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Symantec Flash-Crash Destroys Over $1.5 Billion In Less Than A Second
While many will shrug at yet another "fat finger", we thought it useful to 'know' - as opposed to 'guess' - what really drove a more-than-10% flash-crash in Symantec stock this morning. As Nanex illustrates so clearly, in less than a second, over 500,000 shares were traded in a waterfall across 13 exchanges (and who knows how many dark pools). This triggered a circuit breaker which halted the stock trading for 5 minutes and when it resumed... it had recovered all those losses. We await news of the Johnny 5s' trades being disqualified as this was simply not a fat finger. Just another day in our efficient and highly liquid stock markets...
At 10:11:27, the stock of Symantec Corporation (Symbol: SYMC, Market Cap: $17 Billion) dropped 10% in just over 1 second on 500,000 shares. Trades executed on 13 exchanges and an unknown number of dark pools. The drop tripped a circuit breaker, prompting a 5 minute halt. After the halt, the price immediately recovered most of the drop.
1. SYMC - Trades color coded by reporting exchange.
2. SYMC - Bids and Asks color coded by reporting exchange.
3. SYMC - Trades color coded by reporting exchange. Showing 5 seconds of time.
7 quotes for every trade during the drop. Note how late Dark Pool trades are reported (green squares).
4. SYMC - Bids and Asks color coded by reporting exchange. Showing 5 seconds of time.
5. SYMC - Nanex Tick Chart.
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Must be a virus
Karma's a bitch.
My technical anal-ysis signals and research staff saw this coming. We never lose. #timestamp
Principal: "Class, let me introduce you to your substitute teacher, Mr. Algo HFT."
Student: "He's not a substitute teacher, he's been here for 8 years, he's just wearing glasses and a fake moustache."
Principal: "Now Raphie, don't work up the rest of your class with your delusions."
Student: "I'm taking my text books and going to a real teacher's class."
Mr. Algo HFT: Smacks students hand, shoves him into a closet and replaces him with a mannequin.
Mr. Algo HFT: "Anyone else want to leave?"
No sir! We'll behave. Thank you sir.
http://www.youtube.com/watch?v=qdFLPn30dvQ
http://www.marketwatch.com/story/symantec-legitmate-order-caused-mini-fl...
^^ Article above states this was a live, real order and the market movement was organic and attached to a real dump.
Stock will not fail, even if dark pool investors and shadow capitalists use funny money to prop stock with HFTs and Algos.
Good grief. When is the shit going to hit the fan already?
Tweet crash.
OT: I am waiting for my ES 1600 short entry. Today's POMO and AAPL bond hype should do it.
pardon me but what does the acronym POMO stand for?
The Fed buying/selling shit.
http://www.newyorkfed.org/markets/pomo_landing.html
And just in case anyone thinks this game will end..
The "P" in POMO = Permanent
Ponzi Open Market Operations.
Regards,
Cooter
“what does the acronym POMO stand for?”
Purposefully Obfuscated Manipulative Obeahtry
POMO = Please Obummer More Orchestrations
Propping + Obfuscation x Manipulation = Oligarchy
Symantec destroyed the good name of Norton Utils. Let them crash already.
The old "bucket-shop-drive" HFT style
it would be nice if more of the muppets understood the bucket shop meme
oh.. and also the FACT that Clinton the Schlong and crew killed the bucket shop prohibition and opened the door to the death by a quadrillion paper cuts that is to come.
C' mon.. now people.. thimk..
What does the ingeniously applied "Clinton the Schlong" moniker imply?
the least they could do is give me a courtesy reach around
SSDD....
At least it wasn't taken to 0 like Qualys.
Who would participate in such broken markets? oh right...
malware, definitely intrusive and destructive
They just loaded Norton on their HFT computers.
pods
I hope that's a joke.
Used it and demanded my money back. What a bunch of crap.
Solar Lottery
Are events like this increasing or is this just part of a steady daily new normal?
I'm sure the algo's have randomizers that select stocks in indices far enough apart so that it doesn't seem like a pattern when they do their hit-n-run. That's an old accounting trick, a penny here, a penny there, nobody will see it in the static.
Just like they did in the "Office Space"
I price out contracts for new launches for a large firm, so I have to pick through pricing and bill-of-material history daily and my favorite thing is calling out bullshit when I see it. You should see the faces in the room go white when I announce suddenly that that "savings initiative" that supposedly netted a few hundred thousand dollars last year materialized only because it was charged as a flattened increase over some other group of SKUs over there. My nose is clean, and nobody is cutting me in, so wtf do I care?
And Superman II
I'm just waiting for another May 6, 2010.
I am starting to wonder if these are early signs of another similar event.
I am in no way "qualified" to have this opinion, but I will share it none the less.
Back in the day, emperors/kings/presidents/prime ministers/etc tried price controls to save the system when they wrapped it around a tree. To illustrate, history will tell you a story about a nation with millions of starving people that decided to take its food stocks to sea and dump them ... to positively impact prices of said food stocks.
I see our "modern markets" as a new version of this old idea; price controls. "The system" really should have died a few years ago, but with the magic of computers they can keep up appearances for a while.
Think about it. Are these prices "real"? Of course not. Things are bad, getting worse, but here we are.
Modern markets are simply a new face of price controls. The outcome won't change though. So keep that in mind as you see 20% premiums on physical commodities vs market prices, stocks crashing/smashing to the tunes of billions in the span of seconds/minutes, etc, etc.
Regards,
Cooter
I tend to agree. Every once in a while, a glitch in the matrix allows you to see the world how it really is. In the case of stocks, they are all zeros.
Makes one wonder what might happen if one day LOTS of HLF and AAPL shareholders decided al at once that they needed some cash...
Not a lot of this market is "real" "money", is it...
a glitch in the matrix
This Nanex stuff does sort of look like the Matrix. But the truth is that Wall Street views people in Main Street as 'batteries' to supply power to their algos...
This is only allowed to happen to gold hedging markets so it becomes super expensive to hedge your gold below production cost.
None of these gold bashing paper humping stock, bond and doelarr faggots ever asks why gold and silver never bounce back in 5 minutes like nothing ever happened.
So I should put in some low standing orders for all stocks I like. Just in case they go to zero one day and I can buy the company for pennies.
No. They will cancel your trade like they always do.
What trade ?
Deep and liquid markets.
Symantec is such a shitty company.
With even shittier products...
Yup, not a fucking thing I need.
At least the casinos in Vegas give you the illusion that you have a chance, and sometimes even free drinks...
When you give the keys to the market to Larry Summers and Robert Rubin, who own Obama, the Fed and the US Treasury (and by default hold the world hostage to their Jekyl Island mandate), this is what happens.
Everyday you get POMO, you get 10AM thief-time - today to the tune of $5 billion bond buyback, somehow yields go up 3+ bps for no apparent reason (other than to keep net interest margins up and derivative fantasies and bets in that direction alive), markets get their 3-4 5 point SP ramps to keep things were they want.
Strangely, hedge funds don't short anything, there are only bets on the buy side. No one shorts equities, no one shorts sovereigns, no one shorts junk. Collusion?
Italy 10 year at 3.85%, our long-term junk bonds at a record low 5.5% (gasp!). Nevermind either could pay back a dime at these levels, let alone at 7% and 9% - where they will be in less than one year.
Madbraz +10
Think of all these "events" as the practice tee before the golf tournament."They" are warmed up and ready to go.
1st Tee for Round One of the real game is almost here....
and another one of the 2000 reasons not to play the casino market!
Very artistic.
Does anyone else feel, that maybe the computers are mocking us?
The Happly Face flash crash was my favorite.
pods
If a flash crash happens and the SEC does not see it, did it happen?
Thats why the best strategy is to put in Stop Buy orders when a price drops 8% in a 2 second time frame.
That's why I'll never put a stop loss on my stocks. Total BS. Go all in like a poker match. F those MM's!
My bollinger bands are rectangles.
Fuck that's cool.
Do it again JPM!! Do it again!!
And in the meantime the Deny and Spoofs ignore reality and head off to new hopium highs
It's all in the wrist . Pratice with porn and daytrade using mkt orders for a few years and you'll make it
OT: Cashin's Comments, Apr 30 13 edition. Will be interesting to see what his Fri comments bring. I especially liked that his pointing out investors's free cash/margin is back at Dec 1999 to Sept 2000 levels.
http://financialservicesinc.ubs.com/staticfiles/faw/adobe/all/cashin_com...
Does anyone rememer the 'good old days' when the MSM used to report this sort of thing?
Of course the obvious question is "what will stop them" when they all do it in unison.
It's rather ironic that we now have circuit breakers to stop prices falling to their true level.
Chicago PMI reports shite.
But that's ok - USD down to 81.74 (down 0.462) while the Euro is up 0.730 to 1.3174.
Dow is down only 10 points now.
Call Ben. It's working! It's working!
LOL check out that daily candle: http://finviz.com/quote.ashx?t=SYMC&ty=c&ta=0&p=d
Right then - does anyone else want to go marching UP and DOWN the SQUUUARE?
Interesting related article.
http://finance.yahoo.com/news/bulls-playing-symantec-085306273.html
a noob questionjohnny 5 trades = short circuited trades?
Step functions and right angles make lousy investments.
I wonder if there is some blackmailing going on behind the scenes.
Bankster: "You'd better support this new bill, or we'll shut down the market - right here, and now. We can do it, in the blink of an eye!"
Senator: "I don't believe you, you're full of shit"
Bankster: "Oh yeah? have a look at Symantec in 5 minutes" ...Dials, and mumbles something into his cell phone.
Senator: "Holy shit! What the hell did you do?!"
Bankster: "Haha, you think that's bad? I do the same thing to the entire NYSE'
Senator: "No, No that's fine, I get the point. What was it that you wanted again?"
One needs to strap on a parachute before trading the N.Y. session.
Chart.1 Little blob to right of cliff> dead Wylie Coyte bounce...
And now on CNBC...cracks me up! Does CNBC pay ZeroHedge for all their stories?
Someone placed the "I don't give a fuck, just sell at any price" order to SELL, SELL, SELL
http://www.4-traders.com/SYMANTEC-CORPORATION-4907/news/Symantec-Corpora...
How the stock recovered from that so quickly is a fucking joke. In a nutshell, we can all starve to death but the market will climb to ever greater highs. The illusion must be kept alive that all is well and improving.
This is not normal...
Are we actually living in the matrix, or what?
There should be 2 separate exchanges. 1 for live traders at the exchange + INDIVIDUALS with personal online accounts with a mandated delay of 30 seconds or whatever between trades submitted on the same symbol. And a separate one for HFT only. Justice would be served by having HFT be it's *OWN* demise by letting that disease prey on...itself.
You gotta believe the reason they haven't already done that is because the HFT-only exchange would never survive. Price swings on the S&P500 of $1,600 to $0 to...infinity...all in the matter of a couple of miliseconds. Without humans, there is no credibility/legitimacy.
It is easier than that. Orders, once submitted, stay active for 5 seconds and cannot be cancelled or just tax each transaction 2 cents
Flash crashes are just false flags for the stock market
*Stop here if you are a mindless sheep or have the attention span of a well trained one line wonder slave*
They lull the sheeple into thinking that it was just another one off event that will never be permanent and change their lives forever. They always seem to rapidly recover losses. Is it me or do flash crashes seem to be happening more frequently lately. Anyone got a list of all flash crashes?
They test the reactions of the sheeple who now just seem to ignore them. Just as they ignore their the entire illusion around them and keep thinking we are free and everything will be alright. GSE (chemtrails) and can't see the sun. No problem. Governments and corporations complicit in complete control and enslavement of humanity. No problem. Deadly toxins filling your air, vaccines, water and food. No problem. Freedom stolen. Well they just used the public safety exclusion and it was only temporary and they did it to protect us. Bahhhh, Please give us MOAR!
They allow for an increased ability to let the criminals running the fraud implement more obvious manipulations outside of flash crashes. Maybe a counter-intuitive market movement after a major piece of government information is released. These will often completely defy logic and will not be questioned by anyone without a brain.
They sew a false sense of security that increased governmental oversight and intervention in the marketplace will make everything ok. Yet, they find new and creative ways to use insider trading within the government and make it legal for themselves when they are caught and called out. One or more traitorous Senators will no doubt soon introduce a bill saying we need real time access to everyone's computers and webcams, except those in the governement, in order to ensure the safety of the marketplace against those damn market terrorists. Why not? If you have nothing to hide you shouldn't mind slave.
Then one day when the SHTF in reality. We will hear the sheeple bleating to be saved by their former masters. But they will just be led to the slaughter. And those of you that are awake with an ounce of brains will realize the only thing that awaits you are the use of 10's of thousands of drones, 1000's of MRAP's and billions of bullets that you were told were for your safety. All puchased courtesy of the hard working slaves. If you allow their delivery and use against yourselves you might as well have dug your own graves.
Vive Le Liberte
God Bless America
Death to the NWO
FIN
These events are about as significant as two morons agreeing to trade a bitcoin for $1000.
Triggering adverse reactions in HFT algo's has never been so much fun (or easy money).
Its like making guard dogs attack their owners.
I heard about you, you're the one making millions daily , right?
anyone that have a playlist of all events like that?
In other news, Symantec blames flash crash on virus. Sales of Symantec AV spike.
A while back I accidently deleted an important file on my computer. So like a dummy I downloaded an "unerase" program off the internet. The program was only a few bucks but it had a hidden automatic opt in and a year later I saw a charge on charge card from that company. I tried in vain to get the charge taken off as I did not use the software because frankly it did not even work. Then I found out the comany had just been bought by Symantec. I went up the ladder there and finaly got an email going with the company President Enrique Salem, who was kind enough to get me my money back. I tried to explain what kind of damage this was doing to the companies reputation. Enrique was later replaced. I wander if they still own that company and wonder if they are still scamming people with automatic opt in theivery.