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ES Volume Surges At Close As $3.3 Billion Sale Hits The Tape

Tyler Durden's picture





 

It appears someone rather big just couldn't wait until the debt ceiling resolution was found, and instead decided that defection is the better part of a ponzified game theory. As such, just after the last second of trading, they dumped about $3 billion worth in ES. In the last tick, or just after, over 65k contracts of ES were sold at $50k per. Obama better find a resolution tomorrow or this dumpathon will be a humble appetizer of what is coming up.

 


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Wed, 07/27/2011 - 16:18 | Link to Comment sabra1
Wed, 07/27/2011 - 16:20 | Link to Comment Re-Discovery
Re-Discovery's picture

Extreme Bull flash, i.e. if Bove says it, it must be wrong.

Wed, 07/27/2011 - 16:25 | Link to Comment 101 years and c...
101 years and counting's picture

FDIC insured cash?  ROFL!  if there's a bank run, good luck getting your money from the insolvent FDIC....who wont be able to borrow from the Treasury since they cant sell any more debt.  The only safe haven I know of, and chosen, is CASH held outside of a bank.  imo, get your money before this hits the mainstream.

Wed, 07/27/2011 - 16:33 | Link to Comment cossack55
cossack55's picture

Whats money?

Wed, 07/27/2011 - 16:44 | Link to Comment Talleyrand
Talleyrand's picture

Gold is money.

Wed, 07/27/2011 - 17:26 | Link to Comment TruthInSunshine
TruthInSunshine's picture

TD said: Obama better find a resolution tomorrow or this dumpathon will be a humble appetizer of what is coming up.

 

AKA the Hank Paulson/Ben Bernanke 'oooh boooga boooga, boo! boo! There will be tanks in the streets! There will be Martial Law, bitchez!' if Wall Street isn't given a big, wet sloppy fiat job, transferring Main Street USD to Wall Street, charade.

 

Booga! Boooga! Boo! Stocks gonna' plunge and your retirement plans destroyed, yo. Give us what we want and we'll toss you a bone.

Wed, 07/27/2011 - 22:42 | Link to Comment DeadFred
DeadFred's picture

It's all part of the plan and it wasn't some renegade investor who dumped at that most opportune time. Lots here will agree with that assessment but unlike most I don't think it's part of a plan to get a good deal on the debt ceiling plan. There isn't going to be a plan, at least not before the default. The banks control the government, not the other way around. The banks will make a killing on the crisis that comes out of the default and they will get their precious QE afterward. The squid has homed in on our 401Ks as the best food around it and won't be detered.

If you have it available take out two months of cash and put it in a safety deposit box. Stores will take fiat for food if/when the credit system freezes. You aren't getting any interest on it anyway so what do you lose, five bucks a month? Great swan insurance.

Wed, 07/27/2011 - 21:14 | Link to Comment mt paul
mt paul's picture

money is not money

Wed, 07/27/2011 - 16:38 | Link to Comment yabyum
yabyum's picture

101years, If you could not get your cash from a fubar bank it would be the last straw. J6p would be ripping lungs out by sundown.

Wed, 07/27/2011 - 16:42 | Link to Comment pods
pods's picture

A truly scary scenario is if digital fiat decouples from physical FRNs.   That would implode society in a cocaine heartbeat.  Bennie says he can drop FRNs from a helicopter, but he knows he can't.  He can only move the decimal place on the spreadsheet.  

If there ever was a run on physical cash, it would be hyperinflation overnight, as the printing would have to be in large bills to satisfy demand for cash.  That would destroy confidence when the first 10k notes hit the street.

pods

Wed, 07/27/2011 - 16:37 | Link to Comment Manthong
Manthong's picture

"He rejects gold because it "is too illiquid and there is not enough of it,""

Yeah, you can't get enough of it -- at today's prices, but you CAN get enough of it at $5K or more an ounce. 

Wed, 07/27/2011 - 16:19 | Link to Comment SheepDog-One
SheepDog-One's picture

So billionaires are panic selling now? That doesnt sound good.

Wed, 07/27/2011 - 16:20 | Link to Comment slaughterer
slaughterer's picture

Noticed that ES dump as well.  Looks like some algos are picking up the pieces though. 

Wed, 07/27/2011 - 16:40 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

...they dumped about $3 billion worth in ES.

Just remember, one algo's sale is another algo's purchase.  Said another way, there are always two sides to every trade.

Wed, 07/27/2011 - 16:22 | Link to Comment andybev01
andybev01's picture

Honestly, I read this as "defecation is the better part of a ponzified game theory."

I suppose it doesn't make a difference either way.

Wed, 07/27/2011 - 16:43 | Link to Comment OuaisBla
OuaisBla's picture

It's called Distribution phase.

Wed, 07/27/2011 - 18:25 | Link to Comment Piranhanoia
Piranhanoia's picture

Hey Fan?    get busy.

Wed, 07/27/2011 - 16:19 | Link to Comment the not so migh...
the not so mighty maximiza's picture

Somebody needs us to take on more debt somewhere.   Warning shot salvo.

Wed, 07/27/2011 - 16:19 | Link to Comment Dr. Engali
Dr. Engali's picture

Let the selling begin. Last one out turn out the lights.

Wed, 07/27/2011 - 18:25 | Link to Comment espirit
espirit's picture

Last algo holding will be the one with the empty bag.  Well...you get the picture?

Wed, 07/27/2011 - 21:15 | Link to Comment Pure Evil
Pure Evil's picture

How bout?

Last one holding the bag turns out the lights.

Better?

Wed, 07/27/2011 - 16:20 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

The bigger question is what that sad sap will be buying next? Something with some heft...

Wed, 07/27/2011 - 16:21 | Link to Comment midtowng
midtowng's picture

This year's SPX chart is looking suspiciously like a great, big head-and-shoulders top.

Wed, 07/27/2011 - 16:22 | Link to Comment max2205
max2205's picture

Dark Pool swapping

Wed, 07/27/2011 - 16:22 | Link to Comment Re-Discovery
Re-Discovery's picture

"Obama better find a resolution tomorrow"

I simultaneously laughed and threw up when I read this.  Net result - not good.

Wed, 07/27/2011 - 16:22 | Link to Comment mynhair
mynhair's picture

W&R is restricted to after hours trading now?

Wed, 07/27/2011 - 16:23 | Link to Comment FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Sorry, that was me, will buy that back by end of close friday when the ES hits 1200.

Wed, 07/27/2011 - 17:25 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

No worries. I suspected Robotrader shorted at the close.

Wed, 07/27/2011 - 16:24 | Link to Comment PulauHantu29
PulauHantu29's picture

What is an "ES?" I am sorry to be so stupid, and complain alot...but please tell me what ES is?

Wed, 07/27/2011 - 16:31 | Link to Comment JohnG
JohnG's picture

No such thing as a stupid question.

/ES is Bloomberg ticker for e-mini s&p futures.

Wed, 07/27/2011 - 16:36 | Link to Comment JohnG
Wed, 07/27/2011 - 20:41 | Link to Comment Havana White
Havana White's picture

"No such thing as a stupid question."

<  Will you marry me?  >

Wed, 07/27/2011 - 21:10 | Link to Comment JohnG
JohnG's picture

OK, ok, you got me on that one.

When one is seeking knowledge it's still true that there are no stupid questions.

Wed, 07/27/2011 - 16:32 | Link to Comment mess nonster
mess nonster's picture

Zerohedge is an autodidact's paradise.

Wed, 07/27/2011 - 16:34 | Link to Comment ViewfromUnderth...
ViewfromUndertheBridge's picture

http://daytrading.about.com/od/marketprofiles/a/ProfileES.htm

1 of about 12,400,000 in 0.12 seconds. I don't think you are stupid....

Wed, 07/27/2011 - 22:56 | Link to Comment DeadFred
DeadFred's picture

There may not be any stupid questions but this is fight club so you may get your head ripped off anyway. Don't worry, virtual ripping off of heads doesn't hurt much. Try finviz.com for a good place to see a host of futures markets.

Wed, 07/27/2011 - 16:24 | Link to Comment mynhair
mynhair's picture

Oweblahma can't find his ass with both hands.  Why else are his staff expenses so high?

Wed, 07/27/2011 - 16:37 | Link to Comment pods
pods's picture

He can find Mrs. O's in the dark though!

pods

Wed, 07/27/2011 - 16:25 | Link to Comment razorthin
razorthin's picture

IWM on verge of crossing below the McGinley Dynamic for the first time on the monthly chart since crossing above it in April 09. It actually already has but I'm waiting for separation to confirm.  The last time it crossed below it - July 07.

Wed, 07/27/2011 - 16:37 | Link to Comment mynhair
mynhair's picture

Sounds bullish for TZA, whoever McGinley is.

Wed, 07/27/2011 - 21:13 | Link to Comment JohnG
JohnG's picture

Never heard of it myself, but here you go:

http://www.investopedia.com/terms/m/mcginley-dynamic.asp

 

Wed, 07/27/2011 - 16:31 | Link to Comment Scoted
Scoted's picture

That is a hell of a lot.

Where did you get the figure $50k per contract????

Wed, 07/27/2011 - 17:13 | Link to Comment JohnG
JohnG's picture

The notional value of one contract is US$50 times the value of the S&P 500 stock index.

Wed, 07/27/2011 - 16:32 | Link to Comment Hedgetard55
Hedgetard55's picture

RIMM got, well, rammed for 6%. Jim? Jimmy C?

Wed, 07/27/2011 - 16:32 | Link to Comment SwingForce
SwingForce's picture

Oh, but no! Top tick in GOLD? A ha ha ha ha ha ha 

Wed, 07/27/2011 - 16:33 | Link to Comment mynhair
mynhair's picture

When is the next Oweblahma lecture scheduled?

Wed, 07/27/2011 - 16:40 | Link to Comment mess nonster
mess nonster's picture

Someone out there waaaay leveraged. Fear and panic can call the top in this game of chicken. It would be very ironic if Washington reached a solution on the debt ceiling, only to discover that the apocaypse happened anyway. (Tough on their egos, methinks...)

Wed, 07/27/2011 - 16:40 | Link to Comment Franken_Stein
Franken_Stein's picture

 

This dump is brought to you courtesy of the Plunge Invocation Team (PIT).

 

Wed, 07/27/2011 - 16:41 | Link to Comment Re-Discovery
Re-Discovery's picture

I can't wait until the headline crosses the tape that there is a "Resolution" to the debt ceiling crisis.  The false flags that can be traded on that headline will let me convert skads of worthless paper into physical and finish building my sheeple-proof perpetual palace.

Wed, 07/27/2011 - 16:42 | Link to Comment Critical Path
Critical Path's picture

Heres to hoping a dumpathon allows me to scoop up some more metal at a discount. 

Wed, 07/27/2011 - 16:42 | Link to Comment OuaisBla
OuaisBla's picture

FRESH LOWS ON SPX!!!

 

FRESH BOUNCE BACK OF THE USD!

 

A recipe for disaster! Trouble ahead with our without a debt ceiling agreement.

 

Choose your poison! 

Wed, 07/27/2011 - 16:49 | Link to Comment SwingForce
SwingForce's picture

Silly I say, since ES trade 9/24/7 so what's the 4pm EST deadline mean?

Whole Lotta Rosie! http://www.youtube.com/watch?v=5kmLmjz_cFs

 

Wed, 07/27/2011 - 16:53 | Link to Comment bmwm395
bmwm395's picture

I'm short es at 1338. when is saw this print. my first thought was to cover. But I'm going to hold on for now. 1270 target

 

Wed, 07/27/2011 - 17:19 | Link to Comment glenlloyd
glenlloyd's picture

Smells like we need to get this puppy down far enough to justify a panic for QE3

Wed, 07/27/2011 - 17:23 | Link to Comment highwaytoserfdom
highwaytoserfdom's picture

Wow  Bove Dick managed to pump C at the same time saying he is all out?   Dick the top five are going to have to liquidate the backhanded GSE FED purchase..     

The ES sale any guess on the POMO of crony?

Wed, 07/27/2011 - 17:26 | Link to Comment Commander Cody
Commander Cody's picture

Dumpathon?  Pukefest?  I'm enraptured with imagery!

Wed, 07/27/2011 - 17:38 | Link to Comment HedgeAccordingly
HedgeAccordingly's picture

dont worry CROX and WFM beat EPS.. they will save us all! sacasm 

Wed, 07/27/2011 - 17:56 | Link to Comment MobBarley
MobBarley's picture

Wait, are you telling me the furtively leaked well published media manipulation

story about the Whitehouse secretly (SECRETLY) phoning banking establishments and

reassuring them we won't default was somehow misinterpreted the other way?

How could this happen?

 

Wed, 07/27/2011 - 17:56 | Link to Comment economists_do_i...
economists_do_it_with_models's picture

I'm as long-term bearish as anyone, but I think anyone hoping for a plunge tomorrow will be hugely disappointed.

A debt deal announced tomorrow would not be a shocker.  Could easily send stocks on a 3-day or so rally.

That would create something like a sextuple (great word - lol) top in the S&P500.  Very likely the point where buying/hopium is exhausted and there is nowhere to go but down.  The economy is clearly deteriorating.  The political leaders obviously don't have the answer/solution.  Interest rate already at 0%.  Debt ceiling at the top.  The more they try to extend & pretend, the worse it will get.  $100 crude, etc.  Whatever they do, it won't work.  Eventually reality will unfold.  The world will solve it's own problems as the natural evolution of things take place.  Debt reduced.  Deflation.  More responsible lending.  A few banksters given the boot.

That said, I think the selloff today was overdone.  Stocks compared to volatility is out of line.  Short term bullish implications.  A debt deal announcement would make for a logical catalyst for an upward move.

Bullish stocks.  Bearish $VIX & TLT.  Stabilized U.S. dollar.

Wed, 07/27/2011 - 18:30 | Link to Comment espirit
espirit's picture

Have some more pixie dust, koolaid, and hopium.  Who in the h*ll is going to buy back in long, when even insiders won't hold.

Get a life.

Wed, 07/27/2011 - 18:50 | Link to Comment Cdad
Cdad's picture

You think this debt issued will be settled by some announcement...tomorrow?  Yikes, back away from the hopium pipe, dude.

Oh, and since the lie of great earnings continues even as the edifice burns, just check the earning miss on CLF.  Nice miss.  The brotherhood might want to join in on the plunging and screaming trade here tomorrow, after the Street first tries to bounce it on some promise from the conference call in the am.

 

Thu, 07/28/2011 - 00:40 | Link to Comment tip e. canoe
tip e. canoe's picture

question : how would a Tobin-type tax change that trade for you?

Wed, 07/27/2011 - 18:06 | Link to Comment SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

If $3.3 billion in es sold = $3.3 billion in es bought. Of course when the equity market is one big programmable slot machine it does not matter to much. what is sold is actually bought and bought is actually sold with 3x leveraged options, while short CDS to the n(th)-power, etc...., carry on people, BTFD.

Wed, 07/27/2011 - 19:08 | Link to Comment He_Who Carried ...
He_Who Carried The Sun's picture

Sine the US CAN pay for its debt, I am not worried about any default. What is worrisome is to have a bunch of wealthy amateurs toying with the markets instead of looking at the world they're creating for our children. Just dirty politics, no honesty nowhere to be found. It is disgusting!

Thu, 07/28/2011 - 00:10 | Link to Comment DeadFred
DeadFred's picture

You should have thought of that before you signed the contract that sent you to be born in this world rather than that other world where things are fair. I know, it sucks, I didn't read the fine print either.

Wed, 07/27/2011 - 19:19 | Link to Comment Everybodys All ...
Everybodys All American's picture

It is accordingly an extremely small number of security types and locations that you can justify as safe. Especially if the US Treasury loses it's AAA rating. You can very well bet with the downgrade there will be many more to come and not only with US Treasuries but with municipals everywhere through out the US. So you tell me how Bove is wrong on this call and I'll listen but I think for once he has it right.

Wed, 07/27/2011 - 19:17 | Link to Comment Rainman
Rainman's picture

My biggest belly laugh of the day. The banksters are ripping down the shacks they actually wrote paper on. Then taking a tax deduction for a contribution. Viva la Community Reinvestment Act !

http://www.bloomberg.com/news/2011-07-27/bank-of-america-donates-then-demolishes-houses-to-get-rid-of-foreclosures.html

Wed, 07/27/2011 - 19:42 | Link to Comment Midwest Prepper
Midwest Prepper's picture

What nobody is really talking about is the deleterious effect that this will have once the Langstrom modality reacts to the breaching of the Enzino Curve, relative to the drop in the ratio of share value to earnings on the Vandelay Continuum.

Surely that cannot be ignored as a bearish signal.

Wed, 07/27/2011 - 20:45 | Link to Comment Smiddywesson
Smiddywesson's picture

If there's a poll out there for characters to grace the new notes, here are my picks:

Robotrader $1000 bill

Math Man $10,000 bill

Robotrader $20,000 bill, becaue you just can't get enough of Robo

Leo K.:  100 gazillion dollar bill, because failed stimulus ain't failed unless you pull the ripcord all the way into the ground.

Wed, 07/27/2011 - 20:47 | Link to Comment grey7beard
grey7beard's picture

So if you want tax increases as part of the solution, you are a far left nutzo.  But the Tea Party's cutting of everything except the military and anything that subsidizes big business is ok?  Bove, like many others, is so partisan as to make his views  not worth a silver certificate. 

Anyone who does't support a balanced approach to tackling this problem is part of the problem.

 

 

Wed, 07/27/2011 - 21:50 | Link to Comment toady
toady's picture

Thank you.

Now I've heard it from three sources; you, me, and old whats-his-name must have said 7 times the other day.

Wed, 07/27/2011 - 22:23 | Link to Comment Eireann go Brach
Eireann go Brach's picture

Boehner just banged his head on the sunbed he is lying on when he heard this news!

Thu, 07/28/2011 - 02:22 | Link to Comment carbonmutant
carbonmutant's picture

Looks like someone's front running tommorow's Unemployment Claims...

Of course they may have seen the housing numbers too...

Wed, 09/14/2011 - 03:48 | Link to Comment chinawholesaler
chinawholesaler's picture

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