparably hurt.

I know it's fashionable to think that speed and technology are the answers to everything these days, but in this case, I respectfully submit that I'd rather have orders handed with a phone call, like the old days, even if it costs more to execute them.


Scro's picture

No one gives a damn about bitcon's.

fonzannoon's picture

This was the only crash that uncrashed within seconds. The rest of the crashes were just crashes.

Tell me right now everyone did not picture this. I dare you.

GAAPpreNixon's picture

Market Jitters ON STEROIDS! And these are the people that want all pensions and old age economic "securiity" based on the "stability" of the markets?


slaughterer's picture

This stop harvesting will compensate for the miniscule POMO today, and fuel tomorrow's testing of ES 1600, while gold languishes at 1400.

quintago's picture

The danger here is that somebody learned something very interesting here, and that is that inordinate amounts of money can be made with very little risk if everybody piles on. I suspect we're going to have a gradual sell of over the course of the next few weeks, and when all the big guys are out and the little guys are in; it's going to be smash and grab time between now and the EOY.

YHC-FTSE's picture

+1 YEP. Expect to see more of these hacks in the future.  Does Reuters have a twitter account?

EmmittFitzhume's picture

Who wouldn't want to play musical chairs at a jillion miles per hour?!

SheepDog-One's picture

Definitely all is well! 

francis_sawyer's picture

Looks more like a 'Zip Line' course designed by the Lawnmower Man...

redpill's picture

I keep waiting for Max Headroom to pop into one of them rainbow charts.

francis_sawyer's picture

High Frequency BLOBBING UP...

akak's picture

US 'american' Market Exodusism.

Make me laugh.

TheFourthStooge-ing's picture

Absolutely. That is what Chinese citizenism citizens expected them to do. And if they do not comply, then on with their termination.

smlbizman's picture

they are inside my lap top forcing all my files out at gunpoint...they said they are going to do this to every laptop until they get their guy....

redpill's picture

Twerrorism!  Tweet of Mass Destruction!  Lock down the planet until they are found!  Monitor all 7-11s for hold ups!

williambanzai7's picture

AP Twitter Password: sesame

redpill's picture

Huh, I figured it was 1, 2, 3, 4, 5

McMolotov's picture

That's the kind of thing an idiot would have on his luggage!

Sudden Debt's picture

the admin password for our servers is

1234 followed by the company name.

the first time I saw our admin type it in... I was like.. OMG!!

FEDbuster's picture

Well at least the password isn't "password".

RichardENixon's picture

Oh shit, how did you guess mine?

RebelDevil's picture

The big problem with passwords is that it's hard to have an easy-to-remember, strong password for every account you have (OS login, ZH, Facebook, Twitter, YouTube, Email, ect.)

I use the same password, or an easy to remember variation of that password for almost everything, and it works great, so long as you keep it as your most valuable secret. Tell someone about it, and you're fucked.