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A Reminder On Market-Wide Circuit Breakers: A 7%+ Market Drop Is Needed To Halt Trading

Tyler Durden's picture




 

As a quick reminder, the old marketwide circuit-breaker system where a drop of over 2,400 points in the DJIA was needed to close the market after 2 pm no longer exists. Instead, the SEC revised its market-wide circuit breakers as follows...

Revised Market-Wide Circuit Breakers - The securities and futures exchanges have procedures for coordinated cross-market trading halts if a severe market price decline reaches levels that may exhaust market liquidity. These procedures, known as market-wide circuit breakers, may halt trading temporarily or, under extreme circumstances, close the markets before the normal close of the trading session.

 

Under the revised rules approved by the SEC, market-wide circuit breakers will provide for cross-market trading halts during a severe market decline as measured by a single-day decrease in the S&P 500 Index. A cross-market trading halt can be triggered at three circuit breaker thresholds—7% (Level 1), 13% (Level 2), and 20% (Level 3). These triggers are set by the markets at point levels that are calculated daily based on the prior day’s closing price of the S&P 500 Index.

 

A market decline that triggers a Level 1 or Level 2 circuit breaker before 3:25 p.m. will halt market-wide trading for 15 minutes, while a similar market decline “at or after” 3:25 p.m. will not halt market-wide trading. A market decline that triggers a Level 3 circuit breaker, at any time during the trading day, will halt market-wide trading for the remainder of the trading day.

 

These revisions to the market-wide circuit breakers will be implemented on February 4, 2013. Until then, market-wide circuit breakers will continue to operate under the old market-wide circuit breaker rules which use: circuit breaker thresholds of 10% (Level 1), 20% (Level 2), and 30% (Level 3); and the Dow Jones Industrial Average as the reference index to measure daily market declines.

We only note the above as the market suddenly seems very intent on sending Bernanke a loud message: Untaper now, or the wealth effect gets it.

 

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Thu, 06/20/2013 - 15:09 | 3676167 Kreditanstalt
Kreditanstalt's picture

Why are there never "circuit breakers" when stocks are RISING?  (Or does that mean "wealth is being created"?)

Thu, 06/20/2013 - 15:10 | 3676168 redpill
redpill's picture

Bring out the deer!

Thu, 06/20/2013 - 15:15 | 3676196 12ToothAssassin
12ToothAssassin's picture

Mr Market has spoken and it has a loud voice.

Thu, 06/20/2013 - 15:21 | 3676241 Racer
Racer's picture

'market'??? No, it is the junkies screaming for their fix

Thu, 06/20/2013 - 15:22 | 3676245 Fleecer
Fleecer's picture

thinking Thurs is not the new Tues anymore.

 

Thu, 06/20/2013 - 15:23 | 3676247 Pladizow
Pladizow's picture

So 7% per day, how many days does that give the market?

Thu, 06/20/2013 - 15:25 | 3676259 clones2
clones2's picture

Man.... I just never saw this coming...

Thu, 06/20/2013 - 15:26 | 3676277 12ToothAssassin
12ToothAssassin's picture

Pladizow: 7% loss per day (relative to the day before) could go on nearly forever...

Thu, 06/20/2013 - 15:35 | 3676352 Ratscam
Ratscam's picture

ask for the Bilderberg memos

Thu, 06/20/2013 - 15:43 | 3676408 Ying-Yang
Ying-Yang's picture

Yes Ratscam.. the devil is in the details.. chuckle

Thu, 06/20/2013 - 15:52 | 3676428 TruthInSunshine
TruthInSunshine's picture

So did The Bernank say that the uber important equity index levels (that create a wealth affect as digits on paper statements increase - which somehow translates into any kind of real, lasting wealth?) were one of his official thresholds, along with those of maximizing (fake) employment and zeee price stability?

The Bernank As Interviewed By a Real Amateur of a Journalist

Bernanke In His Own, Idiotic Words

Thu, 06/20/2013 - 15:41 | 3676360 James_Cole
James_Cole's picture

OT: 

On Michael Hastings car crash:

Sorry for the thread hijack, but did anyone else see this? I just read this and it's so absurd I can't believe it. I'm not a big conspiracy theorist, but I've driven this stretch a million times and unless he had a heart attack while driving this seems impossible:

http://www.youtube.com/watch?feature=player_embedded&v=3LSY3wVuASg#at=39

http://nymag.com/daily/intelligencer/2013/06/michael-hastings-fbi-wikile...

http://maps.google.ca/maps?q=melrose+and+north+highland&rlz=1C1CHFA_enCA...

Thu, 06/20/2013 - 15:42 | 3676403 seek
seek's picture

I posted the same late yesterday. This is a much bigger story than the thin coverage would indicate.

Given that they're willing to off journalists with pretty weak cover, what's hidden and about to come out must be huge. I'm starting to believe Tice's claims that they're using domestic phone intercepts to blackmail members of congress and the supreme court may very well be true.

Thu, 06/20/2013 - 15:44 | 3676412 Ying-Yang
Ying-Yang's picture

Yeah, I read a few articles on it as well. Looks like murder to me. The car tells the tale.

Thu, 06/20/2013 - 16:20 | 3676608 DeadFred
DeadFred's picture

How long until it's determined to be a suicide, the body is cremated and the car's debris is 'accidentally' sent to the smelter? Of course that's as paranoid as the ZH poster that suggested Seal Team 6 should watch out for accidents after they were credited with taking down Osama. I apologize for the lapse.

Thu, 06/20/2013 - 15:55 | 3676437 James_Cole
James_Cole's picture

 

 

When I read about his death originally I thought it sad that he'd made it through so many war zones only to end up a victim to the 405 or something. And then I read the story today and see the video footage. Noooo way that was a simple car accident. 

First, it would be extraordinarily difficult to hit one of those trees as they're so spread out, second North Highland is basically a straight line for ages at that point so even if you were dead drunk you'd need to have a distraction to slam into a tree, third look at the angle of the car - it's basically perpendicular to the street, makes no sense.

I guess there's the possibility the car suddenly blew up all on it's own while he was pulling a weird manoeuvre, but this set up is very very odd. 

 

 

Thu, 06/20/2013 - 16:17 | 3676587 robertocarlos
robertocarlos's picture

I'm not an accident expert but why are the motor and transmission 50 yards behind the tree he wound up rested against. That is a nasty scene. And somehow the Miller Lite bottle on the grass is not broken.

Thu, 06/20/2013 - 16:40 | 3676721 James_Cole
James_Cole's picture

If nothing else, definitely pokes a hole in the idea that those Mercedes C class are super safe.

This story also comes after the possibility of TWA 800 being reopened as an 'external explosion' investigation. 

Conspiracy theorists are having a good couple weeks. 

Thu, 06/20/2013 - 16:43 | 3676738 Ignatius
Ignatius's picture

I think it's called conspiracy fatigue and I feel it coming on.

Thu, 06/20/2013 - 18:44 | 3677144 Bay of Pigs
Bay of Pigs's picture

Don't worry James, at some point you'll catch up with the rest of us on the "conspiracy theories".

This place is full of intelligent and well read people. Sane, sober and serious as a heart attack too. You would do well to keep an open mind around here.

Thu, 06/20/2013 - 20:19 | 3677366 James_Cole
James_Cole's picture

I am open-minded to persuasive arguments, just dont see pms the same way a lot of other folks here do (and get a lot of grief over it).

Thu, 06/20/2013 - 16:19 | 3676599 Ignatius
Ignatius's picture

Forget that it "sounded like an explosion", NIST will soon issue a report that this was a classic example of a car experiencing 'total progressive collapse' and ejecting its engine and transmission 50-60 yards down the street.

Did we mention that Hastings just happened to piss off some powerful people?

Thu, 06/20/2013 - 16:33 | 3676690 WillyGroper
WillyGroper's picture

Do you suppose his passport survived the inferno?

Thu, 06/20/2013 - 18:31 | 3677095 MarsInScorpio
MarsInScorpio's picture

seek

 

You wrote, "I'm starting to believe Tice's claims that they're using domestic phone intercepts to blackmail members of congress and the supreme court may very well be true."

 

Of course it's true - don't be naive. What do think the NSA is all about?

 

You read ZH and don't underestand these people play for keeps????

 

There's a lot of money on the table for the Military-Industrial-Orwellian Complex . . .

-30-

Thu, 06/20/2013 - 17:38 | 3676942 Overfed
Overfed's picture

Drone-strike or TOW missile? Garden-variety car-bomb? Hmmmmm.....

Thu, 06/20/2013 - 16:49 | 3676760 Bobportlandor
Bobportlandor's picture

Forever = 23 days from 15,000

Thu, 06/20/2013 - 15:23 | 3676252 Hippocratic Oaf
Hippocratic Oaf's picture

Lies-man and money honey and pisani ask........

 

'so, you buy this dip'?

 

idiots

Thu, 06/20/2013 - 15:53 | 3676458 SheepDog-One
SheepDog-One's picture

They can go ahead and buy all they like, I wouldn't touch any of this garbage ever again myself.

Thu, 06/20/2013 - 16:23 | 3676628 DeadFred
DeadFred's picture

If you forgot to buy the dip don't worry, there is pretty more dip to come.

Thu, 06/20/2013 - 15:14 | 3676193 malikai
malikai's picture

It won't be meaning that on Zero-Day. Whenever that may arrive.

Thu, 06/20/2013 - 20:55 | 3677453 Buck Johnson
Buck Johnson's picture

"Untaper now, or the wealth effect gets it".  I totally agree with this, and that is why the taper effect will continue.

Thu, 06/20/2013 - 15:09 | 3676170 buzzsaw99
buzzsaw99's picture

It looks so real, almost like what a free market would do.

I can't believe it's not butter!

Thu, 06/20/2013 - 15:10 | 3676174 redpill
redpill's picture

Don't worry, the PPT will make sure the close still gets banged.

Thu, 06/20/2013 - 15:21 | 3676244 Al Huxley
Al Huxley's picture

If by 'banged' you mean fucked, then sure.

Thu, 06/20/2013 - 15:27 | 3676278 Unprepared
Unprepared's picture

"butter" will come handy in this case.

Thu, 06/20/2013 - 15:10 | 3676172 Dareconomics
Dareconomics's picture

Imagine if he called an end to QE rather than a slowdown:

http://dareconomics.wordpress.com/2013/06/20/around-the-globe-06-20-2013/

Thu, 06/20/2013 - 15:28 | 3676291 insanelysane
insanelysane's picture

Exactly.  The ships settings are:

Buy All

Buy Moar

Buy Some

Don't Buy

Sell Some

Sell Moar

Sell All

 

Imagine when they start selling....

Thu, 06/20/2013 - 15:49 | 3676435 Divine Wind
Divine Wind's picture

 

 

Brilliant.

I would like to see William Banzai take a crack at designing just such a panel.

Thu, 06/20/2013 - 15:55 | 3676469 SheepDog-One
SheepDog-One's picture

They imagine someone is out there to buy what they've bought over the last 5 years? I just don't see it. 

They can't sell, everyones broke.

Thu, 06/20/2013 - 15:11 | 3676175 Cugel
Cugel's picture

Bring out that goddamn deer Tyler.

Oh, have I been waiting for it.

Thu, 06/20/2013 - 15:45 | 3676420 camaro68ss
camaro68ss's picture

when was there two deer in two days?

Thu, 06/20/2013 - 15:46 | 3676422 Ying-Yang
Ying-Yang's picture

If no deer then bring back the Brazillian Grannies

Thu, 06/20/2013 - 15:12 | 3676180 ekm
ekm's picture

Anybody knows whether POMO occurred today at all?

Thu, 06/20/2013 - 15:19 | 3676229 reload
reload's picture

Nothing settled today - but there was an `operation date` today 20th june for $2.75-$3.5 billion. That settles tomorrow.

Thu, 06/20/2013 - 15:21 | 3676240 ekm
ekm's picture

Thx a lot

Thu, 06/20/2013 - 15:24 | 3676255 kito
kito's picture

Poor Old Market Optimists............................

Thu, 06/20/2013 - 15:12 | 3676182 azengrcat
azengrcat's picture

Haha where is the SLVr breaker?

Thu, 06/20/2013 - 15:15 | 3676201 Being Free
Being Free's picture

GLD and SLV halt after market declies of 120%.

Thu, 06/20/2013 - 15:17 | 3676212 dobermangang
dobermangang's picture

Silver is not doing well.  SLW is down over 10%.

Thu, 06/20/2013 - 15:19 | 3676223 xxxxx
xxxxx's picture

Now JPM is long they will probably take the Goldbugs out to the shed for a good shitkicking first. Then come in and scoop up the goodies.

Thu, 06/20/2013 - 15:27 | 3676283 Al Huxley
Al Huxley's picture

Just think, those genius hedge funds who are so heavily short now are kicking the shit out of the bullion banks IN THEIR OWN BACK YARD!  Wow, think of the killing they're making at the expense of the banks with these short positions they're carrying, right in the zone where the bullion banks make all the rules and own the regulatory bodies.  It's amazing!! At this rate, JPM's going to go broke by getting long exposure to gold!  Especially in today's global environment!  Man, I'm so glad to finally see those fucking bullion banks getting stuffed, I didn't think they'd ever get fucked over in the gold market and then they go and do something stupid like going net long right into the jaws of a fucking GLD meltdown!  Why at $75/day, can't they see that gold's going to be at 0 by the end of July?  Ha Ha, Fuck You Dimon, Choke on your gold longs, and bow to your hedge fund masters!!!!!

Thu, 06/20/2013 - 15:35 | 3676327 xxxxx
xxxxx's picture

I second that fuck him to hell.

BUT the shorts will be fucked JPM owns the market and will give them enough rope to hang themselves.

Thu, 06/20/2013 - 15:56 | 3676473 Al Huxley
Al Huxley's picture

Yeah, the post above was my sarcastic way of making that same point.

Thu, 06/20/2013 - 16:33 | 3676694 DeadFred
DeadFred's picture

JPM is after the miners. They are the primary lender to all the mining companies. Many miners have expenses greater than the paper price and have reduced their short positions to capitalize on the bull market. How long until the loans are called in?

Thu, 06/20/2013 - 17:09 | 3676847 xxxxx
xxxxx's picture

Yeah I got that after reading your post.

Thu, 06/20/2013 - 16:54 | 3676793 WillyGroper
WillyGroper's picture

I 3rd that.
Fuck him to hell with a rusty farm implement.

Thu, 06/20/2013 - 15:28 | 3676284 Chaffinch
Chaffinch's picture

Nymex report out early today (TFIF) - nothing much moved out yesterday - but nice to see a trickle of Gold, Silver, Platinum and Palladium leaving the vaults.

Even Copper went out the door!

http://www.cmegroup.com/trading/energy/nymex-delivery-notices.html

Thu, 06/20/2013 - 15:15 | 3676197 Yen Cross
Thu, 06/20/2013 - 15:15 | 3676199 1C3-N1N3
1C3-N1N3's picture

Daddy, give me money or I'll jump off a fucking building!

Thu, 06/20/2013 - 15:15 | 3676202 xxxxx
xxxxx's picture

A big thump down tomorrow would give the sheeple something to think about over the weekend. Then Monday a run for the door.

Thu, 06/20/2013 - 15:17 | 3676219 dobermangang
dobermangang's picture

If you're gonna panic, it's best to panic first.

Thu, 06/20/2013 - 15:17 | 3676214 Dr. No
Dr. No's picture

I added a few of those "what the hell" sell orders on some puts.  basically fishing for a flash crash to execute.  Stranger things have happened....

Thu, 06/20/2013 - 15:21 | 3676225 thismarketisrigged
thismarketisrigged's picture

these circuit breakers are fucking criminal.

 

let the fucking markets run its course. its a fucking gambling den, nothing more. if someone wants to risk there money on either side of the trade and risk losing there shirt, let it be. that is what the market is. if u cant fucking handle it, dont be in it.

 

there should be no caps on losses or gains. whatever it is, it should be. no one is forcing any of these fucking wall st fucking banker douchebags to be involved in this.

 

fortunately, or unfortunately for us, it looks like the market will not be anywhere near down 7 plus percent today.

 

however, its really pathetic how weak this market is. no action was taken yet in qe, and just on words, the market tanks.

 

imagine whats going to happen when the talk becomes action.

Thu, 06/20/2013 - 18:17 | 3677080 DeadFred
DeadFred's picture

Circuit breakers are a bear's best friend. If they shut things down after 7% down for 15 minutes during a flash crash the algos can't automatically buy everything back in 10 seconds or so. Fifeteen minutes is so long in nanoseconds that the machines will forget they were supposed to buy the dip and they'll start selling again.

My biggest question is what happens when the futures are down 7% overnight? First trade pops the circuits? They don't open until the futures get their act together and buy the dip? I believe we'll find out soon.

Thu, 06/20/2013 - 15:19 | 3676226 max2205
max2205's picture

Beers on me if it does....today

Thu, 06/20/2013 - 15:20 | 3676237 highcapacity
highcapacity's picture

Bernanke wheels come off ........

 

http://www.youtube.com/watch?v=zy7hFXTfjiU

Thu, 06/20/2013 - 15:22 | 3676243 Clowns on Acid
Clowns on Acid's picture

Maybe Obama will come out in support of Bernanke now.

Bernanke was puzzled but Obama will be muzzled.

Thu, 06/20/2013 - 15:23 | 3676246 Tsar Pointless
Tsar Pointless's picture

One thing I have noticed over the past several years, is that when we do have a day that is well in the red, the financial web sites have a difficult time displaying updates when the red gets redder.

I wonder why...

Thu, 06/20/2013 - 16:10 | 3676532 Clycntct
Clycntct's picture

Red shift Defect.

Thu, 06/20/2013 - 15:23 | 3676254 JLee2027
JLee2027's picture

Liesman on CNBC with a boner:

"Companies have perhaps the best balance sheets in the history of capitalism. A rise in interest rates would be...inconsequential".

LOLOLOLOLOLOLOLOLOLOL

Thu, 06/20/2013 - 15:35 | 3676347 CrashisOptimistic
CrashisOptimistic's picture

The balance sheets have cash.  Lots of cash . . . in transit.

The other side has short term borrowing at 0%, which they rollover at the end of the term.  That's where the cash came from.

The balance sheets that don't have cash spent it buying their own shares to adjust downward the denominator in Earnings / Share.  This makes for "earnings growth", you see.

But the ugly fly in the ointment is that when rates rise, that rollover event at the end of maturities starts to drain cash from the company.  From EARNINGS.

And that is the story of "solid balance sheets".

Thu, 06/20/2013 - 15:36 | 3676365 Al Huxley
Al Huxley's picture

Who's dick did he have to take out of his mouth to say that?  What a fuckhead, 'inconsequential'.  Yeah, lets see what the Fed's balance sheet looks like, lets see what the interest expense on the debt looks like.

Thu, 06/20/2013 - 15:41 | 3676397 Ms. Erable
Ms. Erable's picture

Balance sheets always look great when you fire employees to mask declining sales. Holding multiply-rehypothecated paper helps, too.

Thu, 06/20/2013 - 15:49 | 3676438 RSloane
RSloane's picture

Liesman is amoral and repugnant. He doesn't care what happens to anyone except for Bernanke and Obama. For those two he will lie, deceive, obfuscate, and fellate on national television to preserve whatever glittery positive illusions about them that he imagines exist. He and CNBC pass him off as an economist but he is nothing more than a reporter. A reporter who lies.

Thu, 06/20/2013 - 15:24 | 3676265 debtor of last ...
debtor of last resort's picture

So when running out of the casino all together, there's the guy with the taser and pepperspray pushing you to the ladies room, telling you it's raining outside. Ok. Check please!

Thu, 06/20/2013 - 15:26 | 3676270 Unprepared
Unprepared's picture

I know I will get junked for this, but right now and for the foreseeable near future, gold & silver's price actions (at least the paper G&S) are irrelevant and do not provide any indication of what is going on or could be going on. They would are either easily and highly manipulated or the first to be liquidated and in both cases, they do not provide much information of how soon the "big purge" may come. As many have said, the bleedout will continue until all paper G&S are crashed in $ terms but not offered.

 

The cracks would be more easily visible and reliable in the things that the Fed pretends it controls the most.

Thu, 06/20/2013 - 16:32 | 3676686 RockyRacoon
Thu, 06/20/2013 - 15:28 | 3676293 Caracalla
Caracalla's picture

Just BTFD!  Right?

Thu, 06/20/2013 - 15:28 | 3676296 fijisailor
fijisailor's picture

Hmm.  More confidence in FRNs today than GLD and SLV.  Who could have guessed?

Thu, 06/20/2013 - 15:30 | 3676311 dracos_ghost
dracos_ghost's picture

A 7% correction market drop is needed to halt trading

Well, let's get to it people. Sell that stanky whore, sell it to hell.

Any bets on a miraculous ramp into 1600 by the close. (cough cough PPT, cough cough)

Thu, 06/20/2013 - 15:30 | 3676313 Xibalba
Xibalba's picture

No breakers for metals!  

Thu, 06/20/2013 - 15:43 | 3676411 Tsar Pointless
Tsar Pointless's picture

You noticed that too, huh?

Thu, 06/20/2013 - 15:34 | 3676343 inevitablecollapse
inevitablecollapse's picture

anything that can be used for lubricant may prove of value

Thu, 06/20/2013 - 15:37 | 3676371 Hannibal
Hannibal's picture

Has anyone jumped yet?

Thu, 06/20/2013 - 15:53 | 3676455 Divine Wind
Divine Wind's picture

 

 

Really!

Is there a Jump Cam somewhere in Manhattan?

Thu, 06/20/2013 - 20:22 | 3677379 auric1234
auric1234's picture

Best bottom indicator. I'll buy when there's blood on Wall Street!

 

Thu, 06/20/2013 - 15:38 | 3676376 texas sandman
texas sandman's picture

Poor Maria sounds (listening to cnbs on Sirius.  I know, I need a life) like someone put Clorox in her douche bottle.  If she's not able to claim we close "off the lows" a double dose of midol may be in order.

Thu, 06/20/2013 - 15:48 | 3676433 Quinvarius
Quinvarius's picture

Sadly, in her mind you had to be in stocks.  So today she has been destroyed for ignoring Peter Schiff.

Thu, 06/20/2013 - 16:09 | 3676525 geotrader
geotrader's picture

Even more sadly is that she believes all the junk they tell the muppets daily.

Thu, 06/20/2013 - 16:01 | 3676491 astoriajoe
astoriajoe's picture

ahh, dare to dream.

Thu, 06/20/2013 - 16:07 | 3676518 geotrader
geotrader's picture

<quote>Untaper now, or the wealth effect gets it.</quote>

 

My "wealth effect" will be effected very nicely.  Mr. O I'm counting on you to continue destroying everything in sight.  

Thu, 06/20/2013 - 16:26 | 3676650 q99x2
q99x2's picture

As long as it only goes down 7% per day it will never hit 0.

Thu, 06/20/2013 - 16:33 | 3676696 Tombstone
Tombstone's picture

You can't short circuit Benny...the shorts will pile in, the lemmings will charge, and all the super-brains on CNBC will look like Einsteins.  

Thu, 06/20/2013 - 16:43 | 3676737 notadouche
notadouche's picture

This morning right before the open I couldn't access my account because "server for this website could not be found".  Never saw that before.  The times when there was substanstial downside movement in the market I mysteriously can't login to my investment accounts until about an hour or so after the the shit hits the fan.  Luckily I had been sitting mostly out missing a 1000 points on the upside but was somehow fine with that so it wasn't like I needed to do something in a knee jerk reaction but it's disconcerting to be blocked from my money and it doesn't feel like a coincidence but a strategic plan.  I wondered if anyone else had trouble this morning.

Thu, 06/20/2013 - 17:10 | 3676851 Carnegie_IB
Carnegie_IB's picture

let me suggest better data sources. 

truth is stranger than fiction. 

https://signalbar.wordpress.com/2013/04/16/historical-and-real-time-data/

 

Thu, 06/20/2013 - 21:18 | 3677522 espirit
espirit's picture

let me suggest to get the fuck out.

It's not a level playing field no matter how smart you think you are.

Thu, 06/20/2013 - 17:13 | 3676863 xxxxx
xxxxx's picture

Not today

BUT yes it has happened to me. The server came back online after the carnage was over.

Thu, 06/20/2013 - 18:25 | 3677099 DeadFred
DeadFred's picture

A so far undisclosed activity of the NSA internet team. It's all to protect the children.

Thu, 06/20/2013 - 18:38 | 3677128 kurt
kurt's picture

 Makes you kinda feel like a douche.

Thu, 06/20/2013 - 17:08 | 3676842 Carnegie_IB
Carnegie_IB's picture

i will speculate that circuit breakers are being prepared for adjustment at this time. 

so does the market become a CFA if it passes all three levels? 

Thu, 06/20/2013 - 17:58 | 3677027 goldinpenguin
goldinpenguin's picture

Ben Shalom will do whatever it takes to prevent a meltdown until after he leaves in 1/14 so the meltdown can be blamed on his successor, there is no exit strategy possible for the end of QE, the Fed is holding a hand grenade and they can't let go!

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