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Goldman On The Dax Flash Crash
Everyone appears to be confounded by the Dax futures flash crash as noted previously. Here is Goldman's Mark Bellak responding to client inquiries, confirming that even GS has no clue what just happened.
What just happened in Dax Futures? Lots and lots of questions on what just happened in dax futures and the exchange are unable to say too much but it appears that there was possibly a fat finger that triggered a vol break (vol break lowest indication at 2500) . What we can see is at 16:38:22 London time the market moved from 6950 to 6860 in the same second, trading a little under 1000 contracts. As we stand no one has claimed a mis-trade so all fills are good and no trades have been busted.
We will have more shortly.
h/t @fiatcurrency
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Fat Fingers strikes again!
yeah, i hear the guys riding those four horses have some long, gnarly, spatulated fingers.
Fat Finger-san.
Heavy Japanese selling.
Just like the U.S. flash crash.
German guys on horses? German knight templars? ;)
No. Easy calculation, austerity (less social transfer and state jobs) in the US, less Chinese crap sold, less German maschines needed to make Chinese crap...
Sacks uses the "Who Me?" defense again ...
Under current parameters, Sacks May "Own the Whirld" in about 2 Years ???
it was probably a goldfinger.
That's right - Gert Fröbe crashed the DAX.
Stink finger!
When one lives in LaLa land any reality slap to the face is unsettling. Time for a deeper dive into denial via the yellow fiat submarine.
Helmsman, 20 degrees down bubble. And step on it.
http://www.zerohedge.com/contributed/fiat-crack-addict-convulsing-and-headed-straight-dts
I guess we all know where TPTB have their DOW stops.... 11,990 eh?
Not a word about this whole thing on the BlowHorn [CNBC], of course. Too busy talking about how great it is that debt is being fixed with debt, greater and greater earnings expectations, and the usual puke-ola.
But I'll believe Goldman does not know what happened just as soon as I see pigs flying outside my window. I don't believe that one for a minute.
Fat finger indeed...
Waddell und Reed GmbH
Waddel & Reed, Frankfurt office. Intern hit an extra zero.
ohhh nasty, thats him with a zero complex for life, everytime he sees a zero he'll piss himself.
Kursinterventionsführer, los los ! Schnell !
see, if it happened here, they would have cancelled all trades!
reality bitez bitchez
Were Fat Fingers as common an excuse before HFTs began dominating trading?
Nope, probably because traders weren't that fat back when they were punching in trades by hand. It's tough work and a lot of exercise, you know.
Citibank order clerk strikes again.
it did rain a lot in France these last few days... can't be good for the economy...
and last week there was this German tourist who had a argument with a French bar tender. This won't do any good to the international affairs either.
WE CAN ONLY SOLVE THIS WITH A WOIII! ISN'T IT OBVIOUS YET TO EVERYBODY?!
Yeah, O.K. Goldman Craps (whistling, hands in pocket, acting totally suprised, while buying hand over fist as we speak) does not have a clue. SURE PAL!
Maybe it was just a bunch of stops that were on the other side of the 200 day. The 200d was around 7080 and thats right where it really broke down?
Fat finger, my ass!
That was touched upon last time this ran around the ring.
Oh, I don't know, maybe it's the rotten tree trunk beginning to let go.
Everybody, including me, refers to "the Algos" like they are like a group of people. The algos change, like a virus. No, strike that, they change more quickly than a virus, and the change is not random like with a mutation of a virus.
If you were forced to continue trading this market or lose your job, with these risks, wouldn't you change your algo? Everyone who does so knows how those changes will react with the market we have today, but they have no idea at all how those changed algos will react with each other, until it is too late.
Timmmberr!
With all these fat fingers running around you would think that the firms would put some people on a diet. Maybe they should talk to Mrs. Obummer.
Let's say everyone sells then where they all go?
Buy US treasuries or Bonds? Perhaps some of them will, then
what? Put it on Saving account and collect negative %?
Don't see markets dropping too much, while G8 have their
Interest rates that low. Do I hear: buy Silver? Well, that
Market is too thin to absorb all that money.
Conclusion:
Markets go higher, don't matter what economy does in the short
term. We can still keep selling iPads to the Asians.
Watch for green closing today..
May I translate that for you: "It was us."
Testing, 1..2..3..4; testing , 1..2..3..4
"We will have more shortly."
More flash crashes? Ok. Thanks for the heads-up...
What just happened ? A lot of stops have been taken out.
Damn´ Banksters ...
FAT FINGER!!! Damn him anyway! That Soundrel!!! He'll pay this time my fine fellowed friends,... hmmmm,.... and all from our 'friends' at Goldman? I think maybe they protesteth, too much. Nay, what better way to cut and run, but to point and say 'he went that'a'way', as you exit stage right.
Stinky Pinky!!!
In Soviet Russia.. Algo's trade you!
My cue?
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