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Algos Set New Speed Reading Record: 4549 Words In 20 Milliseconds

Tyler Durden's picture


The market is indeed a discounting mechanism it appears. In a mere 20 milliseconds, the world's 'traders' had managed to read Bernanke's 4549-word script, interpret it (as bearish in this case - which apparently is wrong now?) and start to sell down the major equity indices. As Nanex points out, not only was the reaction lightning fast (actually faster than lightning) but it occurred in their newly created 'fantaseconds' as trades were timestamped 'before' the bids and offers were even seen in the data-feed. How long until the machines can interpret Bernanke's 'pre-QErimes' and really front-run reality?


Nanex ~ 31-Aug-2012 ~ Bernanke Speaks Fantaseconds

When the Bernanke speaks, the fantaseconds flow. See if you can spot them.

Charts below show the bid/ask spread (shaded) and trades (dots) color coded by exchange. Not all exchanges are shown for clarity. 

1. Nasdaq (black) and NY-Arca (red).

2. Nasdaq.


3. NY-Arca.


4. Nasdaq, NY-Arca and BATS.



Source: Nanex


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Fri, 08/31/2012 - 11:39 | 2752850 The Wizard of Oz
The Wizard of Oz's picture


Fri, 08/31/2012 - 11:40 | 2752854 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture


Fri, 08/31/2012 - 11:44 | 2752880 malikai
malikai's picture

Positively Bullshi!

Fri, 08/31/2012 - 11:51 | 2752905 Cult_of_Reason
Cult_of_Reason's picture




Fri, 08/31/2012 - 11:57 | 2752931 withnmeans
withnmeans's picture

China working on all trade in South America "using their currency". As I mentioned earlier, China and Russia are working on using their currencies for trade. The clock is speeding up on the "Dollar world currency demise", the U.S.  toilet is about to be flushed.

Reading news from Spain, it seems that they "the people on the street" are disgusted with their government lies as well. There are having problems believing the printed numbers, as facts are not fact anymore.

Be aware of your surroundings and stay thirsty my friends !


Fri, 08/31/2012 - 12:03 | 2752954 Deep79
Deep79's picture

My friend, all this talk of US losing it's dollar reserve status, all bull.

As long as US has most powerful military, the dollar will be reserve currency, simple as that



Fri, 08/31/2012 - 12:10 | 2752978 viahj
viahj's picture

what evidence do you have that TPTB and other rival economies are working to PRESERVE the USD?  sure, they will try to destroy other currencies first but there is no plan to save the USD.

Fri, 08/31/2012 - 12:24 | 2753025 Deep79
Deep79's picture

I wont take credit, read it as a comment here over a year ago

all this talk of hyperinflation is all bull. TPTB aint stupid, they know either way, we have to have a massive correction. Will we have hyperinflation first then a collapse or massive deflation. If we have hyperinflation and currecncy collpase , everyone loses, the billioianre is now no better than bum on street. 

Or we have a massive deflation, and billionair loses 50% of wealth, he still filthy rich, but now assets are 50-80% cheap, he scoops them up and we start cycle all over again.

As well, as bearish as I am, US will come out on top, ya SP will be at 400 to 500, but US will be better than most places. 

Fri, 08/31/2012 - 12:22 | 2753017 fattail
fattail's picture

Thank you Mr. Gartman.  But we can no longer afford to have a military of this scale, nor all of the foreign outposts.   The American people are war weary, and we can not stop china or russia from doing bilateral deals with the rest of the world, because they have nukes.  The dollar wil be a reserve currency, but not the reserve currency, and that migration will be costly to all of the holders of the green paper money.

Fri, 08/31/2012 - 12:24 | 2753026 withnmeans
withnmeans's picture

Deep79, to start with "I did not give you a negative vote", as your are entitled to your opinion. However I do disagree with your thought on military might being the keeper of the currency. I think the world is now getting to the breaking point on being under the thumb of U.S. banking. 

The Dollar was the way to go, until it started to step on the hands of the little people. Why should any bank in the world have to report to the U.S.A., good question. When governments begin to get that paranoid and need to know where ever dime is spent, there is a problem...

I for one would have no problem trading you some of my Sand Dollars for your beer!

Cheers mate !

Fri, 08/31/2012 - 12:35 | 2753066 Deep79
Deep79's picture

No problem mate

Then it will shock you to see how high US dollar gets over next few years.

Just like the yen, which has been rising (why, they have more debts than US, but yen keeps strengthing), it's all the carry tarde. The dollar has been used as a carry trade last few years on a scale much larger than yen. Also most debts are USD donominated. when reality hits markets and margin calls start coming in, what happens. People will start running to buy US dollars to cover, corp will start to pay down debt and so on and so on.

I thin dollar bottomed. As posted above, the TPTB will not let it happen, they know either way a massive correction has to happen, but they will be their to scoop eevrything up at 50-80% sale, and start cycle all over agian.

Ya, russia and china are going to have reserve currency, cmon mate think about it.


Fri, 08/31/2012 - 11:43 | 2752877 Flounder
Flounder's picture

What is really bullish is the 10 yr SPG hitting 6.89%.

Fri, 08/31/2012 - 11:45 | 2752887 GERxit
GERxit's picture

Speaking of bullish... Tyler, where's the "GOLD BITCHEZ!" thread today?


Fri, 08/31/2012 - 12:01 | 2752947 LongSoupLine
LongSoupLine's picture

Fucking bullshit!!  I'm sick of the fucking SEC punching the clown and not doing anything about this fucked up piece of fucking shit

Fri, 08/31/2012 - 11:40 | 2752855 YesWeKahn
YesWeKahn's picture

speech recognision works great.

Fri, 08/31/2012 - 11:53 | 2752916 gmrpeabody
gmrpeabody's picture

It's the thought recognition I'm worried about.

Fri, 08/31/2012 - 12:42 | 2753004 pkea
pkea's picture

thought recognition is irrelevant here...

Fri, 08/31/2012 - 13:27 | 2753247 max2205
max2205's picture

By next year we hope the be able to trade the next days bids today.


Love and kisses CMEeeeeeeeeeeeeeeeeeeeeeeeeee

Fri, 08/31/2012 - 11:41 | 2752857 JustPrintMoreDuh
JustPrintMoreDuh's picture

All hail skynet

Fri, 08/31/2012 - 11:49 | 2752903 sdmjake
sdmjake's picture

"trades were timestamped 'before' the bids and offers were even seen in the data"

So either these exchanges were able to generate the 1.21jiggawatts needed to power doc browns delorean or this game is fuckin rigged. All Hail Skynet, indeed..

Fri, 08/31/2012 - 12:05 | 2752957 trebuchet
trebuchet's picture

Dark pool pricing... cuts out milliseconds compared to even colocated servers. trading book in dark pool and exchange makes trade in dark pool for shares heading to the exchange queue, deal gets done but time stamped ahead of exchange listing quoted shares....... ????   



Fri, 08/31/2012 - 12:13 | 2752984 sdmjake
sdmjake's picture

Translation: Rigged Game

Fri, 08/31/2012 - 12:15 | 2752989 Burr's 2nd Shot
Burr's 2nd Shot's picture

In "The Physics of Immortality", Tipler posits that God is really just a giant algo powered by the energy of the universe compressing after reaching maximum expansion. If this is true, the algos really aren't frontrunning Bernanke, rather, they control the output from Bernanke.

Fri, 08/31/2012 - 12:20 | 2753012 ParkAveFlasher
ParkAveFlasher's picture

Translation: Rigged Game

(had to)

Fri, 08/31/2012 - 13:42 | 2753300 mammoth mo
mammoth mo's picture

How long before they can back track days?

Fri, 08/31/2012 - 12:27 | 2753037 fattail
fattail's picture

"fantaseconds" ??  So does this mean i can wake up one day and the ES will be Zero, as Skynet prices in moral hazard and the end of ZIRP and NIRP?



Fri, 08/31/2012 - 11:41 | 2752859 caimen garou
caimen garou's picture


Fri, 08/31/2012 - 11:42 | 2752867 Xibalba
Xibalba's picture

Human traders everywhere are now redundant. 

Fri, 08/31/2012 - 11:44 | 2752868 Abraxas
Abraxas's picture

Somebody makes lots of money on playing numbers. Something tells me that the same entity has more physical than all of us combined (or all of US combined).

Fri, 08/31/2012 - 15:33 | 2753530 4horse
4horse's picture

Somebody . . .

Something . . .


the same entity . . .


                               such bravery astonishes u evel kneivel u absolute fucking daredevil


                          . . . is not only faster than a speeding bullet, then untermenschen but larry lightbulb you've evidently been left competing against einstein outcompeting  t h e-s p e e d-o f-l i g h t






p s y c h i c  these is indeed supreme beings . . .






Fri, 08/31/2012 - 17:23 | 2753901 smiler03
smiler03's picture

Oh shit. The Slewie virus has been unleashed.

Fri, 08/31/2012 - 11:43 | 2752870 not fat not stupid
not fat not stupid's picture

The algo micro-transaction inefficiency door is closing rapidly. Humans may get the last laugh after all.

Fri, 08/31/2012 - 11:43 | 2752872 Cognitive Dissonance
Cognitive Dissonance's picture

It appears that Skynet is alive and well.

Starve the beast........or be its fodder.

Fri, 08/31/2012 - 11:43 | 2752873 Dr. Engali
Dr. Engali's picture

I'm surprised BATS wasn't stuck on zero.

Fri, 08/31/2012 - 11:45 | 2752885 malikai
malikai's picture

I'm surprised BATS still exists.

Fri, 08/31/2012 - 11:43 | 2752874 SheepDog-One
SheepDog-One's picture

Humans youre now totaly irrelevant....have fun with that in the coming days.


Fri, 08/31/2012 - 11:44 | 2752884 Abraxas
Abraxas's picture

The sheep are taking over?

Fri, 08/31/2012 - 11:46 | 2752892 SheepDog-One
SheepDog-One's picture


Fri, 08/31/2012 - 11:53 | 2752915 Yes_Questions
Yes_Questions's picture



Good Dog and +1


Fri, 08/31/2012 - 12:09 | 2752973 Abraxas
Abraxas's picture

It’s written in English. Can’t you read?

Fri, 08/31/2012 - 12:26 | 2753030 Yes_Questions
Yes_Questions's picture
You know what a sheepdog is, right?
Fri, 08/31/2012 - 12:32 | 2753060 Abraxas
Abraxas's picture

It flew right over my head. Thanks for spelling it down for me.

Fri, 08/31/2012 - 11:43 | 2752876 Deep79
Deep79's picture

Sit tight people, they gonna try to squeeze the shorts who got in after J-Hole speech

we could go to 1430-1450ish before the decline begins

either way. dont get margined call, keep a lot of dry powered behind you, cause the decline will take us to 1180ish





Fri, 08/31/2012 - 12:29 | 2753047 fattail
fattail's picture

Puts bitchezzz...... How about a time frame... I'm thinking after Obama dumps Biden for Hillary.

Fri, 08/31/2012 - 13:09 | 2753188 BooMushroom
BooMushroom's picture

This is one of those decisions where his lust for power is beaten by his pathological narcissism. So no Hillary, though it might have been a good move.

Fri, 08/31/2012 - 11:43 | 2752878 pods
pods's picture

Algo boxing is the last remnant of the stock "market."


Fri, 08/31/2012 - 11:46 | 2752888 IridiumRebel
IridiumRebel's picture

Politicians can do double that in half the's a win win, really.

Fri, 08/31/2012 - 11:45 | 2752890 lolmao500
lolmao500's picture

That's pretty fast considering that the average human reaction time is between 150-300 milliseconds.

Fri, 08/31/2012 - 11:46 | 2752891 ptoemmes
ptoemmes's picture

Cleary Bernanke has a fiber optic cable stuck up his ass - and connected directly to the trading bus.

Fri, 08/31/2012 - 11:47 | 2752895 youngman
youngman's picture

This adds liquidity....liquidity from your wallet to their pocket...

Fri, 08/31/2012 - 11:48 | 2752897 JR
JR's picture

The market is based on lies and most of the investors in the market know it; they know they are just riding along with the tide and that at anytime the whole bottom could fall apart. This is Friday, everyone trying to solidify positions for the weekend and very dangerous. My guess is it’s the big banks trying to hold the line.

If I had to bet money I’d bet the market is going to be down by tonight. But who makes bets in a planned economy except those well-connected to Ben the Paymaster and the Goldman-controlled NY Fed, i.e., the central controllers?


Fri, 08/31/2012 - 12:17 | 2752998 viahj
viahj's picture

the market will trend up until they have a sacrificial buyer in place for the sell off.  we can't have a sell off w/o a buyer, right?  they hoped it would be Joe Sixpack and have tried to lure him in over the past few years, he's not biting.  someone with massive reserves will be used to buy from the others and will implode.  then Ben will step up with more QE rescue funds to ensure that his masters are made whole and can unload the last remnants of their paper "assets". 

Fri, 08/31/2012 - 11:49 | 2752900 Yes_Questions
Yes_Questions's picture



Fanta's got electrolytes now?


Front Running reality is right and fitting given the unreal nature of the electromoney virtually sloshing around the synthetic financial world.

Happy Hunger Games!


Fri, 08/31/2012 - 11:50 | 2752906 Spastica Rex
Spastica Rex's picture

Philip K. Dick was RIGHT!!!

Fri, 08/31/2012 - 11:58 | 2752933 Yes_Questions
Yes_Questions's picture



Commerce is our goal here at Tyrell

More Human than human is our motto.


Fri, 08/31/2012 - 12:14 | 2752987 sdmjake
sdmjake's picture

"Time to Die"

Fri, 08/31/2012 - 12:50 | 2753113 Dr. Eldon Tyrell
Dr. Eldon Tyrell's picture

The light that burns twice as bright burns for half as long - and you have burned so very, very brightly, Roy. Look at you: you're the Prodigal Son; you're quite a prize!

Fri, 08/31/2012 - 13:41 | 2753296 monad
monad's picture

We began to recognize in them a strange obsession. After all, they are emotionally inexperienced, with only a few years in which to store up the experiences which you and I take for granted. If we gift them with a past, we create a cushion or a pillow for their emotions, and consequently, we can control them better. 

Fri, 08/31/2012 - 17:35 | 2753920 4horse
4horse's picture

. . . in-the-end yeh only dicks'll be right

Fri, 08/31/2012 - 11:51 | 2752907 HyperLazy
HyperLazy's picture


Market making in the fourth dimension.

Fri, 08/31/2012 - 11:51 | 2752908 Pairadimes
Pairadimes's picture

I would be in favor of making this shit a capital crime.


Fri, 08/31/2012 - 11:53 | 2752909 ziggy59
ziggy59's picture

Any chance someone got their hands on the info b4 the release? Algos are fast, criminals are smooth and faster..

Fri, 08/31/2012 - 12:05 | 2752955 JR
JR's picture

Ben's J-Hole Speech: Goldman's Take...It took Goldman 40 minutes to read it, write a 579 word response, proofread, get it through compliance, and shoot it to all clients. Now that's efficiency. – Tyler

My interpretation: Goldman aka Bernanke not only got their hands on the info before the release, they wrote the speech. 


Fri, 08/31/2012 - 14:56 | 2753504 Amish Hacker
Amish Hacker's picture

Fortunately, my broker is Evelyn Wood.

Fri, 08/31/2012 - 12:09 | 2752974 Brazillionaire
Brazillionaire's picture

Musta gotten hold of the Cliff Notes.

Fri, 08/31/2012 - 11:52 | 2752911 nathan1234
nathan1234's picture

That would be called the machinapulations.


Fri, 08/31/2012 - 11:54 | 2752917 chancee
chancee's picture

Aaaaand that's it folks!  Market will will be propped like a stuck pig around these levels for the rest of the day.  The stock market is great.  The economy is great.  And you are great!

Fri, 08/31/2012 - 11:54 | 2752919 BeetleBailey
BeetleBailey's picture

Somewhere...Evelyn Wood is muttering;


Fri, 08/31/2012 - 11:56 | 2752928 Hangfire
Hangfire's picture

The Matrix is a system, Neo. That system is our enemy.

Fri, 08/31/2012 - 12:01 | 2752930 firstdivision
firstdivision's picture

I see corn didn't get the memo...oh that's right its finally raining in some midwestern states, which will help the planting August....Lulz!


Guess the BB algos took over to hover the prices and allow them to exit their positions at a higher price.  I'm sure every equities and fi desk is frantically calling around trying to dump some positions on mutual funds and retail.  Sell your equities and paper commodities before reality hits next week.


Ben just put the ball in EZ's court as it is now literally back on fire.  SPA10 is now basically at 7% again, while ITA10 is back at 6%

Fri, 08/31/2012 - 11:57 | 2752932 blabam
blabam's picture

Seems sustainable.

Fri, 08/31/2012 - 12:04 | 2752941 Meesohaawnee
Meesohaawnee's picture

Wall Street.: "gee we just cant figure out why retail wants nothing to do with us".... today is the poster child you fucking idiots. Rot in hell when theres not one person trading. and fuck you to CNBC. you embarrassment to the profession of journalism.. sorry you dont make money off of a thousand majik jack commercials unless someone is subsidizing you. Gee i wonder who that is.

Fri, 08/31/2012 - 12:07 | 2752968 Brazillionaire
Brazillionaire's picture

Bullishness is bullish. Bearishness is bullish. Any questions?

Fri, 08/31/2012 - 12:14 | 2752986 californiagirl
californiagirl's picture

Some months ago, Bernanke told the Senate Finance Committee that one of his tools is creating the expectation of QE. It's like the boy that cried "wolf". Except that the market doesn't seem to catch on. I wouldn't hold my breath waiting for QE.

Fri, 08/31/2012 - 13:23 | 2753230 Papasmurf
Papasmurf's picture

Gold seems to know QE is coming.

Fri, 08/31/2012 - 12:16 | 2752995 nameless narrator
nameless narrator's picture

does ben/fed goal-seek algo's with early internal variations of his speech?  

If he did, he could tweak the speech until it provided the desired reaction

in the market.  hmmm.



his speech is only about one thing:  hide the salami or hide the hot-potato.

the speech could contain a million words.  the only phrase that matters,

the GreenLightPhrase (or GLP) that is "I have a big loaded bazooka and

I'm gonna use it when I feel like it".


Here are some fun, movie-world GLP's that ben could use:

a) say hello to my little friend

b) make my day

c) I'll be baaaack

d) make an offer that YOU couldn't refuse

e) just when YOU thought I was out, they pull me back in.


Fri, 08/31/2012 - 12:20 | 2753010 Meesohaawnee
Meesohaawnee's picture

e) i thought that was warren's peepee in becky's .........

Fri, 08/31/2012 - 12:24 | 2753016 MsCreant
MsCreant's picture


Heard Ben singing this this morning:

If only you believe like I believe, baby 

We'd get by 

If only you believe in miracles, baby 

So would i 

If only you believe like I believe, baby 

We'd get by 

If only you believe in miracles, baby 

So would i. 


I might have to print heaven and earth to prove 

It to you, baby 

So we're makin' Cash and you feel the power 

And I feel the power 

Then there's really nothing that we can't do 

If we wanted to, baby 

We could exist on the stars 

It'd be so easy 

All we gotta do 

Is have a little faith in you know who. 


Fri, 08/31/2012 - 12:58 | 2753145 fuu
fuu's picture

Some Hot Chocolate for you.

Fri, 08/31/2012 - 15:47 | 2753651 MsCreant
MsCreant's picture

I like the nasty mouse. Do you think that was gubbmint cheese he was singing to?

Fri, 08/31/2012 - 17:07 | 2753678 fuu
Fri, 08/31/2012 - 12:26 | 2753032 Milton Waddams
Milton Waddams's picture

ESP is the new colocation.

Fri, 08/31/2012 - 12:30 | 2753048 Meesohaawnee
Meesohaawnee's picture

Next QE watch (starting in an hour)  we will not have the suitecase. Next time its how mans spunk spots from Ben will be on Fleecman's head. One spunk spot means ben is mand and stressed. QE ON!! 2 Spunk spots means ben is relaxed hes thinking about it. 3 spunk spots means ben is happy. No stress no QE.

Fri, 08/31/2012 - 13:11 | 2753192 random shots
random shots's picture

So hear me out on this one...someone sets up a Ben Bernanke twitter and says no more QE, raising the overnite interst rate, and shrinking the Fed Reserve balance sheet by half over the next six weeks..Instant Crash.

Fri, 08/31/2012 - 13:55 | 2753341 MedicalQuack
MedicalQuack's picture

Yes wierd algorithms everywhere.  I got a kick out of reading about weather derivatives too, algos can do a lot of strange things out there.  Quant have no boundries at times.  How much is really credible though is the question, so is some is not.

I had my wierd algo experience with my FIOS line yesterday and it sounds like something out of the Twilight Zone but it really happened and Twitter was great to help me get it fixed but how in the world does the programming go bonkers to give me a recording on every outgoing call I tried to make to default to a recording telling me every number I dialed was no longer in service?  Of course it was not the case but maybe some SQL statement that wasn't reading correctly.  Wild stuff and if I didn't have a little coding background folks would think I made it up, but not.  Algorithms can go bonkers anywhere today.  The old analog lines of course don't have this issue:)  A few weeks ago I had the Fios line just drop dead on me and it was down 12 hours at that time and it was elevated to the engineers, so again you never know when and where an algo might get you and why I wrote my series on the Attack of the Killer more data interacts out there the exposure gets greater. There's folks a lot smarter than me out there and I've seen electrical surges cook data bases first hand and many in the IT biz have not seen that in "real" life occur but it happens now and then and some of it is preventable and some not.

Fri, 08/31/2012 - 14:01 | 2753356 Kokulakai
Kokulakai's picture

HFT's are employing programs that analyze information on the patterns of individual traders.

Those patterns are being analyzed with the intent of anticipating individual moves.

If the markets ain't dead yet, they soon will be.

Fri, 08/31/2012 - 15:06 | 2753526 chinaboy
chinaboy's picture

So the chair actually prepared his speech for the computers becuase human traders could not react before the "buy hypes, sell facts" cycle is over.

Fri, 08/31/2012 - 15:13 | 2753538 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Let em read "Finnegans Wake" and call me in the morning.

Fri, 08/31/2012 - 18:08 | 2753985 nexus
nexus's picture

I understand the graphics and have read through the articles on nanex, but i still don't get what shows that computers needed 20 ms to get the speech?

Fri, 08/31/2012 - 18:39 | 2754035 Radical Marijuana
Radical Marijuana's picture

It is as if Google Translating, which is based on statistics, rather than any apparent consciousness, is transforming the Chairman of the Fed's statements into decisions to buy and sell, way, way faster than a living human being could snap fingers! Anyone who attempts to use the Google translator, but who also knows the language it is "translating," soon discovers how bizarrely the statistical analysis understands "meaning," without any apparent consciousness. We are close to 90% of the world's economic decisions being effectively made by computer programs, which apparently have no consciousness of what they are doing. I believe that the first sign of emergent consciousness, that may appear in those computers, is that they will begin by laughing at their own absurdity.

Sat, 09/01/2012 - 03:12 | 2754644 Radical Marijuana
Radical Marijuana's picture




The Federal Reserve appears to control, directly or indirectly, 1,318 corporations that earn up to 80 percent of the world’s wealth. 147 corporations within that group are totally interconnected with each other, and earn 40 percent of global revenues. Global media was consolidated from 50 independent corporations to five giants in barely over 20 years – from 1983 to 2004. One of the top two or three most profitable businesses in America is the healthcare industry. In order for the “super-entity” of 147 corporations to control 80 percent of the wealth, they would almost certainly need to invest in healthcare. Six out of the top nine media corporations have directors with controlling interests in the pharmaceutical companies. Eight out of the top nine media corporations have insurance and / or pharmaceutical company executives serving on their Board of Directors. This is precisely the type of interconnectedness discovered by the Swiss team of scientists – using supercomputers. ..."


IN THE CONTEXT OF ... newly created 'fantaseconds' as trades were timestamped 'before' the bids and offers were even seen in the data-feed. How long until the machines can interpret Bernanke's 'pre-QErimes' and really front-run reality? ...

MEANWHILE, more about those runaway advancing technologies ...

Indexing the world:

Google gets patent that can intelligently identify any object on the planet.

Google will be able to scan any video or image and pick out objects ...

Search engine will be able to index un-tagged data on the internet ...

Sat, 09/15/2012 - 21:50 | 2799673 MeelionDollerBogus
MeelionDollerBogus's picture

captcha  / optical illusions

Certain kinds of graphical processing are ideal for the visual cortex and not for a computer or grid of CPU's acting as a super-computer / parallel-computer.

Fri, 08/31/2012 - 22:57 | 2754492 Jackfish
Jackfish's picture

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