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What Half A Second Of "Trading" Looks Like In Today's Market

Tyler Durden's picture




 

That modern markets are broken beyond repair should by now be clear to everyone: with liquidity that can be shut off at the flick of a switch, 70% of overall market "volumes" merely churning between various rebate collecting HFT algos, and the consolidated quote tape stuffed by billions of cancellation-sniffing quotes, it is surprising that major, marketwide millisecond +/- 2% swings are not a daily occurrence (as opposed to single-stock flash crashes and smashes which now do take place daily).

However, said realization must also be followed by political and regulatory action, which will not come as these same politicians and regulators are beholden to precisely the same financial parties that have broken the market microstructure and who generously benefit from their Marketstein monster creation (with some fraction of the profits channeled as hush money to political lobbies to keep the regulators quiet and happy).

Which means the best everyone else can do is sit back and watch the accelerating cannibalization with which these same market players go after one another until there is nothing left, and there is no other choice but to go back to the drawing board and start from scratch.

To help pass the time, here is a short clip from Nanex showing just what happens at the proper timescale of modern "markets" - half a second - in the trading of Johnson & Johnson stock. If anyone had any doubts as to the stability of the market before, this should alleviate all doubt.

From Nanex:

The bottom box (SIP) shows the National Best Bid and Offer. Watch how much it changes in the blink of an eye.

 

Watch High Frequency Traders (HFT) at the millisecond level jam thousands of quotes in the stock of Johnson and Johnson (JNJ) through our financial networks on May 2, 2013. Video shows 1/2 second of time. If any of the connections are not running perfectly, High Frequency Traders can profit from the price discrepancies that result. There is no economic justification for this abusive behavior.

 

Each box represents one exchange. The SIP (CQS in this case) is the box at 6 o'clock. It shows the National Best Bid/Offer. Watch how much it changes in a fraction of a second. The shapes represent quote changes which are the result of a change to the top of the book at each exchange. The time at the top of the screen is Eastern Time HH:MM:SS:mmm (mmm = millisecond). We slow time down so you can see what goes on at the millisecond level. A millisecond (ms) is 1/1000th of a second.

 

Note how every exchange must process every quote from the others -- for proper trade through price protection. This complex web of technology must run flawlessly every millisecond of the trading day, or arbitrage (HFT profit) opportunities will appear. It is easy for HFTs to cause delays in one or more of the connections between each exchange.

And said 0.5 second action in its full animated glory:

 

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Fri, 05/03/2013 - 15:23 | 3528076 TeamDepends
TeamDepends's picture

Like sand through the hourglass....

Fri, 05/03/2013 - 16:07 | 3528307 walküre
walküre's picture

Muppets aren't buying the pump today, hence the fade.

Sucks to be Wall Street and not having muppets to sell to, doesn't it?

Fuck you Wall Street. Fuck you Bernanke and fuck all those "analysts" who are rooting for the pumpers.

You had your time when muppets like myself were clueless and didn't understand we were being robbed even when markets finished green on the day.

Never again. That money under the mattress is mine.

Fri, 05/03/2013 - 16:23 | 3528339 sunaJ
sunaJ's picture

"We're taking over this conversation:....now!"

(HFT as explained by Close Encounters of the Third Kind)

Fri, 05/03/2013 - 16:28 | 3528392 TeamDepends
TeamDepends's picture

Plunge Protection Team stretches, flexes fingers, prepares mentally to enter the game...  Must close +15000 for the Big Win...

Fri, 05/03/2013 - 19:11 | 3528902 Lets Buy The Dip
Lets Buy The Dip's picture

haha, I love it when people use the word muppets. ITs a great way to explain obama too, and all the elitists friend who have their hand up his arse!

We all know its true. And I agree, its rigged, look at gold biggest drop since 1980 why? so the elitists and criminals can get back in at a nice price, when gold skyrockets in flight, they will get their afternoon delight, and then fly to bankok to play with their 11 year old boyfriend (the evil bastards)

right now there is awesome opportunity in CRUDE and ENERGY....look at the money flooding back into the energy sector => http://bit.ly/18iQAUl WOW

Comon guys, lets snoop onto them, before they SNOOP onto us!

Fri, 05/03/2013 - 18:02 | 3528680 dark pools of soros
dark pools of soros's picture

more like crabs in a vagina

Fri, 05/03/2013 - 22:34 | 3529385 Go Tribe
Go Tribe's picture

After watching that, I think we're all fuckin' nuts. This is how we buy and sell things now????

Sat, 05/04/2013 - 10:02 | 3529884 geologyguy
geologyguy's picture

Behold, the instrument of our doom.  Last century it was the atomic bomb.  Now, what you see here will be the downfall of our way of life.  One evening you will come home to find a 0$ net worth in both your 401k & IRA then wonder what happened while the Bankster manages his flight plan to the Cayman Islands with as much PHYZZ as his Gulfstream will hold.

Don't worry, the cops will be around to provide security to the banks & ensure the theft is completed orderly...just like Cyprus.

Fri, 05/03/2013 - 15:24 | 3528079 McMolotov
McMolotov's picture

Looks like the most fucked up game of Asteroids ever.

Fri, 05/03/2013 - 15:27 | 3528099 Clayton Bigsby
Clayton Bigsby's picture

Ha!  Was thinking same thing, 'cept Space Invaders, where everyone's shooting everyone else...

Fri, 05/03/2013 - 15:29 | 3528111 ParkAveFlasher
ParkAveFlasher's picture

It's like the climax of Reservoir Dogs.  Yeah I'll just mosy down to TD Waterhouse and plunk my retirement savings right ... THERE.

Fri, 05/03/2013 - 15:40 | 3528168 Sofa King Confused
Sofa King Confused's picture

That purple one can really shit some dots!

Fri, 05/03/2013 - 15:44 | 3528192 Precious
Precious's picture

Looks like Kim Jong Un's simulated launch attack.

Fri, 05/03/2013 - 15:46 | 3528200 McMolotov
McMolotov's picture

Yeah, it's like the end of WarGames when the WOPR goes apeshit:

http://www.youtube.com/watch?v=eeOHEU7Ykyg

Fri, 05/03/2013 - 16:14 | 3528340 SafelyGraze
SafelyGraze's picture

version with the audio enabled

http://www.youtube.com/watch?&v=BAwpMNoVKH0

 

Fri, 05/03/2013 - 15:24 | 3528082 lasvegaspersona
lasvegaspersona's picture

celebrate good times...Oh yeah!!!!

Fri, 05/03/2013 - 16:48 | 3528467 Cacete de Ouro
Cacete de Ouro's picture

Nanex should do the lightshow backdrops for Swedish House Mafia...

Then it would be Swedish House Mafia plays Wall Street Mafia

Fri, 05/03/2013 - 15:26 | 3528094 Manthong
Manthong's picture

orgasmic..

Fri, 05/03/2013 - 15:31 | 3528121 Encroaching Darkness
Encroaching Darkness's picture

This is absolutely insane - no way real people would trade any security this way in half a second.

Expect more Knight Capital-like crashes, I don't see how they could be avoided.

The HFT algos will eat each other until only one is left - which will then jack itself off to failure, lacking anything real to compare itself against.

The alien archaeologists excavating the ruins of human civilization will be very puzzled, indeed. "Apparently, your Highness, it all fell apart at once - in less than half a second. The civilization collapsed faster than the eyestalk could see."

Fri, 05/03/2013 - 15:41 | 3528174 Crtrvlt
Crtrvlt's picture

"until only one is left" - the squid

Fri, 05/03/2013 - 15:36 | 3528148 Jayacts
Jayacts's picture

I'll trade you a nugget of gold for all those 1's and 0's.

Fri, 05/03/2013 - 15:36 | 3528152 alien-IQ
alien-IQ's picture

I feel like I'm watching the inside of the Large Hadron Collider.

Fri, 05/03/2013 - 15:48 | 3528213 debtor of last ...
debtor of last resort's picture

It's the new normal. Yesterday i saw a Higgs part eating a cheeseburger at the lokal McDonalds.

Fri, 05/03/2013 - 15:53 | 3528254 cougar_w
cougar_w's picture

I saw one drinking a pina colada down at Trader Vics. And his symmetry was perfect.

Fri, 05/03/2013 - 17:22 | 3528583 fuu
fuu's picture

<so goooood>

Fri, 05/03/2013 - 16:06 | 3528226 cougar_w
cougar_w's picture

Or the inside of the world's sexiest data cannon:

http://madscienceunlimited.com/fiction/theexchange.html

Friday Fiction! Where the often charming, always delightful and frequently terrifying Fortran finally answers the question that's been on everyone's mind since the last time she casually blew their shit the fuck up, being what does a girl do with 4 trillion computational units anyway? And how does a guy make any time with all that?

Read it and find out. Only on ZeroHedge.

Fri, 05/03/2013 - 15:37 | 3528155 yogibear
yogibear's picture

China and other countries just need to make the derivatives blow. Any country, if patient, can take down the US financially without even firing a bullet or missile if their patient enough. 

 

 

Fri, 05/03/2013 - 15:55 | 3528261 StarTedStackin'
StarTedStackin&#039;'s picture

there, their and they're.......3 different words, with 3 different meanings!

Fri, 05/03/2013 - 18:19 | 3528728 Radical Marijuana
Radical Marijuana's picture

That may well be correct, yogibear, except those financial weapons of mass destruction share the same almost omnicidal potential as the other weapons of mass destruction do.

Remember, only you can prevent forest fires, but the longer you continue to do that, the more potential for a bigger, uncontrollable, forest fire is being accumulated.

Fri, 05/03/2013 - 15:38 | 3528158 buzzsaw99
buzzsaw99's picture

With the current environment there is literally no limit to how high they can push this pig.

Fri, 05/03/2013 - 15:39 | 3528162 q99x2
q99x2's picture

Nice colors.

Fri, 05/03/2013 - 15:41 | 3528176 Dre4dwolf
Dre4dwolf's picture

Whatever it is, it needs to be destroyed before it becomes self-aware.

;p

Fri, 05/03/2013 - 15:41 | 3528177 catacl1sm
catacl1sm's picture

I think I just had a seizure.

Fri, 05/03/2013 - 15:46 | 3528198 XRAYD
XRAYD's picture

Its Schrödinger and Heisenberg mated with Bernanke and Jamie D in a foursome!

Fri, 05/03/2013 - 17:26 | 3528595 Cacete de Ouro
Cacete de Ouro's picture

This is what happens at Lady Marmalades when the lights go down....

Fri, 05/03/2013 - 15:50 | 3528225 PontifexMaximus
PontifexMaximus's picture

Do you know that bandwith costs more than money?

Fri, 05/03/2013 - 15:51 | 3528228 bob_stl
bob_stl's picture

Like wow, man. Like, what's with all the light? Is that the fuzz, man? You better hide the ganja.

Fri, 05/03/2013 - 18:13 | 3528700 Radical Marijuana
Radical Marijuana's picture

"... and there is no other choice but to go back to the drawing board and start from scratch ..."

HFT has stratched through the drawing board.

Fri, 05/03/2013 - 15:52 | 3528234 Trampy
Trampy's picture

Anyone seriously interested in trading needs to get away from ES, ZB, and CL to focus on the less-manipulated markets.

FX (6A, 6J, 6E, 6B), agriculturals (corn, wheat, beans), even natural gas ... (aside from major news releases) often have charts that look like normal supply/demand greed/fear trading of items where there is plenty of legitimate hedging and commercial buyers who often take or make delivery. 

Time of day also is very important when choosing when and what to trade.  My favorite time of day is around the London open when Ransquawk comes on because there is very often a reversal of the U.S. and Asian action that allows fading prior big move with a relatively low-risk entry.  Another thing to look out for are strong moves that occur at exactly the top or bottom of the hour (aside from a news release). Very often the buy or sell programs that start at a "even number" run for another "even number" like 30 minutes or 60 minutes, almost exactly.

Another thing to know is that prices are often stuck in a narrow trading range in the day prior to a major event like FOMC or ECB rate.  That's why the markets always tread water before NFP print.

Market manipulation and strategies are ancient.   So instead of whining about it, why don't we see more here about how to profit by understanding the behavior of the algo trade bots?  Because today's markets are largely driven by machines, they should be more predictable than markets dominated by humans, eh?

Sat, 05/04/2013 - 08:09 | 3529814 Catequil
Catequil's picture

Frontrunning the algos is possible I think. But.... In the long run you are doomed to a failure for:

A) frontrunners overcrowding

B) HFTs can/will rig the game any way they want in any moment when they find out that frontrunners are extracting too much from them

All in all, in my humble opinion, one better stay aside from algo dominated markets.

Sat, 05/04/2013 - 12:49 | 3530079 malikai
malikai's picture

Far more productive to learn to live in the world we inhabit, particularly regarding things we cannot control.

Fri, 05/03/2013 - 15:52 | 3528238 ITrustMyGut
ITrustMyGut's picture

just... wow... you cant make this shit up!!

 

man.. this is obviously going to end well....errr.... wait

Fri, 05/03/2013 - 16:08 | 3528317 InTheLandOfTheBlind
InTheLandOfTheBlind's picture

it will end well for skynet

Fri, 05/03/2013 - 16:04 | 3528300 fuu
fuu's picture

Must...resist...urge....to...remix...

Fri, 05/03/2013 - 16:07 | 3528311 Temporalist
Temporalist's picture

Pew!  Pew, pew, pew!  Pew, pew!  Pew!  Pew, pew, pew!  Pew!  Pew!

Fri, 05/03/2013 - 16:13 | 3528338 Glass Seagull
Glass Seagull's picture

 

Vhat a tangoed veb ve veev

Fri, 05/03/2013 - 16:15 | 3528347 Ourrulersknowbest
Ourrulersknowbest's picture

Trippy shit indeed.
Your investment may go down as well as up as the terms and conditions say to hapless sheeple.they just don't understand that you can get money fucked in a few milliseconds......

Fri, 05/03/2013 - 16:17 | 3528353 ziggy59
ziggy59's picture

Looks like 3D Pong...

Fri, 05/03/2013 - 16:22 | 3528365 Edward Fiatski
Edward Fiatski's picture

"Three billion human lives ended on August 29th, 2013. The survivors of the nuclear fire called the war Judgment Day. They lived only to face a new nightmare: the war against the machines. The computer which controlled the machines, Skynet, sent two Terminators back through time."

Fri, 05/03/2013 - 16:29 | 3528405 W T F II
W T F II's picture

So, you're bearish..??

Fri, 05/03/2013 - 16:34 | 3528424 Edward Fiatski
Edward Fiatski's picture

I am as hairy as a bear and eat meat.

I may be bear.

Fri, 05/03/2013 - 16:42 | 3528452 W T F II
W T F II's picture

What is your meat of choice..? LAMB..!! Are you sure...?

Fri, 05/03/2013 - 19:06 | 3528880 jimmytorpedo
jimmytorpedo's picture

Lamb is sooo '90's.

We're barbequeing muppet tonight.

Tastes great, less filling.

Thu, 05/16/2013 - 23:41 | 3571779 Ctrl_P
Ctrl_P's picture

Time travelling broken windows...  Uberbullish.

Fri, 05/03/2013 - 19:52 | 3529017 HeavyShadow
HeavyShadow's picture

These algos are becoming aware of our personalities...they are defining us as humans...our text, expression...no need for them to be lame and put an /s or /sarc at the end of a post...they understand what it is and can both mimic us and simulate alone...

For all I know you could be an algorithm primarily programmed to hang out with me in here...interact and relate...

I am lonely these days...i would accept the companionship of an algo...even if layered beneath its interface of friendship it is war-like...

Fri, 05/03/2013 - 16:29 | 3528398 W T F II
W T F II's picture

The Grucci Family Actually Runs The Market...Who Knew...?

My second more mesmerized reaction was: "Ooo, AHHhh, WOah, WOW, KOOool, did you see that one, Honey...? Good thing we got here early...DId you bring the bug spray...?? OOOOoo, wow, look at THAT one, woah......"

Fri, 05/03/2013 - 16:40 | 3528444 Sokhmate
Sokhmate's picture

This is some incredible slow mo. Erotic.

Fri, 05/03/2013 - 16:44 | 3528454 W T F II
W T F II's picture

"I Have Seen Liquidity And It Is ME"...!!!

Fri, 05/03/2013 - 17:02 | 3528518 mercenaryomics
mercenaryomics's picture

It's wonderful such technology exists, only unfortunate that it's ending up in finance.... 

Sat, 05/04/2013 - 19:07 | 3530641 RebelDevil
RebelDevil's picture

HFT is perfect for stimulation, but horrible for actually trading.
It makes a few profit majorly at the expense of market stability.

Some are working on making HFT algos for bitcoin. Spread the word, no matter how alluring it may be for profit, it will fuck up the market!

Fri, 05/03/2013 - 17:41 | 3528572 Aurora Ex Machina
Aurora Ex Machina's picture

Notice the simularities?

That last link is a real corker ~ some great images of bacterial growths on the related piece on chaos theory. I couldn't find the animation I was looking for from the EU neural modeling project though, sadly. I'd also be very interested to see it compared to data transfer in large networks; the main difference seems to be that there's a flat hierarchy between all the exchanges, and interconnectivity is equal (i.e. every "launch site" has equal connections to each other, and each "launch" has to touch each site). This "flatness" seems to be the main interesting thing here (and it's the cause of so much of the spam). Actually, watching it closely, there's clearly a hierarchy at work: three of the exchanges rarely send them.

I'd love to see the frequency / total bursts sent indicated in the video; does bandwidth / speed determine how many bursts an exchange can send? (logically: yes) Or are the "silent" ones merely secondary / tertiary exchanges without much trading on them? (again, logically, yes) Does the frequency of pulses translate into differing algo strategies? (again, logically, yes) Translation please from traders.

 

 

To keep us on an even keel, away from the weird, an interesting story I spotted:

Jeremy was a victim of the process and has been championing the cause ever since.  He now counts 1,200 companies in his group, Bully Banks, out of the 40,000 cases that have been identified so far.

It does not sound like much, but if each case averages £2.5 million compensation, this is a £100 billion exposure and is far bigger than the PPI mis-selling scandal we all know about already...

Mainly because of the Parliamentary investigation, the Financial Services Authority was kicked into action and, on June 29 2012, announced that it had found "serious failings in the sale of IRSAs to small and medium sized businesses and that this has resulted in a severe impact on a large number of these businesses.” 

However, it then left the banks to investigate the cases and work out how to compensate and address them.

The banks response was released on January 31 2013, and it was notable that between the June announcement and bank response in January that the number of cases rose from 28,000 to 40,000.  It was also noteworthy that of those 40,000 cases investigated, over 90% were found to have been mis-sold.  That’s a pretty damning indictment.[source]

Fri, 05/03/2013 - 18:53 | 3528825 Radical Marijuana
Radical Marijuana's picture

I liked that link to "the" simularities.

However, these fractal references are problematic, since being inside of social storms is still relatively terrifying to the flesh and blood that I still tend to identify with as "me." Global electronic fiat money frauds, backed by atomic bombs, IS a market broken beyond repair. ... However, I am still totally dependent upon that market for food and shelter, etc..

As the article quoting Seth Klarman said today:

For if you must rescue everything, then ultimately you will be able to rescue nothing.

As in the story you quoted, "it then left the banks to investigate the cases and work out how to compensate and address them." However, nobody inside these systems is able to do anything about themselves fractalizing the hell out of everything. Since the entire financial system is BASED on runaway triumphant fraud, at its foundation, all of the technology ends up being applied to get better at automating that fraud. Meanwhile, that continues to cruise on an automatic pilot of a political system paid off to defend that runaway fraud, not minimize it. The systems of the police and military are also dependent upon being paid to do what they do, which is provide the threat of force required to back up the financial frauds, which spirals around and around, and goes dendritic or fractal, through every aspect of our whole civilization.

From a sublime point of view, that may be interesting, and even beautiful. BUT, up close and personal, as someone with a flesh and blood body, inside of this runaway system of force backed frauds, building up their potential to blow through powerful social storms, or political earthquakes and tusnamis, I WORRY, as this article suggests, that it appears nothing is going to done to prevent HFT developing to the point where the entire market is going to be flash crashing itself.

For those with flesh and blood bodies, who need food and shelter, upon which they must depend for that market to function, the ways that they are being reduced to insignificance by runaway systems of electronic frauds, backed by atomic bombs, is only not as terrifying as it should be, because we can not fully imagine nor comprehend those processes. But nevertheless, bit by bit, all the poorer people are being made irrelevant, and too insignificant for the market to care about, and that appears to be on the path towards making all human beings become irrelevant to the video game world of HFT and drones, etc. ... It is horribly fascinating to watch us spiral down the drain of markets which are broken beyond repair!

Fri, 05/03/2013 - 18:58 | 3528860 Aurora Ex Machina
Aurora Ex Machina's picture

The link I provided is further proof of SMEs being eaten by predatory lending / mis-selling practises. 40,000 cases in a country the size of the UK is not a small issue.

 

You might get a kick out of this:

Ageing is a result of gradual and overall functional deteriorations across the body; however, it is unknown whether an individual tissue primarily works to mediate the ageing progress and control lifespan. Here we show that the hypothalamus is important for the development of whole-body ageing in mice, and that the underlying basis involves hypothalamic immunity mediated by I?B kinase-? (IKK-?), nuclear factor ?B (NF-?B) and related microglia–neuron immune crosstalk. Several interventional models were developed showing that ageing retardation and lifespan extension are achieved in mice by preventing ageing-related hypothalamic or brain IKK-? and NF-?B activation. Mechanistic studies further revealed that IKK-? and NF-?B inhibit gonadotropin-releasing hormone (GnRH) to mediate ageing-related hypothalamic GnRH decline, and GnRH treatment amends ageing-impaired neurogenesis and decelerates ageing. In conclusion, the hypothalamus has a programmatic role in ageing development via immune–neuroendocrine integration, and immune inhibition or GnRH restoration in the hypothalamus/brain represent two potential strategies for optimizing lifespan and combating ageing-related health problems. [source]

 

Keanu Reeves is immortal. Go spot the other ones!

Fri, 05/03/2013 - 19:17 | 3528918 Radical Marijuana
Radical Marijuana's picture

I feel like a very small one of the SMEs being eaten by predatory lending.

Since the overwhelming majority of other people continue to act like Zombie Sheeple, who are being fleeced and set up to be slaughtered, everything I have done for several decades to try to resist that has ended up getting me stuck in the rut of useless and futile political actions to attempt to prevent that from happening. From a practical point of view, I am now even worse off than the other Zombie Sheeple who never bothered to wake up to what was happening around them, regarding the monetary and taxation systems becoming an INSANE RUNAWAY FRAUD.

Although I had already noticed that news story about the biological controls regarding age in mice, like all the rest of that kind of biomedical technology, or information about permaculture, or any other theoretically interesting information about almost anything, it has no practical significance to someone whose primary activities for several decades have been focused on the political world, wherein runaway triumphant systems of huge lies, backed by lots of violence, are the way things operate. ... I am too far lost down my own little tunnel to be able to see any of the bigger archetypes, such as seem to reappear in sacred stories, or in the superficial versions of the faces of movie stars, etc. ...

Like I said, I have become fascinated by reading information like what appears on Zero Hedge, because, from a theoretical point of view, it is extremely important what is actually controlling the markets that I have to go to, in order to have food and shelter. However, apart from some solace to be found in contemplating the beautiful abstract patterns, there is nothing else worthwhile to be found, so far, in learning anything about how INSANE RUNAWAY FRAUD has totally taken over those markets, to the point where those who study them recognize that they ARE broken beyond repair!

Fri, 05/03/2013 - 21:53 | 3529295 Aurora Ex Machina
Aurora Ex Machina's picture

From a practical point of view, I am now even worse off than the other Zombie Sheeple who never bothered to wake up to what was happening around them, regarding the monetary and taxation systems becoming an INSANE RUNAWAY FRAUD.

Do a GREP on my comments; around New Years Eve I laid it out how the year was going to go. It's a comment with a link to Animal Farm, Leon and another reference I can't remember anymore; the bottom line was that the market will go up until it can't anymore; you may interpret that how you like. If you went all in on the Stocks (and not solely APPL), you'd probably be laughing by now. $1 trillion QE isn't going anywhere but Corp. pockets, and even if you're merely catching the coat tails of the trade, it's an obvious one.

Have I personally made millions off this? No. I'm currently neutral, that's not my role.

Have I personally had fun this year and run away with the fairies? No. I'm currently neutral, that's not my role.

Have I personally developed this year at all? No. I'm currently neutral, that's not my role.

"Let the monkeys sort it out" was the deal. In the trenches where the irony is of course the doctored footage (note when the tear disappears) and futility of an african american expressing themselves in the current music business (this might be a non-too subtle metaphor for Detroit and so forth; or, bluntly put: why the fuck do you think Rap Artists are using "Illuminati" symbols all the time?). Meh, things used to be a lot more simple.

...everything I have done for several decades to try to resist that has ended up getting me stuck in the rut of useless and futile political actions to attempt to prevent that from happening.

The people who fought the good fight (even radically, such as the ELF) all got burnt and V&'d. The SMEs got gobbled (personally, I'm probably one of the lucky ones of those: six years of fight and then a truce with cash, with a little drama involved), those who didn't capitulate ended up suiciding or pressured to destruction. It's been a sublime campaign.

 

And it's not if you weren't warned.

 

p.s.

If you think the markets being broken is a bug, not a feature, you need to wise up. Nochnoy Dozor ~ the Russians are nothing but sanguine about this.

Fri, 05/03/2013 - 17:34 | 3528607 SWCroaker
SWCroaker's picture

Hmmm.  Recently listened to Mike Maloney talking about his gold investing strategy.  In short, he does *very* long ratio trades; has determined he's happy with making one or two calls a decade, putting the money to work, and then waiting for the ratio to cycle back and tell him is time to sell.   He's currently waiting for Dow/Gold to get much closer to 1:1.

If you can get over the concept of *not* being in and out at every whipstich, his approach might just be one of the few viable ones capable of outlasting this kind of bot frenzy.

Fri, 05/03/2013 - 17:36 | 3528612 SpanishGoop
SpanishGoop's picture

Who won ? Purple ?

 

Fri, 05/03/2013 - 18:13 | 3528692 Aurora Ex Machina
Aurora Ex Machina's picture

2:37 SW turquoise snipes purple and gets the bid. The remainder is just pings. (Note: I may be applying a narrative made up in my head: but something certainly happens @ 2:37 that silences purple people eater, and therefore every other exchange).

 

You might have just watched the lesser purple people eater algo being taken by it's natural predator, the turquoise tickler.

Who. The. Fuck. Knows.

Thu, 05/16/2013 - 23:48 | 3571789 Ctrl_P
Ctrl_P's picture

And the red gets stuck holding the loss.

Fri, 05/03/2013 - 18:29 | 3528756 Massholio
Massholio's picture

The purple is GS or JPM?

Sat, 05/04/2013 - 09:24 | 3529857 d edwards
d edwards's picture

Looks like a cluster f---!

Reminds me of the old Space Invaders game.

All this in milliseconds-what could POSSIBLY go wrong?

Mon, 05/06/2013 - 13:06 | 3534546 Shizzmoney
Shizzmoney's picture

The 401Ks have to crash.  Things don't change until then because the stubborn baby boomers refuse to give in, and still think "hard work+savings = american dream".

Raping the person next to you is the new American Dream.  Ask Jaime Dimon.

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