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Today's WTF Moment Of The Day At 1550ET
We noted previously the comedic melt-up in stocks in the last few minutes of the day but away from the simple-to-see shenanigans in VIX and the major equity indices, Nanex shows a massive number of stocks experienced a stunning coordinated WTF moment at 1550ET... unrigged?
Not enough riggedness in the major indices...?
Take a look under the covers... (via Nanex)
On Friday, June 27, 2014 at 15:50:00 - 143 stocks suddenly moved at least 2% (with some exceeding 10%) in just a few seconds. There were 678 stocks that moved 1/2 of a percent or more. This explosion of trading activity dwarfed even the closing seconds of the day, when the annual Russell Reconstitution process occurred (changing of symbols in the Russell Indexes). In the one second at 15:50:00, approximately 400 stocks had NBBOs (National Best Bid/Offer) that were crossed (best bid price greater than best ask price) and more than 1000 stocks had NBBOs that were locked (best bid price equals best ask price).
1. Each line represents one of 678 stocks that moved 0.5% or more.
The noticeable green line is the price track of the stock of MannKind Corp (symbol MNKD) which had a significant (unrelated) news event.
2. Same chart as above, but color coded by reporting exchange.
Note the many green lines after 16:00 when the market closes. These are dark pool trades which were reported late.
3. Each line represents one of the 143 Stocks that moved 2% or more in a few seconds at 15:50:00. Value scale shows percent change from 15:50:00.
4. Zooming in closer (27 seconds) we can see there were several waves of explosive activity.
5. Chart shows about 5 seconds of time.
* * *
Did someone make a dark pool angry?
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I heard that Kim Kardashian might go to see a movie tonight.......
Gonna take two cars to fit that fat ass into...
Kardasshian ;)
what happened to the previous post?
Good question. Looks like it went down the memory hole.
Behold, free market capitalism from the nation considered "leader of the free world".
What a joke.
The folks at 1000 Colonial Farm RD. are getting sloppy with how they ramp in their algos. Hubris kills.
those algo-bots know how to fuckin' party! Gonna have a helluva hangover tomorrow though
Christ. The big conspiracy was a rebalancing of the Russell indexes. Everybody but Zerohedge knew that volume would scream in the last ten minutes of trade.
Is somebody about to be sued?
But it's Friday!
Can't spoil the weekend with a bad close!
Make it green baby! Green! And they have other people's money to do it with!
End of the quarter Widow Dressing. Otherwise known as Funds manipulating the stocks they "own" up to close out the quarter as "winners."
Maybe the NY AG needs to look further at how the "free market" works.
Nope.....IRS took care of it.............
Memory hole, brother, down the hole of misery.
Looks around. (don't let them know you are freaking out)
While it's understandable that our hosts don't want this site to become known as Kooksville, they should trust this community to ridicule the outlandish when necessary.
It was the best of seconds, it was the worst of seconds.
Really fucking sad to see America having become such a shell of a nation.
Dark pools don't like to be touched there. Hysterical hissyfits soon to be the norm in these stable sigma 6 markets.
A couple centuries of importing people who think freedom means free to live off other people because 'we' are all a big ant colony will do that.
Very desperate CB's, very desperate politicians. All their calm sounding words are negated by their frantic actions.
I believe they are frantic and trying hard not to let it show. For anybody out there who is helping them, if you decide you want to flee the sinking ship don't let them suspect, just suddenly disappear. That is unless you want to see the inside of Gitmo.
Goodness knows she can never star in a movie.....
Have you been to the movies lately. I don't think acting skill is a requirement.
Just along the same line or vein of the Kim Kardashian nonsense, here's something to really be interested in....
Shock: EPA Employees Asked to Stop Defecating In Office Hallwayshttp://www.shtfplan.com/headline-news/shock-epa-employees-asked-to-stop-...
The fake CIA/extra vacation guy has real CEO potential...brilliant.
Unpossible!
do randroids dream of electric sheep?
love you nanex!
what if ayn rand was an android?....then a mindless self-obsessed machine would be the ubermensch!...
oh holy Fallopian dystopia, we are doomed.
Ruh-roh Shaggy!
R.I.P. Casey Kasam - voice of Shaggy.
("randroids" made me think of Scoob)
well if you expect this boat to sail, you gotta rig it.
In the stock market we DIS-trust.
Algo rhythms, mothafuckas!
In a dark pool is where I'd like to throw these fuckers.
Reptilians will crawl right back...
Drop enough piranhas in and they won't...
Yellen knows, Yellen supports and is why Yellen says the financial assets seem to be within fair market value ranges and no bubbles exist because the Fed can support this price action FOREVER!
Can a computer have a nervous breakdown?
Silver butt raped to close out week. Good thing that PMs are the only unrigged market.
That was just an inappropriate fondle compared to what they've done in the past.
I noticed that too...it was obvious, but nothing too violent. More like a perv peeping tom type smack down, but not a full on butt rape. But it was obvious that they were never going to let silver finish the week above 21. No...fucking...way.
Let's see if they release the monkeys Sunday night/Monday morning, or on Tuesday like back to their regularly scheduled programming, and give us another sweet BTFD opportunity.
I'm waiting with my dry powder ready to pull the trigger whenever they do. ;-)
Keep your powder dry and your stacks high, bitchez!!!
Have a great weekend all. Another week in the books and another week closer to whatever the hell is gonna happen sometime soon.
+10
The monkeys will be released Sunday night.
Is it really impossible to track down who is doing this? Each of those trades has a winner and a loser, right? Someone is keeping an accurate score and shifting digits in and out of certain bank accounts.
WHO THE FUCK IS PLAYING GAMES?
WHERE THE FUCK IS THE SEC?
WHERE THE FUCK IS THE SEC?
busy issuing orders to the pools to buy, apparently.
Jerking off to tranny porn. That's where!
Do you really think it's the .gov pulling the strings Seek?
I can't figure it out. I fear the gov and the corps are so comingled at this point that all laws are suspended as long as the circus opens the tent flaps tomorrow.
The SEC is doing its job, which is to create the illusion of fair markets. They do that by prosecuting minor cases around the fringes which helps maintain the illusion that they are "on the case."
If they investigated something this big, the illusion would be shattered.
Therefore, it is not its job to investigate activity like this.
QED.
Tell me there is a tipping point where even they realize the corruption has gone too far, and as citizens of this country, decide to do what is right and moral.
You read 1984?
Boot on the face of humanity, forever...
The proles never wake. The question is, will those who are awake actually do something or are they content with two minutes of hate?
Yep, if they have their way they'll rewrite history declaring how the bankers saved the world.
The majority of people will not go to the streets even if you drag them. They don't have much to lose, so why should they be angry? They are just completely indifferent (thanks to their fast internet connection).
Blunted.
Yep. Had the pleasure of being questioned in one of those small fry SEC cases.
"When did you know this company was being sold?"
"Well before I even started working here and my mom warned me that the company was being shopped around. But I took the job anyway because I figured it would be good experience."
Nope, all the hard drives crashed at 16:01 with all data lost except for credit card and mortgage balances due to them.
100 razor blade nicks then throw those cunts into a dark pool of piranha
Looks like a wonderful weekend , to go into holding as much paper as you can.
/sarc.
One of these weekends, will be the one, that changes everything !!
I hope it doesn't take another 300 weekends.
Yea cause we don't have that many.
I take it those colors should mean something to me? Did USA just win more soccer?
I just can't understand how we got paired with Belgium seeing that we have a branch of the Federal Reserve located there; isn't is a US colony or something? Maybe the 58th state...
I prefer, "Today's LMFAO Moment Of The Day At 1550ET."
Run "2 & 20" Run to catch that last minute yield. It's not like there isn't one MOAR trading day left in the quarter. (/sarc)
i prefer this theory. painting the tape for the end of Q2 2014 bonuses. it will probably resume monday until about 30 minutes to the close when it will slump slightly. god i'm cynical.
Good on ya buzz.
It looks like... like.... art.
Quick, throw more virgin collateral into the server farm.
High speed fair values.
Neo: Whoa. Déjà vu.
[Everyone freezes right in their tracks]
Trinity: What did you just say?
Neo: Nothing. Just had a little déjà vu.
Trinity: What did you see?
Cypher: What happened?
Neo: A black cat went past us, and then another that looked just like it.
Trinity: How much like it? Was it the same cat?
Neo: It might have been. I'm not sure.
Morpheus: Switch! Apoc!
Neo: What is it?
Trinity: A déjà vu is usually a glitch in the Matrix. It happens when they change something.
Diversification of sovereign 'wealth' from 5 to 15%. And counting. No one wants to be in currencies.
"Random Walk" my ass; Peter Lynch owes me a refund.
Sorry! -Accidentally plugged the Roland usb to ethernet adapter port directly into my router again!
http://www.youtube.com/watch?v=8fvTxv46ano
http://www.youtube.com/watch?v=KJRaKhURMEA
http://www.youtube.com/watch?v=JImcvtJzIK8
George is dead. Call me back.
Somewhere, over the rainbow, skies will fall.
Was this the Federal Reserve hitting the buy button on everything???
The markets are not rigged, they are merly co-ordinated.
A term like "rigged" implies collusion whereas co-ordinated simply means dependant or resultant on the actions of another.
Toe May To - To Mah Toe
To be fair this was not unexpected, a lot of blogs had warned that the market was likely to do this today on the rebalancing
Question is, were those the stocks involved in the rebalance?
So, it looks like a huge number of trades were programmed to execute in the final minutes of trading, probably because the institutional Big Boys wanted to reposition themselves before the weekend. All these trades were no doubt conditional upon other factors obtaining throughout the trading day, but what those factors were is unknown to us. At that point the HFTs were employed to optimize block sizes and bid-ask spreads, and the algos started haggling with one another. The rapid price swings then triggered other trades (puts, calls, stop losses, etc.) to execute, which were conditional upon market moves. Thus we see the pop up in activity during the final minutes/seconds, and the periodic nature of the trades.
But my question is, can we really call this rigging?
There is a "macro-rigging" of the market going on by means of QE, interest rates, sovereign bond buying, and financial repression; but this trading activity could only qualify as a type of "micro-rigging," if indeed rigging it is, and I'm not sure it's so easy to push the markets around that way. It certainly doesn't seem like straight dealing, either. There is an undenominated residuum of nefariousness in all this. But it seems like we have entered territory where it's not always possible to tell the difference between rigged markets and every trader optimizing their execution.
I would put the matter in slightly different terms. I would say that traders have simply devoured the market rather than rigged it. There is no market anymore because of the impossibility of price discovery, but the price is impossible to discover precisely because nobody is holding the stock, not because the market is "rigged." The marginal buyer who is supposed to determine the price of the asset (the Greater Fool, the Bag-holder, or whatever you want to call him) has vacated the market long ago. The algos are trading based on the assumption of a fictional bag-holder who no longer really exists.
Thus we are in a new kind of quasi-market, the metaphor for which might be "the hot potato jugglers market." Keep everything up in the air but get rid of it as soon as possible. Because the final bag-holder can't be found at these prices, there is nothing to do but hope for another bubble while you plan your own personal exit strategy.
However, contrary to popular belief, even the Fed can't blow bubbles forever. These hot potatos are destined to come down with a thud, but you've got to admire their ingenuity in keeping the game going as long as they have. Finance guys really have an impossible job these days, hunting for yield in a deflationary world. I'm not saying I have any sympathy for the bastards, I'm just saying I admire the adroitness with which the deed was done. They are in the last fight of their lives. Once deleveraging kicks in for real, most of the finacial sector will simply wither away and die. You would need a 2/3 reduction in asset values before you found someone willing to "buy and hold," and after a correction like that the world will be an entirely different place.
+1 Well put. We need to reminded that nobody really holds this stuff long term anymore - price discovery is at best a temporary phenomenon because you would never really know when or if it occurred. Only that a plethora of trades conotes a value area where 97% of trade occurred that day. Price is really just a short term marker. Hardly representative of true value or an equilibrium. Add in that the market is essentially priced and paid for by minted money......price discovery probably doesn't exist. Nice piece man. Makes you think. Have a great weekend.
Tyler,
Just wanted to say thank you for breaking down the acronyms. For an economic lay, I appreciate the explanations as I'm trying to learn as fast as I can.
Invest in Spaghetti!
Pronto!
This ain't no play in the sandbox war we are facing. It's a 911 3 times a day war. That's what's coming
It will take many , many 757s to take down one large skyscraper - maybe a hundred- unless the terrorists wire them with thermate charges
Umm Russell 2000 rebalance today. Sometimes a cigar is just a smoke.
don't confuse them with the facts
squash PMs
Those are pretty charts. Looks like the HFT boys are incorporating fractals into their code.
I'm sure the Black-Scholes model can somehow explain it.
Dry run for next sheeple raping
Why The Fuck are this still going on after five or six years?
Who The fuck is going to stop it?
Where The Fuck is the outrage?
WTFWTFWTFWTF
The 1550 and 143 cent question is which stocks in particular got levitated and who profited on said levitation.
Lot's of tough gals.
Here's a good tune ? Pink Floyd - Another Brick In The Wall (HQ) - YouTube
When you free your elves""? ? Ringing of the Division Bell - Pink Floyd - YouTube
those charts are why nanex makes 6 figures a day trading.
no? just chart porn?
Of course....NOTHING from the cunts at cnBULLSHITc-----
No...this is not "news"....oh no...that would expose the cunts on air for the shills and scum they truly are....that, and bewbies and bustlines.....smiling douches....
oh no....not....some hard news....just....more stawk puke....
fuckers....
Luv your work B/B? Always have.
Jon Corzine will investigate this and report back next Friday ..... anything else?
Do any financial 'news' publications (forget the NYTimes or WPost ...'their guy' is running the show ...White House, IRS, DOJ, EPA, ......... can't very well piss on him regularly you know ....would be bad form; ValJar might sick David Axlerod on them)) or even The Economist report any of this ......."what is obvious to all who try to make a living in this sector know..."?
Just askin'
Jon Corzine for Treasury Secretary. And Thad Cochran for Mr BiPartisan Senator ....
Look at HCT. 26M traded right on the close vs. 4M average. Same thing (10M) happened last Friday close. Sum Tin Wong.
I deeply appreciate the intellect of the magnificent minds of Z/H.
Do you ever stop to think about the psychology that makes you detest any move in a market that doesn't reflect yours? We're in a sovereign debt crisis and capital is shifting after decades of particular trends.
The stocks are a free market, so if someone wants to buy 10 mins before friday's close then let them hold the bag. If something cracked over the weekend and we fell 20% over a few months that's their risk.
that's the point. it isn't "their" risk. they grape the people daily with this charade and it won't be "their" asshole that is sore in the end.
Free market? Surely you jest!!
Trivial to stop. Just a a random number of seconds to the time stamp of each transaction and then process in timestamp order.
Did you forget CLUB DEAL? SunGard Data Systems, a financial technology business, ... SunGard deal 2nd-largest leveraged buyout
QuickFIX/J - Open Source Java FIX Enginehttp://sourceforge.net/p/quickfixj/news/
You cannot complain when you don't fight for transparency. You cannot have the FED in asset markets or GSE asset repurchase and expect results different than this.
USA USA USA
the tbtf still working, quarterly bonuses, and daily commissions until there is no market.
It's just the Fed pumping the money supposedly held in reserve being deployed to paint the daily charts. There going to let silver stay over $20 because they've run out of people dumb enough to actually sell real silver at those silly teens prices. But they'll try to bring the shoe down hard at $26, and every round number in between.
Russell rebalanced their indexes that day, so there were a lot of position cahanges that needed to happen at the closing price. Nasdaq releases the On Close imbalances at 3:50pm EST. When those come out, everyone reacts. This is normal behavior.
Plenty of rigging in the markets, but this isn't one of them.