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All Trading Halted On NYSE, White House Monitoring Outage, Software "Glitch" Blamed
*NYSE SUSPENDS TRADING IN ALL SECURITIES
(1 of 3) The issue we are experiencing is an internal technical issue and is not the result of a cyber breach.
— NYSE (@NYSE) July 8, 2015
* * *
The New York Times, citing floor trades, said new software to blame...
The market outage has stretched to two hours. Official say a cyber-attack is not to blame.
"Trader on the floor of the exchange in lower Manhattan, who spoke on the condition of anonymity, said that after the suspension began, traders were told that the problem was related to updated software that was rolled out before markets opened on Wednesday.
According to the trader, the exchange said that the new software caused problems soon after trading began on Wednesday and the exchange decided to shut down trading all together to fix the problem."
* * *
(1 of 2) We’re experiencing a technical issue that we’re working to resolve as quickly as possible.
— NYSE (@NYSE) July 8, 2015
(2 of 2) We're doing our utmost to produce a swift resolution & will be providing further updates as soon as we can.
— NYSE (@NYSE) July 8, 2015
11:32:57 - trades from NYSE drop sharply, sputter a few minutes, then nothing. Each dot a NYSE trade pic.twitter.com/QmJl8Y2b91
— Eric Scott Hunsader (@nanexllc) July 8, 2015
As Art Cashin noted - "it's been a bumpy day... with technical issues even before the open"
It started badly...
As this chart shows, the NYSE started out low at 9:30. At 10:45 things went down hill: pic.twitter.com/qLnk1TduDJ
— Eric Scott Hunsader (@nanexllc) July 8, 2015
And CNBC was stunned...
Rather hilariously, CNBC just could not comprehend this "broken market"... which happens multiple times a week...
- *NASDAQ HAS DECLARED SELF-HELP AGAINST THE NYSE AMEX
- *NASDAQ HAS DECLARED SELF-HELP AGAINST THE NYSE
- *NYSE EXPERIENCING `TECHNICAL ISSUE': SPOKESWOMAN
- *NYSE: ALL OPEN ORDERS WILL BE CANCELLED
And asked "what should the retail trader at home do?"
NYSE suspends all trading. .... And no one noticed
— Eddie Morra_ZH (@convert_trader) July 8, 2015
Prophetically, we wrote about precisely this one year ago when we documented the hilarious case of "social-network" stock CYNK. This is what we said then:
For all the drama and comedy surrounding the epic idiocy in which a bunch of "investors" took the price of non-existent company CYNK from essentially zero to a market cap of over $5 billion in under a week, most people missed the key message here: the stock is a harbinger of what is happening to the entire market. Because while those defending what is clear irrational exuberance, scratch that, irrational idiocy are quick to point out that CYNK's epic surge took place on less than 0.1% of its outstanding shares, these are the same people to say precisely the opposite about the S&P 500. "Ignore the collapsing volumes sending the stock market to all time high - it's perfectly normal" is an often repeated refrain by the permabullish crowd. Just not when it involves case studies in market insanity like CYNK apparently.
Perhaps ironically, it was the concurrent most recent crisis in Europe, that involving Portugal's cryptic Espirito Santo group, whose top-most HoldCo is largely shrouded in secrecy yet which somehow is not a deterrent to the sellside community to issue one after another "all is clear; don't pull your deposits please" note, that confirmed not only that nobody has any idea what the real situation of European banks is, but how the entire capital market has now become nothing more than one glorified CYNK penny-stock turning into a mid-cap.
Deutsche Bank's Jim Reid explains: "Whatever one feels about financials and the wider financial system, credit markets did arguably get a small glimpse of what things will be like when this cycle does actually end as the structurally impaired liquidity that exists in credit caused a small amount of panic yesterday morning before markets recovered in the European afternoon session. Liquidity is really poor in credit these days which doesn't matter when markets are in buy only mode as they have been for many quarters now, but it does matter on the days when you get a negative story."
In other words, just like the CEO of CYNK who promptly "made" a few billion in paper profits, it feels great to "make" money on virtually no volume. The problem arises when one tries to cash out of paper and into all too real profits.
* * *
And this happened...
* * *
The White House and the U.S. Treasury Department are monitoring the "ongoing issue" at the New York Stock Exchange and President Barack Obama has been briefed on the matter, a White House official said on Wednesday.
The NYSE Group, which includes the New York Stock Exchange, has suspended trading in all securities because of technical difficulties.
* * *
Which ironic because CNBC is discussing whether this is "a success or failure" and states that "if retail investors want low cost liquid trading then they have to learn to live with this."
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Internal technical issue my ass.
Turn those machines back on...
Sorry had to be said.
The Plunge Protection Team has arrived......
I've officially scared myself. I've been checking SSE charts for the last week and posting premonitions....see my ZH comments....and within 48 hours they have all come true. Massive selling of US Treasuries is the only one that hasn't happened yet. Am I the reason that ZH had a 'glitch' this morning?
OF COURSE IT'S CHINA. Do your own research, and 'don't be no fool' when .GOV tells you not to worry.
It's China.
http://map.norsecorp.com/
The more they come out and say, "IT'S NOT A HACK!!!" The more I believe that it is.
No worries marketeers
Yellen just churtled her flabbing gizzard in the fed minutes.
They should just give her the whole Turkey suit thing.
There is a 1,6 quadrillion dollaro derivatives bomb ready to blow off! And that is going to be such a show let me tell you. Never in the history of this planet bubbles' something as big as that particular bubble has formed. No wonder banksters are jumping off the sinking ship and fleeing the crime scene digging themseves in the bunkers underground! ehehehehehe
The Dow was down 175 points (about 1%) around the time of the halt.
"Glitch"?
Nope.
I think the NYSE has become self aware.
Yes and it commited suicide rather than continuing to go on living a lie.
Self terminated that is.
Love all of the (mostly italian) Wall St tough guys on CNBC, BLOOMBERG who come on to talk about this, "This is just a nuisance. We can still trade. 'Fiction' is not 'Fact'."
methinks they are worried
Good, hopefully this is the beginning of the end of this inflated stock market system and the "nefarious" debt-based money system upon which it is based.
My guess is Chinese and European investors were cashing out to cover losses in other markets. I'm betting the system has a built in off switch for when the sell orders reach a certain volume so that the people who "Guide" our "Free Market" with their great wisdom can have time to decide what to do. Only they really don't know what to do. Welcome to the Hotel California......but you can never leave.
"President Barack Obama has been briefed on the matter"
Do they seriously call the president every time someone unplugs something or trips over a cat5 cable? Even if this really is just a trivial issue, saying the president has been briefed is a great way to induce fear and panic.
"White House Monitoring Outage"
Is it up yet?
How about now?
Any progress?
Now?
BOYS AND GIRLS. PAY ATTENTION.
Didn't we study 'dress rehearsals' last week?
Smacker, tell everybody what a dress rehearsal is.
BOYS AND GIRLS. PAY ATTENTION.
Didn't we study 'dress rehearsals' last week?
Smacker, tell everybody what a dress rehearsal is.
BOYS AND GIRLS. PAY ATTENTION.
Didn't we study 'dress rehearsals' last week?
Smacker, tell everybody what a dress rehearsal is.
If you don't like the NYSE computers, I give you the comments program at ZH. Let Tyler delete the superfluous comments. I've got better things to do.
BOYS AND GIRLS. PAY ATTENTION.
Didn't we study 'dress rehearsals' last week?
Smacker, tell everybody what a dress rehearsal is.
This is/was a "Dress Rehearsal"
Temps are rising all over the world. Global Warming has nothing to do with it. Dollar has maybe 2 months to live. More to follow...
Where do we send flowers?
I'm going to the ATM and pulling some cash out. Not that there's much in there.....
let's bet it will stay close for few days?
PS with some background selling for chosen ones
This is a disaster for the institutions.
We're just breaking the 200dma on the SPX. All of that MA volume is GONE. So all of those sellers completely miss out on the expected 200dma volume that they would expect to be there. When NYSE resumes, that volume won't be there.
This has to be insanely frustrating for institutions who were trying to distribute.
Pre-emptive Flash Crash Initiative
Indian Software upgrades are cheap.
NYSE pays the price.
A "tech" problem always seems a convenient way to pull the plug when the market gets volatile... China and Greece are not imaginary, so I cannot see how this "glitch" is not related...
http://investmentwatchblog.com/china-heading-towards-1929-market-crash-p...
OK, maybe just a conspiracy theory, but could it be NYSE shut down until Central Banks and PPTs could plug the holes in view of Greece and China, and the sudden swirl of debt fiascos? Of course, have to cover up and distract from the real problem by having seeming unrelated glitches of WSJ and United.
I wonder if any other "distractions" have been teed up to distract and provide cover the next time the exchanges have to be halted?
I am that skeptical/cynical.
Europe is dying.
china, WSJ United NYSE are all distractions
Europe is dying.
china, WSJ United NYSE are all distractions
Oh, don't worry. The market has no intention of crashing before the military junta takes over.
PPT ready
NYSE reopening 2:45-3:00pm
Wait til the NYSE reopens. Now that SPX is sub-200dma there's a volume vaccuum. They're going to be forced to distribute into NOTHING.
"That is to say, this is the direct result of a cyber breach."
Captain - Just in time for the 3pm ramp.
Real Question: When does the other shoe drop?
When do you folks see the HOUSING CRASH commencing? All that Asian Money is going to be pulled back from the West Coast but how long does that take to track back into real price declines?
After equities dive. Housing not as liquid.
Perfect time to wear a favorite ThinkGeek.com tshirt:
"I dont often test my code, but when I do, I do it in Production."
Call UpVote("ZenBlaster")
Private Function UpVote(ZHUser as String) as String
Return("+1")
End Function
Obama has been briefed. I feel mo betta now.
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.
source:
http://www.sec.gov/investor/alerts/circuitbreakersbulletin.htm
Fidelity is still allowing log-ins. Everything is fine.
Get it up and Bang that close, the broken markets can't take much more of this... Must restore confidence.
The 'dress rehearsal' is over and here are the NSA's first recomendations:
BON APPETIT
Pres. Ass Crack is monitoring the situation... I feel so much better now.
I seem to recall a warning about building your house on sand.
Simple explanation: They have been working on an upgrade to allow frontrunners far more powerful algos so they can reap billions more in churning prior to executing client orders, but they forgot about the leap second last week added to the clocks. They have worked on the program for months, and just installed it last night, it also gave the Fed direct access to the NYSE for stock manipulation and price setting for their insider trading bankster friends. But because these guys are blinded by money they are not very scientific about anything else. They forgot about or never knew about the leap second. LOL. I am certain though that any losses from today's outage will be bailed out with your money and mine. As always.
No one saw this coming
They just halted trading so the 1% of the 1% could exit the market before the FOMC annouces the a 25 basis point increase in the discount rate.
Using the link provided by @crisrose for Norsecorp.com, I did some checking. I'm familiar with the data centers in St. Louis and Seattle, but why so many attacks from China on Kirksville, MO? Per the DOD Federal Data Center Consolidation Initiative, there is now a DMDC (Defense Manpower Data Center) in Kirksville that contains the duty status of all US servicemembers. Personally, I'm a veteran (not active), but as a subject of the OPM data hack, all of my security clearance details are now in Chinese hands.
My point is this: if you are on active duty and hold a TS, SCI, or higher clearance for matters concerning China, please raise you own personal security level and inform your family of this development.
I see that the internet kill switch is working. Don't overthink this folks.
Ham Radio license Tech, General and Extra licenses: hot off the press
Elecraft KX3 High Frequency Radio, 100 watt KPA amplifier: check
Yaesu Handheld VHF and UHF Transceiver: check
Pars End Fed, Buddipole, dipole antenna: check
Winlink2000 connection and Dragon P4-7800 Modem: check
Call me an old fuddy duddy, but cell phone and internet shutdown can be but a click away ( at NSA whim.)
A four plus hour outage is more than a "glitch".
I have an alternative theory that the outage was not at the NYSE at all but at the Fed stock buying/fruad desk. The Grecko-Chinese meltdown required so much stock price manipulation from the Fed that their computers did a BSOD and thus the exchange had to halt or we would be down 4000 by now.
Is the US ambassador to the NYSE still OK?
Sell-side orders closed until market calmed down.
Can't have massive selling. Have to close market and blame it on a glitch.
12-20-12 ICE buys NYSE http://www.cnbc.com/id/100330589
ICE: https://en.wikipedia.org/wiki/Intercontinental_Exchange
http://www.thestreet.com/story/13212297/1/intercontinentalexchange-group...
LOL
12-20-12 ICE buys NYSE http://www.cnbc.com/id/100330589
ICE: https://en.wikipedia.org/wiki/Intercontinental_Exchange
http://www.thestreet.com/story/13212297/1/intercontinentalexchange-group...
LOL
Sorry I posted 2X. I got locked out of ZH when I tried to post.
Last week I told my wife to move everything to UST from SPX. She thinks I am a financial genious. I wanted to get ahead of start of Jade Helm.
-- Someone on /r/Bitcoin commenting on this news.
I talked to my friend today, one whom I've been tying to explain, assets In the system, and out of the system, taught him some inflation, delation also, early am at nyse it was 1970's inflation assets, "stocks", mid morning nyse, it was 1929 deflation, no cash out of system.