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What Is Really Going On: Market Liquidity Worse Than During The Flash Crash; 4500 Crash Events; Constant Halts And Unhalts
Curious why few if any traders can actually execute any trades, whether buys or sells? The reason is that despite the relative calmness of the index prints, what is going on beneath the surface is an unprecedented wave of constant halt and unhalts as all stop levels were taken out, many in circuit breaker territory, making it virtually impossible for any matching enginge to, well, match buyers and sellers.
Here is a sample:
The resulting halts made it impossible for regular traders to step in, requiring central banks to buy via the CME's Central Bank Incentive Program, to restore some market stability.
And just to add to the pain, there is absolutely no liquidity in either stocks...
eMini Liquidity since 2009 - today is the black line $ES_F pic.twitter.com/2vsXJWxdNI
— Eric Scott Hunsader (@nanexllc) August 24, 2015
... Or bonds:
Treasury Liquidity (10-year) is as low as it was during Treasury Flash Crash of Oct 15: pic.twitter.com/oZx2nH7vmK
— Eric Scott Hunsader (@nanexllc) August 24, 2015
As the market breaks:
Over 4,500 mini crash events so far today. Compare to last few years: pic.twitter.com/1sKQL6r4k8
— Eric Scott Hunsader (@nanexllc) August 24, 2015
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Yellen...stop hitting refresh...
So it's a real crash....as opposed to a flash crash.
Wow trying to buy PALL at ask and nothing...
Odds Peter Schiff is invited to speak on CNBC today:
1,000,000,000,000,000,000,000 to 1
WTF! I didn't pay millions for proximity access just to get shut down! What good is an HFT algo if you can't use it? Fuck! FUCKFUCKFUCK! I WANT TO FUCKING SELL!!!
NOW!!!!
In the distance I can hear nailguns being loaded and primed.
Don't tease me
https://www.youtube.com/watch?v=xIIqYqtR1lY
Short selling ban in 3, 2, 1...
Efficient markets, Beeches.
Hellstheproblem?
My feed from both bloomburg and yahoo are showing a consistent 40-100% larger loss than CNBC, should both be pretty much real time.
Also the main headline that keeps popping up on CNBC is that the Dow Rallies off Session Lows" Funny, I don't think rally should be anywhere near the news feed on CNBC today.
You should blog about it bro and send us a link. thx.
Lol, maybe. Seriously watch the yahoo feed, and CNBC, is there a second Dow Jones Industrial Average I don't know about?
CNBC is scared about their future paychecks.....
Thank god for the HFT folks..........at least they give us some liquidity in the market for a potential rally.
Evidently now our flash crashes will just look like a bad video game with horrible FPS rates.
Sum ting wong?
and that is optimistic
Just a few weeks ago i remember "traders" hysterically laughing at him on CNBC.....bring it bitches!
looking like it will close green today to me what crash?
Uncle Janet will uncork a new kind of QE to save the world. No, not a helicopter drop of cash; she'll buy a bunch of stawks for the sheeple with the magic money machine.
There's a catch though, the sheeple can never sell it. OH!
If Wall St. can ignore all those other pesky markets and it looks like it'll be a truly heroic effort today, but this is only Monday.....
Would this be a good time to "suspend the 'Free Market' in order to save it"?...again?
… Drink Canada Dry!
that ain't Canadian
(owned since 2008 by the Texas-based Dr Perrer Snapple Group)
Todays 500 point line shot up on no volume, means they already have.
Before the open, I took a shower, shaved, put on some really nice clothes, went down to bank at 9:02...withdrew 5k, went and bought some beer, smokes, and a few 3$ scratchoffs, won $9...enjoying the day here from the sidelines...might go to the LCS later, drunk as a bicycle..probably one of the best days of my life so far..
Sounds like you might be a terrorist.
Did you say phrenologist?
hmmm.... did your bank know this transaction was going to happen? Most ones I'm familiar don't have that kind of cash sitting around to hand out.
Where da fuck do you bank dude, the Dollar Store?
Beating TWO rigged markets in one day! You deserve another beer
Unpatriotic, malicious...mmm....lets see what else.....mmmm
I bet he owns some Putin t-shirts.
Dude, that is totally going on my bucket list (I usually wear carharts and levis)!
Regards,
Cooter
Yeah..it really felt great!
I usually wear flip flops, shorts and a wife beater, roll up in a 2001 Chevy Prism...a real strange dichotomy..enjoy your day there CC!
It is difficult to compete with a printing press that runs like a Gatling gun.
The only way to get upper hand is when people simply stop believeing in fiat currencies.
I'm surprised that we have not yet got to that point.!
Yellen: "Rate hike fully priced in now. Let's hike."
Lie Quid Ity
Le Squidity
Le Stupidity.
Serendipity.
Le Splat !
"Yes we can!"
You didn't trade that.
The neon sign says "OPEN" but the doors are locked at the entrances and the fire exits!
It's like a Malaysian garment factory! Get back to work serfs!
More like Hotel Kalifornia.
dupe
Maybe someone just needs to jiggle a wire.
Turn it off and on again
Hit the Any key.
You've got an any key? All I have is an eenie meenie.
No wonder I'm always sucking the hind tit!
reboot
I couldn't believe how fast my ticker was spitting out Volatility halts at the opening, never seen it that frantic before today...
DON TRUMP NEEDS TO BUY
The Don isn't that stupid....Jeb's probably in there.
If he is you can bet it's with somebody else's money.
Probably some of yours if you have kids.....lots of money in mandatory Common Core testing.
Who needs liquidity when you can just set markets to ramp?
DON TRUMP NEEDS TO BUY
You know, this is going to play into his campaign - the insiders caused the crash.
He's gonna deport them too?
We live in hope.
He does not buy in the open markets.
Too risky, so why would he when he can buy politicians instead.
Trump needs to "re-calculate" his net worth...and his creditors need to rethink the situation...
Still waiting for the National Hispanic Employee Walkout of all Trump Properties MONTH....Trump would be on his knees begging just a few days in to that...
Unless his kids are ready to take those jobs cleaning toilets and mowing grass instead globe trotting and shooting lions from 2000ft with a high powered rifle...
I'm not sure all those hispanics are going to live up to your preconceived opinions of them.
hold
Here....you can have my hot potato too.
How underfunded were pension funds last week?...better revise that number a bit...
Oh it is just "Mean Reversion" says the talking head on Bloomberg.
Stocks are "ON SALE!"...There's never been a better time to buy! Don't get priced out!.
HUGE Rally coming guys...stocks will soar, gold will tank...mark it!
I would maybe if it was someone else's money, but not my money.
The Black Hearted Braggard Leered menacingly at the sheep that had appeared upon his door step... The Lambs were frighted from the Black Market Data and Forecast he had placed in adverts and broadcasted from his Black Soul.
Would this be a good time to "Suspend the 'Free Market' in order to save it"???...AGAIN!
Take a break, go to the Liquor store... Pick up some steaks and french fries.
Done and done!
Clade7; Hey was is LCS in your post below where you beat the Lottery.
I probably don't have enough cash this week, so maybe I'll stop at an ATM.
My suits don't fit anymore, maybe some of them could be altered to fit me. We have some asian folks in the mall, but think they are not cheap. If it is $50 that would be okay.
Here the day is just warming up, so looks like a good day for a walk in the park.
its up 72 points off the low in the /es. but it took out 1841 support from last december. next major support is about 400 points down. i don't think the plunge protection team can hold it against so many sellers. in effect paying them a premium for selling
They can hold it where ever they like, just as long as they are able to keep triggering halts every few milliseconds.
Long negative liquidity.
Long negative liquidity.
Hey y'all what's a good website to monitor the exchanges real time?
Thankee,,,
;-D
http://www.investing.com/indices/major-indices
Excellent, thank you!!!
;-D
Sumtingwong.com
Pakistan evidently pulled the wrong ethernet cable out.
Love the optimism from Pakistan (bullshit would be a more apt word) -
PAKISTAN SAYS ALL TERROR NETWORKS HAVE BEEN DISMANTLED.
Sounds like future spoof on SNL.
Sounds like "Islamabad Bob."
You are right. It seens only yours is left.
"We expect minimal downtime and terror service to resume shortly."
They have. What they failed to mention is in which country.
That country by they way is Iceland.
The only terrorists they had were financial ones and those were domestic.
Processed liquidity is not organic liquidity.
So, anything interesting going on today, or should I go for a nap?
So, anything interesting going on today, or should I go for a nap?
Okay, nap over. Did anything interesting happen?
It is going back down. It has been ordained that the market will be crashed. They did their late day algo smash. They did their middle of the night thin trading algo smash. They did their pre-open algo smash. They only have one playbook. They are using it.
Somebody put on their hip waders and Ed Norton fume mask to prop up Apple.
The market manuipulation "force is strong with this one".
Help me out ZH: What is Liquidity in this context?
Is this Banks in General or just Trading Institutions or just money being settled in the markets sucking out all the cash reserves set aside for settlement of this sell off.
In a Ponzi Market, "Liquidity" revolves around the quantity of "greater Fools".
Plenty of Fools = Plenty of "Liquidity"
Lack of Fools = No "Liquidity" = Flash Crashes = "Lack of Confidence in the Markets" = FED rushing in with Trillions to "Restore Confidence" = the average Joe getting the bill and "market participants" getting a bailout.
I presumed they mean trade volume (of actual trades). If no trades happen, then liquidity is zero, but the shares still have a price. So you can't buy or sell, even at, above, or below the current price. If 1,000,000 shares changed hands in the same unit of time, price will move, according to buyers/sellers, and you could easily sell a large block of shares at a clearing price (e.g. 100,000 shares) but the more you buy/sell, the more you push price around.
So, at low volume, small orders can move price around a lot. This is a problem, particularly if you got a margin call and need to dump a shit load of something for cash to make the call.
This can become a re-inforcing loop if it runs long enough ... a real crash.
Regards,
Cooter
Thanks. That helps.
Liquidity is the piss running down your pants when you see your life savings in a 401K plan evaporate before your very eyes ;-)
And sometimes it turns out to be Brown...
especially after you've been binge drinking the night before, worrying about your poor investments
Fox Business citing credible reports that China has lost control over its casinos ('markets') and their economy. This will definitely get increasingly uglier and scarier, FAST.
Well, Fuck, if it's on "Fox News", then it's official....TWO FUCKING MONTHS LATE in reporting...but better late than never; as long as it's "other peoples'" money.
If you're looking to FOX News, you're WAY behind the fuckin curve and SERIOUSLY mis-informed.
Fox News is hate radio with eye candy. Don't know the quantity/quality of the tittie talkers on Business, but it comes from a bad family. Be wary.
Sumting wong!
If we all go back to normal in a week. Are you guys going to say you are sorry?
This is normal. Just wait ;)
I'm bipolar, so now everybody is just like me... at least for awhile.
Define normal.
If it doesn't, will you admit your normalcy bias?
The only place liquidity is freely flowing is the secret liquor cabinet just outside the largest Eccles Bldg conference room.
Can't get out.
Call moi when y'all hear the Wall St Banksta splats - have new camera
WTSD Index - Wall Street Splat Density Index.
Dead cat splat?
Write off time eh? Not yet.
However, time to give this some more attention.
It is like a premature ejaculation. (If you get over this hump, what is the next round going to be?)
Pens,
(Yes, even I can digress.)
THANK-YOU TYLER
Whack-a-mole is so mucj fun. You'll need a bigger mallet
Unrigged
When times get bad timeless things help ease the pain. Rita Coolidge singing "My Crew" https://www.youtube.com/watch?v=81gi075_SYA
Written by Priscilla Coolidge & Booker T Jones.
Pick tomatoes, dig potatoes, pick beans, pull onions & corn, kill & clean deer, rabbit, squirrel, chickens, hogs & beef--eat watermelon & peaches in the summertime. Good luck.
Someone locked the theater doors.
"BLACK MONDAY" is becoming "MAGICAL MELT UP MONDAY!"
(HOORAY! THANK YOU FEDERAL RESERVE FOR THE REBAR SHOVEAGE!)
Margin debt on all major exchanges is at an all time high with the big players very much in hawk to each other. Only by executing trades amongst the insiders to the exclusion of others by way of selective halts can margin call defaults be averted by settling against the dumb bull money.
Priorities please!
Bonuses come first!
Always!
What's the bond traders cut for today?
lolol
SUCK SUCK SUCK
PPT? Dow will be green by the end of the day. BTFMC.
There is no reality in this market. You can sense the hands on the levers behind the curtain all over here. Example; SDY crashes 34% (but S&P only down 4% at the time)- now SDY is down only 11.4%. Hmmmm....yeah, that's normal.
EDIT: Now 10:37am and SDY is down only 3.7%. So what is going on here? From 34% down to only 3.7% down. Really?
You should not expect ETFs to ever reflect market "reality" (of which there is none, at present).
Exactly! Except there is something a bit more insidious going on with this today.
PPT will prop the 'market' up and end up green on the day
Who wants to bet this nonsense ends in the GREEN today - at +100 points?
(and the Federal Reserve ends up owning 15% of the market)
(ALL HAIL KORTAN!)
yes, which means we will all be buyers effectively, whether we want to or not...
The Fed is privately owned. They own the stocks and the bonds used to create the money to buy them.
We the buyers alright,,, but they own the assets....... for now.
iTurd about to go Green. Was wondering if it would be AAPL or LNKD 1st. Well...I hope all of this talk about the *real* crash next month is right.
#UnicornMonday. This fucker is going green by close.
-700+/- to -290+/- in twelve minutes? Please, it offends my sense of logic.
Baa,
best comment ever.
“There is no point in using the word 'impossible' to describe something that has clearly happened.”
Douglas Adams,
Back in the olden days I used to think stops protected me. Boy have things changed. Now the only protection is staying far away. Maybe the banks will get sick of trading back and forth with each other and create some markets again.
Someone needs to lock all windows in buildings over 2 stories tall on The Street. Reckon we'll be seeing a few banker flying lesson mishaps in Manhatten this afternoon.
Fuck that; I'm setting out spikes.
Green by the end of the day....
Nope. -570 (+/- 30)
Normally, I would agree because our markets have been reflecting (mostly) an average of what the DAX, CAC and FTSE do. Today...we shall see.
The traders or the indices?
how in the hell is this shit driving up towards UNCH??
I woke up expecting to see deer.
Tyler, where is my freakin' deer pic? It should be #1 on the front page all day today!
Someone just realized Gold was missing out on all the fun beat down party.
Was going to back up the truck for silver this am. Then saw the 25%+ premiums over spot at Apmex.
Just picked up 105 ozt and will probably be my last purchase for a while as I expect physical supplies to dry up soon.
Silver.com : 8% premiums.
https://comparesilverprices.com : Here, you can see them yourself. (the premiums)
And looking at the silver round choices, the stuff is selling out fast.
Where are the liquidity adding HFTs? /s