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Just A Very Visible Fat Finger?

Tyler Durden's picture


Equities did it again - and no matter what narrative a mainstream media channel needs to comprehend the monkey-hammering that occurs every second in our 'market', it seems a fat-finger 50k block of S&P 500 e-mini futures (or around $3.3bn notional equivalent) was enough drive the nominal price index up 1% to close the day-session almost green (and rather notably right at yesterday's closing VWAP). All the highly correlated sectors of the equity market surged with them (led by Energy and leaving financials just in the red) and while Treasury yields did leak higher and EURUSD did rally, the moves were miniscule in comparison to someone's desire to own $3.3bn equivalent equity market risk into the close. Silver and Oil plunged early but recovered some into the close as stocks surged but tracked each other tick for tick for tick in general. Equities end the day modestly lower with VIX modestly higher as they saw average volume (thanks to the surge) but a drop in average trade size (algo tickler). Financials were saved by this as most recovered some of their losses with JPM limping up to close at Tuesday's closing VWAP. Credit and equity closed generally in line as IG/HY were very quiet and just being reracked along with stocks as opposed to seeing heavy flow.

The chart below shows ES along with VWAP (red) and 1- and 2-sigma VWAP bands around it. The green dotted line links yesterday's closing VWAP to today's ES close - coincidence?

It seems that there is some mirroring in the early selling and late buying pressure so we would not get too excited by the suggestion that someone knows something...

shown clearly aberrant relative to Treasuries, Gold, and the USD...


and commodities which plunged early, recovered a little on the equity surge...


Perhaps it was the 'over-reaction' of stocks relative to credit early on that spurred the late-day reaction? Though from talking to desks, credit was dead quiet and was being re-racked as opposed to 'traded' up and down...


Charts: Bloomberg


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Thu, 06/28/2012 - 16:18 | 2570847 Xibalba
Xibalba's picture

POTUS gets what POTUS wants.  see: 

Working Group on Financial Markets 

Thu, 06/28/2012 - 16:20 | 2570860 Abraxas
Abraxas's picture

I have nothing to say, but I reply to the first guy so that my comment is always on the top [sarc].

Thu, 06/28/2012 - 16:32 | 2570932 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

pointless fucking comment with no style.  if you are going to be pointless, at least have style.

Thu, 06/28/2012 - 16:39 | 2570961 Abraxas
Abraxas's picture

What you said was pointless, but very stylish.

Thu, 06/28/2012 - 16:39 | 2570976 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Kind of?  I am wearing POTUS cufflinks and you say kind of?

Thu, 06/28/2012 - 16:25 | 2570896 Stoploss
Stoploss's picture


Thu, 06/28/2012 - 16:44 | 2571006 RockyRacoon
RockyRacoon's picture

If CNBC wants to remain relevant, why don't they just take 2 minutes and discuss this chart movement.  No.  We have Maria interviewing The Donald about his take on the SCOTUS decision.   No wonder they have no viewers...

Thu, 06/28/2012 - 17:36 | 2571259 prodigious_idea
prodigious_idea's picture

Why are you watching CNBC?

Fri, 06/29/2012 - 07:20 | 2572597 neidermeyer
neidermeyer's picture

Maybe because FNN isn't on anymore , American EXXXtasy isn't "workplace appropriate" and he needs some entertainment?

Thu, 06/28/2012 - 16:25 | 2570903 azzhatter
azzhatter's picture

yep, would've looked bad for Commander in thief if the market tanked on the day he compromised the SCOTUS

Thu, 06/28/2012 - 16:28 | 2570918 battle axe
battle axe's picture

Maybe Greece came to it's senses and said screw it, lets default....

Thu, 06/28/2012 - 16:39 | 2570972 Thomas
Thomas's picture

Election year shenanigans are going to get VERY old.

Thu, 06/28/2012 - 17:04 | 2571106 Bansters-in-my-...
Bansters-in-my- feces's picture

That terrorist organization you refer to as "Working Group on Financial Markets" gets to play with all kinds of dough,using a slush fund that has no oversight whatsoever and can "dabble" in gold all it wants.

Google up /do some reading on the USTreasury site what this little fund called thw "ESF" Exchange Stabilization Fund can do......

Specially the bit on gold.

It can "do you"........


Thu, 06/28/2012 - 16:18 | 2570848 LawsofPhysics
LawsofPhysics's picture

Excellent work ZH.  Looking forward to friday.

Thu, 06/28/2012 - 16:55 | 2571011 THX 1178
THX 1178's picture

I'm looking forward to July 1st when the Iran sanctions kick in. Why have I not seen more 'bout this here at ZH?

Thu, 06/28/2012 - 16:18 | 2570849 Vincent Vega
Vincent Vega's picture

It's my understanding that Brian Sack has very very very fat fingers.

Thu, 06/28/2012 - 16:38 | 2570968 pods
pods's picture

I think I heard the Keebler Elf speaking about those with wide eyes?

Elves have small backsides you know!

Poor Timmay.

Thu, 06/28/2012 - 16:40 | 2570979 Thomas
Thomas's picture

I think I heard him in the shower along with some rhythmic slapping sounds.

Thu, 06/28/2012 - 17:03 | 2571104 Translational Lift
Translational Lift's picture

Nope......The Sack is breaking in his new protege..........

Thu, 06/28/2012 - 18:20 | 2571369 NotApplicable
NotApplicable's picture

Just one more day...

Thu, 06/28/2012 - 16:17 | 2570850 Ned Zeppelin
Ned Zeppelin's picture


Thu, 06/28/2012 - 16:20 | 2570852 vmromk
vmromk's picture

The criminals in charge do not even try to mask their criminal activities any longer.

Something really serious must be lurking nearby for them not to even try to mask their criminality.

Thu, 06/28/2012 - 16:23 | 2570887 BudFox2012
BudFox2012's picture

Yeah, Depression II: Reality Strikes Back is going to bite us in the ass in the very near future.

Thu, 06/28/2012 - 18:20 | 2571372 Diet Coke and F...
Diet Coke and Floozies's picture

My guess is peak oil / growth / everything.

Thu, 06/28/2012 - 18:24 | 2571382 NotApplicable
NotApplicable's picture

Olympics start in 29 days. I'll be shocked if something doesn't happen to aggravate hostilities, given it's 2012, and all that.

Thu, 06/28/2012 - 16:18 | 2570859 john_connor
john_connor's picture

quarter end tape painting

Thu, 06/28/2012 - 16:24 | 2570895 ACP
ACP's picture

God dammit! Duh! Jesus F Christ I'm so pissed off today I totally forgot about that.

Thu, 06/28/2012 - 16:33 | 2570933 Rainman
Rainman's picture more trading day to go (Brian Sack's " official " last day on the job).

Thu, 06/28/2012 - 18:25 | 2571386 NotApplicable
NotApplicable's picture

I bet tomorrow he smacks the "buy" button with his erection, just to show the new guy how it feels to wield that much power.

Thu, 06/28/2012 - 18:45 | 2571428 LooseLee
LooseLee's picture

Illegal; nonetheless

Thu, 06/28/2012 - 16:18 | 2570861 realtick
realtick's picture


Thu, 06/28/2012 - 16:19 | 2570864 localpacific
localpacific's picture

me thinks its the PPT yet again....  The PPT Methodology At Work: Proven Once Again 

Thu, 06/28/2012 - 16:19 | 2570865 Frastric
Frastric's picture

Thanks Tyler! You always give a reason for the stock market madness! A reason that makes sense!

Thu, 06/28/2012 - 22:24 | 2572048 fswalker
fswalker's picture

Who gives a fuck about what's already taken place. Captain hindsight doesnt make money for either of us. Maybe if he called this drop yesterday then it would be cudos worthy.

Thu, 06/28/2012 - 16:20 | 2570866 JackT
JackT's picture

Those fat dirty fingers don't have any prints on them either. 

Thu, 06/28/2012 - 18:26 | 2571389 NotApplicable
NotApplicable's picture

Damn creepy algobots!

Thu, 06/28/2012 - 16:20 | 2570869 Cdad
Cdad's picture

Most notably, tech shares did not recover.  That's your "market" leader...and I use that word loosely.  Nice Pachinko machine.

Thu, 06/28/2012 - 16:20 | 2570872 BlueStreet
BlueStreet's picture

I'd jump out the window after that bullshit but it's so hot in Chicago I think I'll just go sit on the sidewalk and melt.



Thu, 06/28/2012 - 16:32 | 2570931 otto skorzeny
otto skorzeny's picture

just think-all that $ the consumer "saved" this winter on low nat gas bills will be pissed away on electrical bills. think the MSM will play that up?

Thu, 06/28/2012 - 16:20 | 2570873 Squid Vicious
Squid Vicious's picture

hopefully the ramp job was immediately preceded by Momo-tarder's capitulation in LULU, CMG, and UA

Thu, 06/28/2012 - 16:20 | 2570876 vast-dom
vast-dom's picture

fuck the markets! fuck bernank! fuck obummer! fuck romrad! fuck them all! no justice! no logic! just gamed fake ponzi!

Thu, 06/28/2012 - 16:24 | 2570891 bmusic
bmusic's picture

how short were you?

Thu, 06/28/2012 - 16:31 | 2570926 vast-dom
vast-dom's picture

how short? I'M SHORT THE PLANET! So yeah I'm limping when I should be doing a fucking tap dance! But my narrative holds as do my shorts and PM positions! 


FUCK YOU BERNANK! I'm gonna fucking beat you in the end!

Thu, 06/28/2012 - 16:41 | 2570983 HarryM
HarryM's picture

Maybe you will beat Berank, but you're going to have one hell of a streched asshole by then

Thu, 06/28/2012 - 16:49 | 2571040 vast-dom
vast-dom's picture

i'm already veritable life support system for my stretched asshole!

Thu, 06/28/2012 - 16:50 | 2571044 Everybodys All ...
Everybodys All American's picture

end of the world trades are never easy. I'm right there with ya though and I'm convinced I'll be right in the end.

Thu, 06/28/2012 - 16:53 | 2571065 vast-dom
vast-dom's picture

yeah man, but it's more than end of world -- it's about soberly and accurately looking at fundamentals, P/E, and other now arcane and detested valuations for what shit is really worth. at this stage we are beyond ponzified synthetic! 


my bet: my asshole will be a lot less stretched than Bernank's, in the end!



Thu, 06/28/2012 - 17:43 | 2571278 Quinvarius
Quinvarius's picture

What exactly do you expect to happen in an environment where a bank panic is impossible due to the availability of unlimited free money?

Thu, 06/28/2012 - 17:51 | 2571296 vast-dom
vast-dom's picture

you may quite easily infer what my narrative is. i could be very wrong. or QE ZIRP TWIST x JPM x UnN x Eurozone x SP 500 x R2k x all the other nonsense will eventually come crashing down. Housing mess, which is still very much in play, shot up like crazy until it shit the bed some......and i still expect housing to correct at least 20% on average.....

Thu, 06/28/2012 - 17:44 | 2571282 johny2
johny2's picture

The markets are rigged, trading them is like throwing a dice, where any number from 1-5 means you lose. 

Thu, 06/28/2012 - 18:27 | 2571392 NotApplicable
NotApplicable's picture

And 6 means you lose double.

Thu, 06/28/2012 - 19:06 | 2571471 Jake88
Jake88's picture

we'll be right if we don't go broke first.

Thu, 06/28/2012 - 16:21 | 2570877 q99x2
q99x2's picture

All the money being saved on Obamacare already entered the stock market. Impressive day for dictators.

Thu, 06/28/2012 - 18:32 | 2571400 NotApplicable
NotApplicable's picture

Now, they just have to make WalMart into a full-fledged healthcare provider, and my 401 just might survive (WM and McDs are the only equities I have access to, everything else is worthless mutual/bond fund).

I've currently got it sitting in the "safe haven" of the money market, earning an entire basis point!

Thu, 06/28/2012 - 16:21 | 2570880 HD
HD's picture

Bulls complacent and poor bears scared stupid. TPTB turning a needed 20% correction into a full collapse...

Thu, 06/28/2012 - 16:23 | 2570884 lasvegaspersona
lasvegaspersona's picture

everything is fine, just a normal part of the business worries...

Thu, 06/28/2012 - 16:24 | 2570890 JustObserving
JustObserving's picture

Just $3.3 billion moves the $14 trillion equity market up 1% or by $140 billion.  Why should Bernanke print when he has such cheap options to generate wealth in the equity market?

All  US markets are manipulated now - precious metals are fat-fingered down.

Thu, 06/28/2012 - 16:27 | 2570911 punxsutawney phil
punxsutawney phil's picture

That is the whole idea.  It is a much better money multiplier than anything else out why QE designed to lift stocks, they get 10 to 1 mulitplier for creating paper money.


Thu, 06/28/2012 - 16:57 | 2571072 JustObserving
JustObserving's picture

If the Europeans adopt US tactics, their markets will be generating wealth and inspiring confidence and supporting their currencies and lowering their interest rates.  If the Spanish equity markets were to rise 10% to 20%, Spanish 10 year  bond yields will fall to 5% from the current 7%.  Also, Spaniards will have money to buy Spanish bonds.

Come on governments of the world - set up secret commissions to support your markets.  It is free money. Call Bernanke for advice.  Corruption is an easy solution to your economic problems.


Thu, 06/28/2012 - 21:33 | 2571903 adr
adr's picture

hahahahhahahahhhhhaaaaaa. Spaniards buying equities and getting money to buy bonds.

God, I'm peeing my pants. You need a headline show in Vegas. Can't buy what you don't have money for. Sure, they can print everyone a billion Euros to buy stock with. The next day a cup of coffee will cost 10kEuro.

Hahhaha, the markets aren't for regular folks to make money. They are for regular people to lose money. Sure you might be up 300%, on a great roll, but you're gonna bet it all on black thinking it's a sure deal and get Netflixed.

Thu, 06/28/2012 - 16:23 | 2570892 ZeroPower
ZeroPower's picture

$3.3bn notional yes - but considering PBs offer something around 100:1 for their "best" clients, this is merely 33mm at work. 

Thu, 06/28/2012 - 16:26 | 2570893 bdc63
bdc63's picture

No, no ... I think you guys are all wrong.  Maria Barfaroma just said that the late day rally was "people were coming into this market looking for value and found it in the finanicals" ...

I kid you not.

Thu, 06/28/2012 - 16:30 | 2570925 ihedgemyhedges
ihedgemyhedges's picture

So YOU are the one watching CNBC still...........................

Thu, 06/28/2012 - 16:55 | 2571063 bdc63
bdc63's picture

only while I'm reading Zero Hedge ... it's a trip.  Try it some time -- better than bath salts without all those pesky "face-eating" side effects.

Thu, 06/28/2012 - 16:33 | 2570941 Randall Cabot
Randall Cabot's picture

Is she a teleprompter reader too or does she make this shit up herself?

Thu, 06/28/2012 - 18:35 | 2571410 NotApplicable
NotApplicable's picture

I don't think she's smart enough to read a teleprompter.

Thu, 06/28/2012 - 18:37 | 2571417 Mugatu
Mugatu's picture

As the great teleprompter Ron Burgundy once said:


"I'm Ron Burgundy and go fuck yourself San Diego!"

Thu, 06/28/2012 - 16:33 | 2570944 otto skorzeny
otto skorzeny's picture

I would still hit that- those older broads work it that much harder. donkey punch?

Thu, 06/28/2012 - 16:35 | 2570955 LongSoupLine
LongSoupLine's picture

I hate that annoying sellout stupid fucking whore

Thu, 06/28/2012 - 19:09 | 2571482 Jake88
Jake88's picture

she's become matronly. why's she still doing there?

Thu, 06/28/2012 - 16:25 | 2570898 Godisanhftbot
Godisanhftbot's picture

Been less of this eod manipulation lately , but was quite common a while back.

Thu, 06/28/2012 - 16:26 | 2570906 bdc63
bdc63's picture

well, they sure as hell made up for lost time today

Thu, 06/28/2012 - 16:25 | 2570900 hugovanderbubble
hugovanderbubble's picture

LONG THLD for Overall Survival >11 in Pancreatic Cancer TH302

Thu, 06/28/2012 - 16:27 | 2570907 midgetrannyporn
Thu, 06/28/2012 - 16:26 | 2570908 insanelysane
insanelysane's picture

End of the month and end of a quarter.

Thu, 06/28/2012 - 16:28 | 2570915 bdc63
bdc63's picture

... end of the world as we know it ...

Thu, 06/28/2012 - 16:34 | 2570948 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The month ended Tuesday.

Thu, 06/28/2012 - 16:28 | 2570919 Euro Monster
Euro Monster's picture


Thu, 06/28/2012 - 16:36 | 2570963 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Tyler wrote "equity risk" like what?  Credit has no risk?  Cash has no risk?  The deflation team of Biderman, Denninger, Durden, Keiser, Mish, and Rosie have been killing it!

Deflation any minute now!


Thu, 06/28/2012 - 16:57 | 2571084 Village Smithy
Village Smithy's picture

You have to admit that equities carry a little more risk overnight than either credit or cash. As far as team deflation goes IMO they will be proven right but matching the amount of debt that a nation has accrued in over 200 years in just 4 years does buy you some time.

Thu, 06/28/2012 - 16:32 | 2570935 DannyTX
DannyTX's picture

No No No........It has just been reported from the Euro Summit that on day one they all came to agreement that unicorns really are going to shit trillions into their shithole and fix everything. 

Thu, 06/28/2012 - 16:33 | 2570940 daneskold
daneskold's picture

Manipulation to cause max pain in the index option expiry?

Thu, 06/28/2012 - 16:32 | 2570942 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Brian Sack does it one last time!

Thu, 06/28/2012 - 16:37 | 2570965 Great Unwashed
Great Unwashed's picture

Last time, you say? There's still tomorrow...

Thu, 06/28/2012 - 16:42 | 2570994 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They will have his going away party before the market opens so they can make it to the Hamptons for a noon Manhatten drink.

Thu, 06/28/2012 - 16:36 | 2570954 dcb
dcb's picture

I took a bit of a nap, was ok, the shorts closed, no surprise because I looked a tthe charts at the charts a bit ago and there was something like this exactly the issue is the open tomm. I used it to manage to sell my ultra financial for the week with a gain instead of about even and made money on the shorts today. the computer is programmed to do what ever happens.

i also said the plunge protection ream was doing all it could to prevent a had and shoulders formation with a break below the neck line for the european type etf. goess today proved it. but todays action was of course sill, but there will be no sec prosecution

Thu, 06/28/2012 - 16:37 | 2570966 RGSTL
RGSTL's picture

Looks like this the latest installment of the Bernanke Put?

Thu, 06/28/2012 - 16:38 | 2570971 slewie the pi-rat
slewie the pi-rat's picture

that's no finger!

it has an eye!

Thu, 06/28/2012 - 16:40 | 2570975 MrButtoMcFarty
MrButtoMcFarty's picture

Another great day for the Pigmen!!

Long Live the Pigmen!!


The "markets" are a joke. Play at your own risk.

Have ditched equities altogether since last summer.....still dabble in FX....the rest is PM, RE, guns, gardens, and a bunch of UST in a TSP.


Fuck the Pigmen!!


Thu, 06/28/2012 - 16:43 | 2570985 tahoebumsmith
tahoebumsmith's picture

What else would anyone expect from this Dog and CRONY show? Heck Obama got his pipe dream stuffed through today, Everyone in the MSM is now saying that Holder didn't willingly let guns into the hands of the Cartel so forget about the contempt charges, Europe is officially saved and the finals of America's got talent is on tonight. So why not have the PPT send off an early 4th of July rocket to celebrate our liberties and freedom?. All is well in muppetland and sheepville, So get the BBQ's ready and head to the parades and beaches, run my little sheep, RUN...

Thu, 06/28/2012 - 16:49 | 2571038 Village Smithy
Village Smithy's picture

Muppetland and Sheepville, very funny!

Thu, 06/28/2012 - 16:46 | 2571021 Bastiat009
Bastiat009's picture

I read some comments and I find it odd that people here can be surprised by what is happening every day in Wall Street. Since the coup d'etat led by the bank in 2008, Wall Street bankers officially control the world and no one can stop them without guns. I know Americans have guns but they don't have the courage and the knowledge to stand up. 

Thu, 06/28/2012 - 16:55 | 2571056 Everybodys All ...
Everybodys All American's picture

It will likely happen before anyone realizes and will be set off by something quite innocent more than likely as well. People are definitely no longer in the dark on this subject.

Thu, 06/28/2012 - 16:59 | 2571095 John Bigboote
John Bigboote's picture

 Asteroid 2012 DA14 will probably take care of all this shit in mid Feb.

Thu, 06/28/2012 - 16:50 | 2571042 Bansters-in-my-...
Bansters-in-my- feces's picture

My speech to the USTreasury and the Federal Reserve of the US (not federal at all) and stands for NO country.
FUCK YOU Timmy and your ESF, and FUCK YOU ben Benrnanke and your entire group of "work mates".....
FUCK YOU's.....
Thank you's for your tme now fuck off.

Thu, 06/28/2012 - 16:53 | 2571060 twocents
twocents's picture

Crack stock whores gone wild.

"Just give me a sniff of that bailout pipe bro...."

Thu, 06/28/2012 - 16:58 | 2571069 slewie the pi-rat
slewie the pi-rat's picture


welllll noww...:

  • screwed down tight?  check
  • goldilocksCrisisTM ?  <chuckle>  check
  • systemic stability?  unhh...we'll know more this time tomorrow...
  • syria?  will start up again saturday, if not sooner  check
  • supreme quart?  priceless!  we may be on out way to the imperial ga-loon!  just don't make us try metric again!  [slewie!  you've lost nearly a stone!   whaddya mean nearly, you fuking quack?  i'm completely out!]
Thu, 06/28/2012 - 19:30 | 2571543 TonyCoitus
TonyCoitus's picture

Supreme Quart......funny shit.......good name name for a bar in DC. After I get some stimulus cash, I'm gonna make a go of it. Nothing to lose but other peoples money!

Thu, 06/28/2012 - 16:55 | 2571079 catch edge ghost
catch edge ghost's picture

I am a fully fledged dumb money retail market indicator - and as of today I am finally done trying.

Just sayin', prolly means DOW 30,000 next week... sigh.

Good luck. Bitches.

Thu, 06/28/2012 - 17:32 | 2571233 Karl von Bahnhof
Karl von Bahnhof's picture

Buy at 3:00 sell at 4:00 and walk away...

Thu, 06/28/2012 - 16:57 | 2571088 Bunga Bunga
Bunga Bunga's picture

Get over it, the whole casino is rigged.

Thu, 06/28/2012 - 17:04 | 2571108 Galactic Superwave
Galactic Superwave's picture

Bears will rule by the end of next week. Yes, that is a prediction.

Thu, 06/28/2012 - 17:09 | 2571129 unununium
unununium's picture

Q: Aren't the Fed, ESF, PPT etc. afraid of buying equities higher with printed money, since they need to sell someday?

A: No.  Becase they know they are going to print the great inflation someday anyway.  This is merely the amuse bouche.

Thu, 06/28/2012 - 17:19 | 2571174 tahoebumsmith
tahoebumsmith's picture

All Obama needs to do now is to stick the free $ 3000 thingamagiggy fork into the sheep and it will be like 2008 all over again.

Thu, 06/28/2012 - 17:32 | 2571239 Me_Myself_and_I
Me_Myself_and_I's picture

I believe it is spelled:  "thingamajiggy".

And Obama would need Hank Paulson to carry the fork.

Thu, 06/28/2012 - 17:19 | 2571188 orangegeek
orangegeek's picture

In the grand scheme of things, the SP500 still shows primary wave 3 down.


When this wave 3 picks up momentum, it will be a very aggressive downward move.

Thu, 06/28/2012 - 17:26 | 2571209 RobotTrader
RobotTrader's picture

Charts on all the index ETF's look very healthy.


I wonder why all the End of the World predictions are coming out?


Thu, 06/28/2012 - 17:27 | 2571215 Jake88
Jake88's picture

buy all the shorts you can

Thu, 06/28/2012 - 17:40 | 2571274 Eugene9876
Eugene9876's picture

re: Just A Very Visible Fat Finger?

...just outgoing Brian Sack banging the box for 2009's sake


Thu, 06/28/2012 - 17:55 | 2571310 Dr_Lucid
Dr_Lucid's picture

Powers that be have figured out a way to QE the market without a formal announcement.  Wasn't Turkey buying Apple a few weeks ago?  Why not some foreign government thinking Risk ON manipulation is a better move than the old hat Treasury auction?  Nobody cries foul since they cannot understand it.  At some point, folks at ZH or other +1 candidates will figure it out.

On a side note, to this day I am so surprised Maria hasn't done a sex tape.  That ABOVE ALL ELSE would move the markets more than any QE announcement could.  Stupid politicians and banks don't get this and many of them probably still think she'll give it up for them instead.  

Thu, 06/28/2012 - 18:02 | 2571328 pmm009
pmm009's picture

Maybe a little diversification for the ECB.  3.3B is probably a nice round 1% FOR THEM.

Thu, 06/28/2012 - 18:22 | 2571381 IMA5U
IMA5U's picture

obama didnt want the market to be in deep red the day his obamacare ruling was upheld


this market is a farce

Thu, 06/28/2012 - 20:03 | 2571650 GeoffreyT
GeoffreyT's picture

Simple really - Goldman was upset that everything had begun to front-run the "known known" of this week - the point sometime today or over the weekend when some tax-sucking bureaucrat tells the world that a bunch of other tax-feeders have 'hammered out' the perfect solution to all that ails Europe.

So Goldman hired some other bureaucrat to 'leak' the story that nothing was expected to be achieved... BANG - DAX down 110, EURUSD down 120pips, Dow futures slammed for 120... the BTFD crowd got smacked right in the gob.

Then "someone" buys a swag of SPs into the close, apparently indifferent as to the price they pay... can't say I'm surprised. (Disclosure: I've been selectively scalping longs since Wednesday night Oz time: just small slots to exploit the eventual post-EuroWankfest ramp).

The recent dumping is too dumb for words, given the proclivities of the political class to try to bullshit their way out of things, and the tendency of financial markets and the press to attempt to give an imprimatur to anything the political class is trying to sell... e.g.: GM went UP after it was fucking nationalised - if naitonalisation worked we would all be living in some post-Soviet Workers' Paradise.

The Dumb Money At Work sign is out, and it's selling every uptick. And it's going to get hosed (and I say this despite having a long-term bearish outlook lo these ten years) - just like it always does. That's why it's THERE.

Thu, 06/28/2012 - 23:11 | 2572153 GeoffreyT
GeoffreyT's picture

And there we have it, ladies and jellybeans (apropos of my earlier comment in this thread)- ... the fucking dummies who were selling every uptick over the last few days will have to get their sphincters re-sleeved. Hilarious, and utterly predictable, even if it will have a half-life about the same as that of strep throat.

Thu, 06/28/2012 - 23:11 | 2572137 GeoffreyT
GeoffreyT's picture

edit - was supposed to be a response to self... posted as a separate comment. Fat fingers indeed.

Fri, 06/29/2012 - 11:17 | 2573311 Hopeless for Change
Hopeless for Change's picture

Hey, look at that!  S&P is up 25 today.  Whadya know, they were right.  Reason #5,684,932 why independent traders are a dying breed.

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