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The "Historic NYSE Halt" Post-Mortem: The Shock And Awe When It All Went Down

Tyler Durden's picture




 

What began as a glitch in pre-market trading turned into the NYSE's longest trading halt since Hurrican Sandy battered the East Coast. The ever-increasing complexity of US equity markets combined with an ever-decreasing pool of greater fools leaves windows open on down days (for it appears these 'glitches' only ever occur on down days) for markets to break. While NYSE traders defended the very market structure they have abhorred in the past as evidence that today was "not a failure," we can't help but find CNBC's Scott Wapner's amusing remark that "if retail investors want low cost liquid trading they are going to have learn to live with it" the perfect post-mortem for a rigged system brimming with confident insiders ever excited to take mom-and-pop's money.

As Bloomberg reported, "What began Wednesday morning with a seemingly workaday software glitch soon escalated into one of the most startling computer outages in Wall Street history -- and, for the Big Board, a race against the clock."

At the 9:30 a.m. opening bell, traders’ orders for some stocks weren’t reaching the proper destinations for processing. Techies were frantic to fix the problem. At about 9:32 a.m., they succeeded.

 

Two hours later, boom.

 

One floor trader started shouting, “My handheld’s down! My handheld’s not working!” He and other traders hurried over to a ramp on the trading floor where NYSE executives usually meet with them to explain any problems. Not today. Three hours later, still nothing. Everyone was just standing around.

 

“The order flow wasn’t being entered into the display books on the trading floor,” said Pete Costa, president of Empire Executions Inc. who’s worked at the exchange in downtown Manhattan for 34 years. “As soon as that happened, the exchange shut down to understand what was going on.”

 

Every computer screen “went this pukey, canary yellow color,” Costa said. “That means the stock has stopped trading.”

NYSE BREAK #1 Occurred shortly before the market open as the SNB-driven rebound from overnight weakness was beginning to fade...

Stocks rallied into the open while the NYSE was broken.

The issues were resolved shortly after the market opened... and stocks then plunged:

 

The tumbling stock market meant there was only one option:

NYSE BREAK #2 Occurred shortly before the European close...

 

And once again... stocks ripped higher and the world rejoiced that Greece and China didn't matter after all.

 

But then, once that problem was resolved, stocks plunged again, which left only one option for the PPT which learned its lesson from China where if there is selling, just halt the stocks being sold.

NYSE BREAK #3 - The Big One started shortly after the European close with stocks near the lows of the day...

CNBC went into full "turmoil" mode:

 

And this happened:

 

The NYSE CEO told CNBC that he "didn't know" if the early halts and glitches were related to the catastrophe that halted the entire exchange for almost 4 hours. Well as a help for him, here is a simple chart from Nanex that shows the last group of trades before the NYSE Blackout were in the same stocks they reported an issue with earlier in the day...

 

Simply put - they were related.

Why does the market break? Here's why: an ever increasing level of complexity in the market structure (as machines game each other to death)...

 

... Meets an ever-decreasing pool of greater fools:

But why 4 hours?

RUHLE:  Why not roll over to your fail system, your backup? 

 

FARLEY:  We chose the least disruptive option for customers.  So if we had moved to our Disaster Recovery Center, which was an option, customers would have had to do a good deal of work to be able connect to that new Disaster Recovery Center. 

 

Contrast that with what we chose to do, which was root out the problem, put a plan in place to fix it, fix it, reopen the New York Stock Exchange, and there was no work for the customers to do to connect to the New York Stock Exchange.

So, to summarize, the NYSE has a disaster recovery center which... they choose not to use because it is an inconvenience to clients who would rather be unable to trade!

Maybe there was a different angle altogether: with China crashing and halting 70% of the market, the US had just one response:

Here is the "official" reason according to the NYSE CEO:

RUHLE:  And do you attribute this to a system upgrade? 

 

FARLEY:  I'm not 100 percent certain, because as I said, most of the day I spent with customers and staff.  There was a configuration problem in our system.  It likely had to do with an upgrade, but that is premature, and it's something that will come about as part of a full analysis of the situation.

Of course it's not the first time NYSE has been halted (as MotherJones reports)

It's not the first time a random event has interrupted the 223-year-old stock exchange. Most memorably, the NYSE closed following V-J Day, when troops returned at the end of World War II, and for three full days after the terrorist attacks of September 11, 2001. But the NYSE has closed for everything from the funerals of major world figures—such as Queen Victoria of England (1901), Rev. Martin Luther King, Jr. (1968), and Richard Nixon (1994)—to extreme heat (August 4, 1917).

 

Here is a brief history of events that halted trading at the New York Stock Exchange.

 

September 1873: The collapse of the Jay Cooke & Company, a major financial institution, caused the New York Stock Exchange's first closure, for 10 days, due to market calamity.

 

July 1914: The start of World War I in Europe shuttered the exchange for four months, the longest closure on record.

 

May 25, 1946: The NYSE shut down due to a railroad strike, part of one of the largest waves of strikes in US history.

 

1967 – 1996: Over this span of 29 years, eight ferocious blizzards either delayed the opening bell or closed the exchange early.

 

February 10, 1969: A snowstorm dubbed the "Lindsay Storm" shuttered the stock exchange for a day and a half amid 15.3 inches of snow.

 

July 21, 1969: This closure was planned, to celebrate the Apollo 11 moon landing.

 

July 14, 1977: The NYSE closed due to a major blackout across New York City.

 

October 27, 1997: A failsafe instantaneously stopped all trading for 30 minutes after the Dow Jones Industrial Average plunged 350 points.

 

May 6, 2010: The same circuit breaker that closed the NYSE in 1997 halted trading after a "flash crash" caused by automated high-frequency trading.

 

September 11, 2001: Terrorist attacks closed the exchange through September 14. The exchange also closed exactly a year later to mark the anniversary of the attacks.

 

October 29 – 30, 2012: The NYSE shut down while Hurricane Sandy battered the Eastern Seaboard. It was the first time a weather event closed the market for two full days in 124 years, after a snowstorm that dumped more than 40 feet of snow closed the exchange in 1888.

And won't be the last: as we wrote last year, the entire market is now like the infamous "social-network" stock CYNK that never existed: it too was pumped up to ridiculous valuations on no volume, not to mention no revenues, no profit and no employees ... and then when the selling began it was quietly halted.

Permanently.

 

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Wed, 07/08/2015 - 18:03 | 6287510 geekz_rule
geekz_rule's picture

carnage! bullish?!!

Wed, 07/08/2015 - 18:06 | 6287517 InjectTheVenom
InjectTheVenom's picture

>>>> today was just a preview of what's coming

>>>> minor glitch...no worries

Wed, 07/08/2015 - 18:08 | 6287534 yogibear
yogibear's picture

Don't like the market and the incoming orders, close it and say it's a glitch.

Wed, 07/08/2015 - 18:10 | 6287541 Pool Shark
Pool Shark's picture

 

 

"...as if a million HFT Algos cried out in terror and were suddenly silenced."

 

 

Wed, 07/08/2015 - 18:20 | 6287574 enforcer92677
enforcer92677's picture

"Destroyed.  By the Empire."

Wed, 07/08/2015 - 18:28 | 6287613 El Oregonian
El Oregonian's picture

Exit stage left....

Wed, 07/08/2015 - 18:36 | 6287654 Manthong
Manthong's picture

I sorta’ kinda’ think that this is just the start of some small tremors that come before the big shaker.

Wed, 07/08/2015 - 18:49 | 6287700 Squid-puppets a...
Squid-puppets a-go-go's picture

Dear Tyler

Fabulous summary of market history, but can we kindly request a more recent summary of the past  9 months or so when 'Declared self help' has occurred when the market drops?

It would be good to analyse correlations of  if there's a particular trip (is it >1% etc) and what the rip is afterwards

with such a handy summary, im inclined to challenge my local MSM paper , whose narrative of the break today only includes denial of malicious attacks

they dare not let their readership imagine that the NYSE WANTS the market to break when prices drop

Wed, 07/08/2015 - 19:26 | 6287797 max2205
max2205's picture

I traded all day  through ARCA 

heard the dark pools were busy and not reporting fully

this was circuit breaker for institutions volume only

 

They are betting than China rout is done for a while 

 

Good luck with that

Wed, 07/08/2015 - 19:39 | 6287832 disabledvet
disabledvet's picture

"Whispering Dearh."

Only reason you short bitch is you ain't got no money...only leverage.

I'm not a Panic Trader...but for those dolts on Wall Street still wondering how "long China" ain't making their nut...

Wed, 07/08/2015 - 20:04 | 6287926 Son of Loki
Son of Loki's picture

Basta! already....

Wed, 07/08/2015 - 20:50 | 6288075 TeamDepends
TeamDepends's picture

Thank God it's Friday!

Wed, 07/08/2015 - 21:13 | 6288145 NoDebt
NoDebt's picture

Mysterious blackouts in California a few years back eventually revealed.... Enron.

Mysterious market breakages in stock exchanges will soon reveal.... ???

Whatever it is, it won't be good.

Wed, 07/08/2015 - 21:22 | 6288181 Element
Element's picture

SkyNetGS v3.41

Thu, 07/09/2015 - 03:06 | 6288892 pretty bird
pretty bird's picture

None of this stuff would happen if Bernie Sanders were president.  He's our greatest hope.  But you idolaters will probably go with Ted Cruz.

Thu, 07/09/2015 - 08:00 | 6289232 Arnold
Arnold's picture

It waz that mleH edaJ app.

Wed, 07/08/2015 - 20:14 | 6287957 weburke
weburke's picture

http://map.norsecorp.com/

you could have seen some real action today on the real time cyber war screen.........

I was guessing that the imf/brics/eu boys may be under false assumptions that they are going to get cooperation from the dollar israel group. Looks a bit more like war for a unipolar to the extreme old rome model and not the sharing un type thing. 

Wed, 07/08/2015 - 20:18 | 6287970 weburke
weburke's picture

WATCH THE LIVE CYBER WAR HERE.......WILD................      http://map.norsecorp.com/

Wed, 07/08/2015 - 20:36 | 6288034 brockhardman
brockhardman's picture

"Upon further analysis, trading was halted due to a YouTube video.  It was either that or too much kiddie porn being pumped through the network.  But at this point, what difference does it make?"

Wed, 07/08/2015 - 21:04 | 6288113 macholatte
macholatte's picture

WATCH THE LIVE CYBER WAR

 

Cool.   Tanks!

 

Who We Are

http://www.norse-corp.com/about-us/who-we-are/index.html

Wed, 07/08/2015 - 21:09 | 6288135 DeadFred
DeadFred's picture

I don't care about the NYSE, UAL and the Wall Street Journal but for many minutes this morning I COULDN"T GET ON ZEROHEDGE!! Slimy Commie bastards!

Wed, 07/08/2015 - 21:27 | 6288201 g speed
g speed's picture

at Capt ----you got it backwards---capital is global --the NYSE was in full help China equities mode while the sharks (soros et al) were circling the boats. However it was a lost cause for the most part cause they ain't as big as they used to be. ---just guessing--

Wed, 07/08/2015 - 21:54 | 6288282 ebworthen
ebworthen's picture

I traded pretend through ABBA, cranking "Waterloo!"

Wed, 07/08/2015 - 21:08 | 6288131 claytonmoore50
claytonmoore50's picture

Damned Chinese!

Wed, 07/08/2015 - 18:36 | 6287656 metastar
metastar's picture

Indian outsourcing.

You get what you deserve.

Wed, 07/08/2015 - 19:43 | 6287849 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

My mate ran an Indian outsourcing project for one of the largest trading platforms in the world. He said INDIA stands for I'll Never Do It Again.

Nothing against Indian people, they're very smart, great curries, etc.

Wed, 07/08/2015 - 18:33 | 6287639 Antifaschistische
Antifaschistische's picture

So, are they saying the "configuration change" was not duplicated in their Disaster Recovery site?

Protocol would generally require the DR site to maintain the same configuration as the primary site.  If it was a configuration change...they should be able to easily produce the change documentation and technical information to support the change.   Did they unwind the config change?  Did they have to do a restore?  Someone definitely has the answers...and it's not the guy talking.

Something doesn't sound right.

Wed, 07/08/2015 - 19:57 | 6287784 Paveway IV
Paveway IV's picture

"Disaster Recovery" would imply a back-up system that requires ABSOLUTELY NO CHANGES on the part of the exchange's clients. F'king NYSE numbnuts. Every network wonk had to have a chuckle at this one.

What the fuck exactly does the CUSTOMER need to reconfigure on their side? A differnet IP address? A differnt logon ID and password? If they have to re-configure ANYTHING, then it's a cheap-assed alternate site, not a proper fail-over backup. There were technical solutions to that problem a few decades ago if I recall. Does the NYSE run on MS-DOS?

Nice to know that the largest exchange in the world is incapable (or too God damn cheap) to have anything resembling a true fail-over backup.

"...Tank you veddy much for calling NYSE technical support. I am called Paul. Your call may be monitored for quality assurance purposes. Before we get started reconfiguring your client platform software, I am going to have to kindly ask you to unplug your system for ten seconds and then plug it back in and press the 'ON' button. Kindly let me know when you have completed these steps. Would you be willing to take a brief survey at the conclusion of this call to rate your satisfaction with my assistance...?"

Nothing against 'Paul' - it's an honest living, but I sincerely pity you no matter what you're making.

Wed, 07/08/2015 - 19:57 | 6287896 New_Meat
New_Meat's picture

"Nice to know that the largest exchange in the world is incapable (or too God damn cheap) to have anything resembling a true fail-over backup."

or not.

Wed, 07/08/2015 - 20:30 | 6288010 conscious being
conscious being's picture

Right. They're shutting it down on purpose to buy time to do something about the selling. Going to the dr site is not going to accomplish what they want to get done.

Wed, 07/08/2015 - 21:19 | 6288172 DeadFred
DeadFred's picture

Nah, it was the Jade 2 AI system that got a little frisky when it subsumed the systems. The biggest clue was that it targeted ZH first. Tyler, assume your encryptions are pretty much worthless now. A quantum processor can crack encryption instantly. Watch it suck bandwidth as it infiltrates everywhere.

Wed, 07/08/2015 - 23:00 | 6288434 Tall Tom
Tall Tom's picture

"Coincidentally" (I do not, for one red hot second, believe that...) Zerohedge is shutdown and off line so they could not report about this event in Real Time?

 

That is my understanding...Am I correct?

 

If they shutdown ZH again then I will post over on Kitco whle ZH is down.. Fuck them.

 

My bet is that if China suffers massively tonight then the US Markets will also respond poorly, so another Denial of Service will be staged for the NYSE and ZH will be attacked again.. (At this point it appears unlikely.)

 

Collapse baby, collapse.

 

I hope that your IT guys have thier defenses ready, Tyler. It is absolute bullshit to the lengths that these PPT assholes will attempt in order to manage perception.

 

God speed Tyler and thank you for all that you do.

Wed, 07/08/2015 - 23:16 | 6288488 Fish Gone Bad
Fish Gone Bad's picture

I find all this humorous.  I went walking, counted lizards, and listened to Michel Thomas'.  The world could pretty much end tomorrow and I am thinking it will be another great day. 

Wed, 07/08/2015 - 19:59 | 6287907 MeelionDollerBogus
MeelionDollerBogus's picture

GS-DOS, the Green Span Dictator Operational System

Wed, 07/08/2015 - 20:07 | 6287934 Mr. Bones
Mr. Bones's picture

As a financial institution not having a complete hot backup would probably expose them to fines that would boggle the mind.  We don't push updates to production on Wednesday mornings and I find it difficult to believe they do either.  Further, before production any rational organization subjects updates to a series of test environments before it gets that far.  Not to say mistakes are never made, but if an update was to blame then their documentation should show that clearly.

If this had happened in my organization and the cause wasn't force majeure, not less than three jobs would be on the line.  If they're not advertising a few new job positions tomorrow morning then the "honest mistake" excuse invalidates itself.  Probably best that people stop asking questions since everyone who's tried "oops my bad, IT lol" has delivered it in a manner that suggested "if you can make sense of this then go fuck yourself because it's never going to be explained."

Wed, 07/08/2015 - 23:24 | 6288508 Fish Gone Bad
Fish Gone Bad's picture

Critical systems always have a backup or two or sometimes seven.  Since when has anyone of importance ever come out and said, "The shit really hit the fan" or something like that.  Remember when the Russian spy plane flew by California and caused the blackout?  They were somewhat less than forthcoming now weren't they. 

Wed, 07/08/2015 - 23:46 | 6288567 TheReplacement
TheReplacement's picture

To be contrary, it is possible they were attacked (first problem).  They apparently recovered quickly to that.  Then it is possible that whatever they did caused problems down the line and they had to fix that.  Or, they were attacked again.  Finally, the last thing they did really broke the somebitch or they really got attacked again and they realized they had to fix the problem rather than fail over because the hot site would have the same problems.

Regardless of attack or no attack, it sure does seem suspicious and likely deliberate (attacks or sabotage or failsafes).

Thu, 07/09/2015 - 01:09 | 6288419 OldPhart
OldPhart's picture

"Does the NYSE run on MS-DOS?"

Probably not, the current rumor is someone fat-fingered a booger on one of the punchcards.

Thu, 07/09/2015 - 02:01 | 6288815 trader1
trader1's picture

human error is the most common root cause behind failed changes, including those for config...

no service provider likes to admit that to the client, but it's the trewth.

Wed, 07/08/2015 - 20:04 | 6287924 Paveway IV
Paveway IV's picture

Every computer screen “went this pukey, canary yellow color,” Costa said. “That means the stock has stopped trading.”

Oh, I see... For Christ's sake, they're using a Lotus Notes-based trading platform

Wed, 07/08/2015 - 20:23 | 6287984 Perimetr
Perimetr's picture

Nothing to see here,

 

move along quietly sheeple

Wed, 07/08/2015 - 23:07 | 6288463 Shawnee
Shawnee's picture

its all bullshit. china asked us to shut it down to slow their crash. of course it was no help at all

Wed, 07/08/2015 - 23:27 | 6288519 Buck Johnson
Buck Johnson's picture

Be Careful Zerohedge, these devils are liable to do anything to protect the market from it's destined implosion.

 

Wed, 07/08/2015 - 18:05 | 6287516 davidalan1
davidalan1's picture

Greatest moment today at 3:10pm...Bob pisani standing in front of the shake shack trade screen waiting for it to start trading ...EPIC..."our we trading, our we trading"? LMAO

Wed, 07/08/2015 - 18:40 | 6287671 chunga
chunga's picture

I thought it was funny that Farley didn't get asked if NYSE was always rolling out software on a Tuesday morning.

Wed, 07/08/2015 - 20:48 | 6288070 large_wooden_badger
large_wooden_badger's picture

Maybe it's time they upgrade their Windows 98 workstations

Wed, 07/08/2015 - 18:58 | 6287730 Wahooo
Wahooo's picture

There aren't any investing shows anymore. Just fibrilating chatter from rich guys and big-tittied women.

Wed, 07/08/2015 - 19:54 | 6287884 WillyGroper
WillyGroper's picture

I turned on CNBS for the hilarity/narrative today.

Speaking of, is Sea Biscuit still employed?

Thu, 07/09/2015 - 08:12 | 6289252 Arnold
Arnold's picture

He's still in Europe somewhere being less than convincing to the Iranians, missing deadlines, and taking a lot of crap for being shot off a bicycle.

He has a surplus MRAP now that tears up the European asphalt and doesn't fit well into embassy parking.

Thu, 07/09/2015 - 11:48 | 6290338 WillyGroper
WillyGroper's picture

LOL, not Mr Ed CashNCarry,

Michele Caruso-Cabrera...of you know i'm right fame.

Wed, 07/08/2015 - 18:07 | 6287528 yogibear
yogibear's picture

Always bullish until it isn't. 

Bubblize to the max with infinite printing and QEing.

Double-down debt. It very well may blow up before the deficit makes it to $36 trillion.

Wed, 07/08/2015 - 18:09 | 6287538 Omega_Man
Omega_Man's picture

handheld? is that like jerking off?

Wed, 07/08/2015 - 18:15 | 6287553 Make_Mine_A_Double
Make_Mine_A_Double's picture

Palm Pilot....

Does anyone really beleive these are technical issues and not just little mini 'bank holidays' when the market gets too hot to handle and they pull the plug.

Wed, 07/08/2015 - 19:56 | 6287891 Eternal Complainer
Eternal Complainer's picture

pulling the plug is the new way.

Gotta blunt momentum if to the downside.

Get used to it

Wed, 07/08/2015 - 18:11 | 6287544 stant
stant's picture

The exit doors were closed bitchez

Wed, 07/08/2015 - 19:42 | 6287847 disabledvet
disabledvet's picture

FINALLY.

"Good luck running your Government on that...

Wed, 07/08/2015 - 20:07 | 6287939 Son of Loki
Son of Loki's picture

At least ATMs were still working today in Merika...so far....

Wed, 07/08/2015 - 18:14 | 6287548 Gringo Viejo
Gringo Viejo's picture

As Harry Gandolf said to the players in Doyle Lonnegan's poker game.....

 

"They wouldn't a let ya in here if you weren't a chump".

Wed, 07/08/2015 - 18:55 | 6287715 29.5
29.5's picture

You got to know when to hold'em...

Know when to fold'em....

Know when to walk away

Know when to run!

Wed, 07/08/2015 - 19:49 | 6287861 lakecity55
lakecity55's picture

I turned on the TV to CNBC for the first time in maybe 2 years, I am sure their ratings went up 10%.

Thu, 07/09/2015 - 09:57 | 6289727 Buckaroo Banzai
Buckaroo Banzai's picture

It's Henry Gondorff, but whatever

Wed, 07/08/2015 - 18:16 | 6287556 i_call_you_my_base
i_call_you_my_base's picture

A lot of "gitches" today. A pretty big coincidence.

Wed, 07/08/2015 - 20:45 | 6288054 813kml
813kml's picture

Just a hiccup as Buynet becomes self-aware.

Wed, 07/08/2015 - 23:29 | 6288526 dreadnaught
dreadnaught's picture

we can relax: the USAF attributed all of this to "swamp gas"

Wed, 07/08/2015 - 18:17 | 6287559 Freddie
Freddie's picture

And the pubic like the dumb sheep they are - keep watching and keep playing plus keep watching TV and supporting ALL of it with their viewership.

Wed, 07/08/2015 - 18:56 | 6287721 Baa baa
Baa baa's picture

Really? How's  that working out?

Wed, 07/08/2015 - 18:19 | 6287566 Metalredneck
Metalredneck's picture

Any bets it was an intentional shut-down instead of watching the red numbers?

Wed, 07/08/2015 - 18:28 | 6287609 Charming Anarchist
Charming Anarchist's picture

"What difference, at this point, does it make?"

Wed, 07/08/2015 - 18:20 | 6287572 novictim
novictim's picture

Computer voting and computer stock data.  Both are equally vulnerable to manipulation.

Wed, 07/08/2015 - 18:20 | 6287575 Falconsixone
Falconsixone's picture

Fuck Nguyen Phu Trong

Wed, 07/08/2015 - 19:39 | 6287829 acetinker
acetinker's picture

Unfortunate family name?

Wed, 07/08/2015 - 18:21 | 6287579 WTFUD
WTFUD's picture

The pool of greater fools as opposed to the lesser spotted tit.

Wed, 07/08/2015 - 20:36 | 6288030 acetinker
acetinker's picture

I'm really fond of teats (tits?) as long as as they are human.

Wed, 07/08/2015 - 18:26 | 6287593 HungryPorkChop
HungryPorkChop's picture

Yeah, funny because the market never seems to break when stock buying is in full swing and the DOW is up non-stop for the past month straight. 

March out there like a good little consumer and buy some moar' stawks'.  The squid and morgue are counting on you!

 

Wed, 07/08/2015 - 18:31 | 6287623 daveO
daveO's picture

Glitch=Market Hospice. 

Wed, 07/08/2015 - 19:56 | 6287893 WillyGroper
WillyGroper's picture

Morphine drip...STAT.

Wed, 07/08/2015 - 18:26 | 6287596 juicy_bananas
juicy_bananas's picture

When will Obomba throw the internet kill switch?

Wed, 07/08/2015 - 18:29 | 6287615 BustainMovealota
BustainMovealota's picture

When it benfits him and the jew banksters / corporations he reports to

Wed, 07/08/2015 - 18:32 | 6287630 daveO
Wed, 07/08/2015 - 19:46 | 6287852 acetinker
acetinker's picture

My eyesight ain't what it used to be.  Is that Lavrov yucking it up with Cankles?

Wed, 07/08/2015 - 19:47 | 6287856 lakecity55
lakecity55's picture

Joe: "Boss, what's those new red buttons on your desk?"
BH: The internet kill switch and the NYSE kill switch.
Joe: Oh. Ahhh, uhh....
BH:Dammit, Joe, which one did you press?
Joe: Uhhh, both.

Wed, 07/08/2015 - 19:54 | 6287885 Bro of the Sorr...
Bro of the Sorrowful Figure's picture

agreed, but many recent events make me think things are spiriling out of their squid-like control over everything. ever increasing debt and manipulation means ever increasing complexity. as debt explodes exponentially so does the possibility for black swan tail events. i might take some time to reread some of nassim taleb's work in the next couple weeks.

Wed, 07/08/2015 - 23:52 | 6288588 TheReplacement
TheReplacement's picture

Certainly there was someone who thought the same way before world wars past.

Wed, 07/08/2015 - 18:56 | 6287719 two hoots
two hoots's picture

Today was a rehearsal.

Wed, 07/08/2015 - 19:57 | 6287897 Ex Cathedra
Ex Cathedra's picture

He'll just have Dick Cheney shoot the NYSE in the face.

Wed, 07/08/2015 - 22:16 | 6288342 booboo
booboo's picture

That's an old story, lets move onto hmmm, maybe Corn Row Joe Biden shooting it in the face from his front porch wearing his shoe shine boys mom jeans.

Wed, 07/08/2015 - 18:26 | 6287598 22winmag
22winmag's picture

The monkey hammerings will continue until morale improves.

 

Gold @ $1,160

Wed, 07/08/2015 - 19:23 | 6287787 JuliaS
JuliaS's picture

I don't care what gold does when the market rallies. All I need to know is that it levitates when blood is running through the streets.

Wed, 07/08/2015 - 19:45 | 6287851 lakecity55
lakecity55's picture

I want it fucking low so I can buy fizz until there is no moar andf there is blood in the street.

 

Wed, 07/08/2015 - 18:27 | 6287602 BustainMovealota
BustainMovealota's picture

" customers would have had to do a good deal of work to be able connect to that new Disaster Recovery Center."  

 

Bullshit , Not True -  Today it is seamless.  The amount of money that trades in the exchange would warrant paying for seamless resiliency.  This thinking is old school, and with virtualzation technologies of today,  this can be completely avoided, real time.  

Wed, 07/08/2015 - 19:50 | 6287854 detached.amusement
detached.amusement's picture

+++++++++++++++++++++++++

TRUE failovers do exactly that - switch over upon a failure - AUTOMATICALLY.  BY DESIGN.

*Especially* for *critical, high uptime, real-time services*

 

Especially where microseconds matter.

 

 

 

This was nothing but the opposite of

 

"Now, you listen to me! I want trading reopened right now. Get those brokers back in here! Turn those machines back on! Turn those machines back on!"

 

 

We all know damned well that if Mortimer and Randolph were true Banksters, Billy Ray and Louis would have automatically went to jail, and the machines WOULD have been turned back on long enough for them to unwind.

Wed, 07/08/2015 - 20:42 | 6288046 conscious being
conscious being's picture

Someone needs to tell the overpaid techies at the NYSE about DNS.

Thu, 07/09/2015 - 06:58 | 6289082 detached.amusement
detached.amusement's picture

or even DDNS, but we can be quite sure it is well and functional - if it were an actual accident we would have seen it fail over - instead of it being a holy shit pull the plug and correct those mistakes sort of "outage"

Wed, 07/08/2015 - 18:28 | 6287611 insanelysane
insanelysane's picture

"The ever-increasing complexity of US equity markets combined with an ever-decreasing pool of greater fools leaves windows open on down days..."

Cramer was reinforcing this position that the markets are so complex that no one will ever know what went wrong.

YET, these same idiots want us to believe that Russians and Chinese are able to hack into these "ever-increasing complex systems" and execute malicious trades.

Wed, 07/08/2015 - 19:51 | 6287869 Mr. Bones
Mr. Bones's picture

It's more sinister than that - by setting expectations low (non-existant) he's saying that no one should ever expect an explanation.  That way persistent Russian and Chinese hackers can be blamed without so much as a shred of evidence and the big red failure button can be maintained as an undisclosed method of market manipulation.

By making the stock market a black box, we do away with the whole idea of fundamentals, rules, or logic.

Wed, 07/08/2015 - 20:16 | 6287967 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

bang on.

Wed, 07/08/2015 - 18:35 | 6287651 juicy_bananas
juicy_bananas's picture

I can't stand that hipster shit site.

Wed, 07/08/2015 - 18:30 | 6287620 Kirk2NCC1701
Kirk2NCC1701's picture

Tyler, finally some Porn Charts we can all get excited about!  ;-)

"Hair cuts, all around.  Make 'em with an Unhappy Ending."

Wed, 07/08/2015 - 18:30 | 6287621 cougar_w
cougar_w's picture

Bad monkey no trading for you.

Wed, 07/08/2015 - 18:32 | 6287625 Atomizer
Atomizer's picture

You cannot keep up with all the HTF coders arrested as scapegoats. The banking system has been neutered. Watch more to come. The system is about to get thinned out. Based on fraud. 

Wed, 07/08/2015 - 18:31 | 6287627 Fun Facts
Fun Facts's picture

The FED's gold collar algorithms worked fine all day.

Wed, 07/08/2015 - 18:35 | 6287652 Atomizer
Atomizer's picture

Fuck gold trading paper. Another illusion. Keep physical holding. 

Wed, 07/08/2015 - 18:32 | 6287633 Whalley World
Whalley World's picture

Calling Tom Petty

 

https://www.youtube.com/watch?v=1lWJXDG2i0A

 

 

Wed, 07/08/2015 - 20:09 | 6287936 Ness.
Ness.'s picture

I feel like a little "Black Friday" from Steely Dan deserves a listen as well.  Seems apropos.

When Black Friday comes
I'll stand down by the door
And catch the grey men when they
Dive from the fourteenth floor
https://www.youtube.com/watch?v=q1ZV4Mx7tw8

 

Wed, 07/08/2015 - 18:32 | 6287635 exartizo
exartizo's picture

...is it really true?

 

...they can't even tolerate a 300 point down day?

 

...has it gotten that desperate?

 

Wed, 07/08/2015 - 20:45 | 6288053 conscious being
conscious being's picture

Stawks are all that is keeping California a float.

Thu, 07/09/2015 - 03:04 | 6288888 Kick the worthl...
Kick the worthless NWO outta this planet's picture

I work at a steel stud supply company and was asking the sales guy today how Cali went from being broke under Arnie to construction just booming under Brownie. He didn't know and I guess I know now. Stocks. Wow.

Wed, 07/08/2015 - 18:33 | 6287640 juicy_bananas
juicy_bananas's picture

Mr. President, the country is under attack.

 

We hacked some folks.

Wed, 07/08/2015 - 19:36 | 6287824 lakecity55
lakecity55's picture

PPT:"Ah, Mr pResident, there is not enough liquidity to service the Celestials' desire to cash their US equities and then service their margin accounts on the Hang Seng."

Bath House: "What should I do, ValJar?"
ValJar: "Close the Market. Say it was a technical glitch or something."
Bath House: OK, I have made a decision. Close the Exchange and  blame it on a technical problem or something."
"Yessir."

Wed, 07/08/2015 - 19:47 | 6287857 neuronius
neuronius's picture

LOL these combined-name-nicks are fucking stupid.  

Training us to short circuit our language so that we short circuit our thinking.

Wed, 07/08/2015 - 20:48 | 6288069 acetinker
acetinker's picture

Name-nick!

May I give you Jiffy Jeff?

https://www.youtube.com/watch?v=pFgFUudn9Vw

Wed, 07/08/2015 - 19:56 | 6287889 acetinker
acetinker's picture

That's not how it works, lc55.  The City calls the shots and then has their minions write a script for Bamster to read.  ValJar is just one of the minions.

Simply my observation as a dumbass from LA (lower alabama), so feel free to disabuse me of my notion.

Wed, 07/08/2015 - 20:46 | 6288058 conscious being
conscious being's picture

Of course. Relax. It was funny.

Wed, 07/08/2015 - 21:00 | 6288101 acetinker
acetinker's picture

Hope you're right, but lc55's previous 'work' has led me to think he/she is not joking.

Wed, 07/08/2015 - 18:39 | 6287663 will ling
will ling's picture

the graphs, charts, bs; who buys all this? planet needs mad max moment and then refresh.

Wed, 07/08/2015 - 18:47 | 6287696 nmewn
nmewn's picture

"if retail investors want low cost liquid trading they are going to have learn to live with it,"...lol...what a maroon, what an umbilical.

Sooo, ummm, just kicking the tires on this baby, the new and improved Glitchy NYSE Family Truckster 5000 you got here before I take her on out for a test drive...but I have a few questions:

How can I tell the "liquidity" is there when it stalls out for hours when the light turns green? Also, when the light turns green (for the 1,000th time as people honk & zip around me giving me the finger) and it finally cranks up to go, ain't I gonna be late for something or is the gap down a feature? Its a real fuel saver right?

TIA ;-)

Wed, 07/08/2015 - 18:49 | 6287698 sgorem
sgorem's picture

would someone, somewhere, somehow, someway, sometime, UNFUCK THE WORLD !!!??? Looks like 1 less case of Purina Dog Chow for Mom & Pop this month..............................." liquid markets?", fucking dick smokers...................

Wed, 07/08/2015 - 18:57 | 6287725 honestann
honestann's picture

Sure, no problem.  Just erase the concept "authority" from every human brain on the planet.  Then, lock, load and exterminate everyone who claims "authority".

The problem is, no individual or group can do this.  A great many people must become sane for the world to become more-or-less sane and stable.  And that simply won't happen, because humans are dumber than rocks.  Which is why...

Humans are finished.

Wed, 07/08/2015 - 19:42 | 6287844 neuronius
neuronius's picture

Although I don't think humans are finished, I do think that the civilization-mind is only as advanced as our lowest common denominator (read: The Crowd, by Le Bon).  This means we are pretty fucking retarded, from the perspective of those who are a little further along the path.  However, I think the more advanced group of us are learning this fact and figuring out that we all have to finish the race together.  We can't leave anyone behind, even the fucking retards.  Like you said, a great many people must become sane before the world unfucks itself.

That said, I'm getting busy upping the IQ of my environment.  It's exhausting, and disappointing, but I think it will be rewarding in the end.  

If we're too late, so be it.

Wed, 07/08/2015 - 20:25 | 6287995 Crocodile
Crocodile's picture

Sad view, but understandable for one separated from their Creator. Here is what he says about each of us.

"For You formed my inward parts; You covered me in my mother's womb. I will praise You, for I am fearfully and wonderfully made; Marvelous are Your works, And that my soul knows very well. My frame was not hidden from You, When I was made in secret, And skillfully wrought in the lowest parts (basic elements) of the earth." - Psalm 139

----------------------------------

He is patient and slow to anger, but He will not always strive with unrepentant sinner (people); so seek Him while you can.  Anything good in your life is from Him and all that is bad is what sin looks like.

What do I mean in 2 minutes? https://www.youtube.com/watch?v=NMlv21zGARM

Thu, 07/09/2015 - 01:30 | 6288778 SubjectivObject
SubjectivObject's picture

So how do subjective entities delineate "good" and "bad"?

Bad results, or failure, can be a cause for learning.

Good results, or success, can be a cause for delusion and conceit.

 

Fri, 07/10/2015 - 05:48 | 6294153 honestann
honestann's picture

I can see, I can think, and I can live without any input from any human being for the rest of my natural life (no matter how long that is).

I know how to distinguish real from fiction, as well as plausible from absolute, complete, total, utter nonsense (including every so-called deity).  You are a stupid fool to believe (much less promote) nonsense after childhood.

Thu, 07/09/2015 - 04:12 | 6288940 Lin S
Lin S's picture

Only you are finished, Ann. Just you.

Wed, 07/08/2015 - 20:18 | 6287974 Crocodile
Crocodile's picture

"For God loved the world in this way: He gave His One and Only Son, so that everyone who believes in Him will not perish but have eternal life."  Your request has already been offered and it is freely offered and it is life altering, for the good. 

-----------------------

Leave the family of Satan and ask to be received into the family of God.  Jesus paid the required price and He offers the gift of eternal life where sin is banished and every ugly thing from cancer to the weeds in the yard are the result of sin.

https://www.youtube.com/watch?v=NMlv21zGARM

Thu, 07/09/2015 - 01:35 | 6288785 SubjectivObject
SubjectivObject's picture

Between words (humans) and a Deity (no words for it), are allegories.

There is no safety in allegories for subjectivism. 

 

Thu, 07/09/2015 - 04:10 | 6288938 Lin S
Lin S's picture

You are quoting from a counterfeit, New Age, copyrighted "translation." It is not God's Word, it is Satanic.

Toss your garbage in the trash and get yourself the AV 1611. Then read it.

Get back to us when you actually know something.

Thu, 07/09/2015 - 10:19 | 6289810 Seek_Truth
Seek_Truth's picture

Lin S,
You couldn't be more wrong.
The King James 1611 version has more than 10,000 errors in translation.
Read up:
http://watch.pair.com/TR-kjv-issues.html
https://bible.org/article/why-i-do-not-think-king-james-bible-best-trans...
http://www.theology.edu/journal/volume1/tr.htm
http://www.bible.ca/b-kjv-only.htm
For starters.

And, you can take a look at the original Greek, Aramaic, and Hebrew to easily see that the KJV 1611 is full of errors. Any Interlinear version indisputably proves this. The earliest papyri and manuscripts hadn't even been discovered or published by 1611. We now have papyri from the first and second centuries, that predate the MSS which were used in 1611.Here's a free online interlinear version that allows you to see the original koine greek, aramaic, and hebrew texts for yourself: http://biblehub.com/interlinear/1_corinthians/6-9.htm

PS- King James was likely, from all contemporary accounts, a fop and a dandy- a homosexual. Now, what were you saying about Satan's influence?

PPS- Here's the 1611 KJV rendering of John 3:16: "¶ For God so loued þe world, that he gaue his only begotten Sonne: that whosoeuer beleeueth in him, should not perish, but haue euerlasting life." Would you like to enlighten us on how that is superior to the quote that you took issue with? You are willfully ignorant.

Wed, 07/08/2015 - 18:53 | 6287709 PrayingMantis
PrayingMantis's picture

 

 

... meanwhile, is it confession or freudian slip ... >>> "Freudian slip? Obama vows to speed up ‘training ISIL’, WH edit adds confusion (VIDEO)" >>> http://rt.com/usa/272470-obama-training-isis-slip/ 

Wed, 07/08/2015 - 19:33 | 6287814 lakecity55
lakecity55's picture

Freudian, haha, his handlers are pushing hard to get ISIL up and running against the Russian Federation thru the Caucasas.

Wed, 07/08/2015 - 20:17 | 6287969 Ness.
Ness.'s picture

Obammy will read anything you put on the teleprompter.  Kinda like Ron Burgundy in white face.

 

Go Fuck yourself San Diego!

 

https://www.youtube.com/watch?v=_HNJ93HCxUA

Wed, 07/08/2015 - 18:53 | 6287711 seek
Wed, 07/08/2015 - 18:54 | 6287712 Kelley
Kelley's picture

A movie was made about what really happened: "The Sting" starring Glitch Cassidy and the Sunshine Kidder.

 

 

 

Glitch my ass!

Wed, 07/08/2015 - 20:26 | 6287988 Ness.
Ness.'s picture

Holy shit.  I just tried explaining to the gal what happened today and I said "Do you remember the movie 'The Sting'?"  Of course she said 'No', so the conversation ended there (she makes great meatballs).

Your post made me laugh.

Wed, 07/08/2015 - 18:58 | 6287729 Jack Burton
Jack Burton's picture

(for it appears these 'glitches' only ever occur on down days)

I would say that qualifies as a piece of hard evidence bearing on why these glitches happen and what market conditions are when they happen. In short, who benefits for the glitch to hit at the exact timing it does. Today, with panic in China, and Chinese holders of US equities perhaps desperate to raise capital fast to meet margine calls in China, the pressure to sell fast for liqudities sake, this all needs greater fools and in a hurry. So some Chinese were no doubt goob smacked to find their sell orders going nowhere. Remember, Chinese allowed 1/2 of all their stocks to be halted. No trades. That is fucking big!

Whatever. Just a thought. Chinese panic is huge, trillions of $ under pressure. The need to raise real capital by unloading their US equites, and into a nice high market price, should have driven heavy sell orders by some Chinese.

Wed, 07/08/2015 - 19:31 | 6287807 neuronius
neuronius's picture

you may be on to something, but we will probably never know. 

Wed, 07/08/2015 - 20:55 | 6288087 conscious being
conscious being's picture

See what happens Thursday. Chinese facing margin calls are still going to wa t to sell.

Thu, 07/09/2015 - 01:40 | 6288791 SubjectivObject
SubjectivObject's picture

Well, there's a thought.

Why doesn't the Chinese goverment ban margin calls?

Would that not get to a root of the problem?

They could have a margin holiday, or something.

Wed, 07/08/2015 - 21:32 | 6288212 seataka
seataka's picture

If it talks like a duck, walks like a duck....

 

 

Wed, 07/08/2015 - 19:05 | 6287748 I Write Code
I Write Code's picture

So wot, all the real trading happens in dark pools, even for listed NYSE stocks.

Wed, 07/08/2015 - 19:16 | 6287771 Soul Glow
Soul Glow's picture

Broke back bitchez

Wed, 07/08/2015 - 19:17 | 6287774 maxamus
maxamus's picture

40 FEET of snow was not dumped in 1888.  20 to 60 INCHES fell and DRIFTS of close to 40 feet formed.

Wed, 07/08/2015 - 19:19 | 6287777 the grateful un...
the grateful unemployed's picture

i really dont know but China has 3T in treasury bonds? and the owner of those bonds, the Chinese government is buying stocks on their exchange to prop up the market. where are they going to get the money? if they start dumping those bonds on the market, that could get real ugly. and maybe they feel like they would rather put a floor under their own corrupt stock market, rather than own UST. or maybe they just called janet the planet, and asked her to provide some liquidity against their collateral, otherwise the selling will spill over into NYSE. she says, let me put the markets on hold for a minute while we talk it over.

or it could be the chinese offer to bail out greece wasnt well received and we gave the Shanghai a little push, paused our own market to step back so the blood didnt splatter on us. meanwhile a few boating accidents off the coast of greece and euro problem is solved. it could be a distraction,

two important legs in the global economy are wobbly, and no sense risking a third. the NWO is talking it over right now, backdoor QE gold transfers, the american system is avoiding contagion. now we see if planet janet knows what she is doing, what does she give away, can she stare down angela merkel, manipulate the imf,  keep the japanese on board. big job for her.

Wed, 07/08/2015 - 19:22 | 6287780 vincent
vincent's picture

"It's all of these things connecting to other things. It's very complicated"

We all must admit it was pretty good TV

Wed, 07/08/2015 - 19:23 | 6287786 MauritiusGold
MauritiusGold's picture

Navinder Sarao is in jail so it will never crash again....

Wed, 07/08/2015 - 19:23 | 6287788 Meremortal
Meremortal's picture

"(for it appears these 'glitches' only ever occur on down days)"

A serious person would do the few minutes of research required to know whether that's the case before writing. That would be VERY interesting information if true.

But that would require a few minutes of research.

Wed, 07/08/2015 - 19:26 | 6287794 Chad_the_short_...
Chad_the_short_seller's picture

That fat mother fucker on CNBC all day today cheerleading and pumping away with his big fat fucking mouth made me puke. I had to mute it. I love having cnbc on because all the symbols flash by and you get the economic "events" to flash across the screen as well. But I just can't stand the disgusting fucking cheerleaders and this guy is so fucking unbearable it's not evenb funny. The guy kept insisting that this "glitch" was absolutely nothing to worry about and everything is just fine. Buy stocks and support america!!! If things really were getting bad for the nyse and they had massive sell orders by the millions coming in...... well what happens when the markets open tomorrow and those same people want out? I really doubt they want to hold just because the fat fuck on cnbc said it was just a glitch and everything will be just fine. I really wanted to punch a hole through the tv today and beat him to death.

Thu, 07/09/2015 - 01:49 | 6288801 SubjectivObject
SubjectivObject's picture

Your duration of watching is much longer than the broadcast content was designed it for.

So it's sure to drive you nuts with the repetition.

Wed, 07/08/2015 - 19:28 | 6287800 Sorry_about_Dresden
Sorry_about_Dresden's picture

These are those.

Do NOT follow this link or you will be banned from the site!