• Knave Dave
    05/23/2016 - 18:16
    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

Sho' Nuff - Here's Rule 48

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Thu, 08/18/2011 - 09:06 | 1572232 Havok
Havok's picture

Ok for us newbs, whats rule 48 do?


Thu, 08/18/2011 - 09:10 | 1572258 Ancona
Ancona's picture

Rule 48 - Illegal Check to the Head 48.1 Illegal Check to the Head – A lateral or blind side hit to an opponent where the head is targeted and/or the principal point of contact is not permitted.

Thu, 08/18/2011 - 09:12 | 1572274 BaBaBouy
BaBaBouy's picture

Come on Germany ... Pay

Everybodies Bills In EU Land !!!

Thu, 08/18/2011 - 09:13 | 1572278 Falcon15
Falcon15's picture

5 minute penalty for high sticking. NO STOCKS FOR YOU!

Thu, 08/18/2011 - 09:21 | 1572320 Careless Whisper
Careless Whisper's picture

Eh tu, Barclays?


Thu, 08/18/2011 - 09:23 | 1572327 KnightsofNee
KnightsofNee's picture

Plus 10 minutes for unsportsman like conduct. I run a pretty tight game. Don't want these guys hurting each other. Time out in the box buddy. Power play on!

Thu, 08/18/2011 - 09:14 | 1572288 John Law Lives
John Law Lives's picture


"(a) In the event that extremely high market volatility is likely to have a Floor-wide impact on the ability of [Designated Market Makers] to arrange for the fair and orderly opening, reopening following a market-wide halt of trading at the Exchange, or closing of trading at the Exchange and that absent relief, the operation of the Exchange is likely to be impaired, a qualified Exchange officer may declare an extreme market volatility condition with respect to trading on or through the facilities of the Exchange."


Fair and Orderly?  That's a laugh.  Since when are the US markets "Fair and Orderly"?  How about "Patently Unfair and Disorderly".


Thu, 08/18/2011 - 09:42 | 1572473 Problem Is
Problem Is's picture

How true, John Law...

Rule 48: SNAFU --- US Market "Situation Normal - All Fucked Up"...

Thu, 08/18/2011 - 10:39 | 1572916 Henry Chinaski
Henry Chinaski's picture

I was under the impression that rule 48 is invoked to give fair warning that the ZH server will probably crash.

Thu, 08/18/2011 - 10:13 | 1572716 Mr Kurtz
Mr Kurtz's picture

I'm still trying to figure out how the real market makers (robots and HFTs) have the time or inclination to develop an ethical sense of "fairness" and to render "qualified" judgements?

Thu, 08/18/2011 - 09:19 | 1572308 DrPepperJawa
DrPepperJawa's picture

I feel like the female bear in the "quantative easing explained" video on You Tube... "Yeah....but what does that mean.."



Thu, 08/18/2011 - 09:08 | 1572246 dwdollar
dwdollar's picture

Insiders get to liquidate while you get to watch.

Thu, 08/18/2011 - 09:13 | 1572273 raki_d
raki_d's picture


Thu, 08/18/2011 - 09:19 | 1572307 fiftybagger
fiftybagger's picture

Dark pools

Thu, 08/18/2011 - 09:24 | 1572334 KnightsofNee
KnightsofNee's picture

I just wiped my screen. This little bugger won't die.

Thu, 08/18/2011 - 09:21 | 1572317 BandGap
BandGap's picture

Rule 48 keeps things "orderly".  For investors like me that means all the shit I tried to move last night got put on hold.  Put on your big boy pants, going to be a crazy day.

Thu, 08/18/2011 - 09:23 | 1572330 BlackholeDivestment
Thu, 08/18/2011 - 09:07 | 1572235 the not so migh...
the not so mighty maximiza's picture


Thu, 08/18/2011 - 09:08 | 1572236 Widowmaker
Widowmaker's picture

No one will see it coming.

Thu, 08/18/2011 - 09:07 | 1572239 lolmao500
lolmao500's picture

So the markets are suspended? LOL

Thu, 08/18/2011 - 09:07 | 1572240 Robslob
Robslob's picture

I guess it isn't good but I am spitballing it means, in laymans terms, we are in control of the market...go back to sleep...sleep...sleep....sleep...

Thu, 08/18/2011 - 09:36 | 1572429 Oh regional Indian
Oh regional Indian's picture

Just realized that Sheep And Sleep rhyme. Strongly.

There was once a Sheep named Trader

Who met a Robot That made Her

Tremble at the knees

With a Short, Short Squeeze

And ran off before he Paid her!



Thu, 08/18/2011 - 09:08 | 1572245 Karl Tashjian
Karl Tashjian's picture

At least it's not Rule 34...

Thu, 08/18/2011 - 09:09 | 1572250 The Shootist
The Shootist's picture

Meh. They seem to have it once a week now.

Thu, 08/18/2011 - 09:10 | 1572252 Yield2Greatness
Yield2Greatness's picture

I'm going to watch CNBC all day today, with a big wide grin on my face.

Thu, 08/18/2011 - 09:15 | 1572295 John Law Lives
John Law Lives's picture

Why subject yourself to torture all day.  Why not turn that crap off and enjoy your life.

Thu, 08/18/2011 - 09:20 | 1572312 knukles
knukles's picture

Do what the SEC does.  Either watch Tranny Porn or Destroy Material Records (as in get rid of the evidence)

Thu, 08/18/2011 - 09:26 | 1572356 KnightsofNee
KnightsofNee's picture

Watch tranny porn WHILE destroying material records. Come on, enjoy life!

Thu, 08/18/2011 - 09:45 | 1572507 Problem Is
Problem Is's picture

If your boss was Mary Schapiro... wouldn't you be driven to tranny porn?

Thu, 08/18/2011 - 09:10 | 1572253 the not so migh...
the not so mighty maximiza's picture

all traders to room 101, the word "selling" will be removed from your brain one way or anouther.

Thu, 08/18/2011 - 09:10 | 1572255 augie
augie's picture




Thu, 08/18/2011 - 09:30 | 1572396 Silver Dreamer
Silver Dreamer's picture

Yes we can! har har

Thu, 08/18/2011 - 09:35 | 1572424 NuckingFuts
NuckingFuts's picture


Thu, 08/18/2011 - 09:46 | 1572517 Capt Tripps
Capt Tripps's picture

Baby Can You Dig Your Man?

Thu, 08/18/2011 - 09:13 | 1572264 Confused
Confused's picture

Is anyone even trading? Other than the machines of course.

Thu, 08/18/2011 - 09:15 | 1572296 Critical Path
Critical Path's picture

Our "leaders" are selling bullshit left and right... someone must be buying that.

Thu, 08/18/2011 - 09:12 | 1572267 proptrader
proptrader's picture

Where did you see that announcment? I cant see it on Bberg...

Thu, 08/18/2011 - 09:16 | 1572298 Caveman93
Caveman93's picture

Ya see, here's the deal. Tyler, is all things, everywhere at all times; He is, the oxygen in all board rooms and has special powers to receive data metaphysically using his great shaman powers. The revolution will not be televised nor will you see it first anywhere but here. Make sure you donate!

Thu, 08/18/2011 - 09:13 | 1572271 Caveman93
Caveman93's picture

Let the Games.....BEGIN!

Thu, 08/18/2011 - 09:13 | 1572275 President Starkey
President Starkey's picture

Things are getting better, getting better all the time.

Thu, 08/18/2011 - 09:13 | 1572277 Esso
Esso's picture

So, this is bullish, right? It must be bull something-or-other.

Thu, 08/18/2011 - 09:21 | 1572315 Boston
Boston's picture

It's a soft patch.

Thu, 08/18/2011 - 09:37 | 1572438 Oh regional Indian
Oh regional Indian's picture

It's what they call quicksand too. Just a soft-ish patch, is all!


Thu, 08/18/2011 - 09:13 | 1572280 SilverIsKing
SilverIsKing's picture

Big improvement over Rule 47. The system is much better now.

Thu, 08/18/2011 - 09:13 | 1572283 mess nonster
mess nonster's picture

Yah. Twice in as may weeks. As if no-one knows opening prices anyway.

Thu, 08/18/2011 - 09:19 | 1572301 Mercury
Mercury's picture

The NYSE's share of volume, even in it's own stocks, is a shadow of its former self but their open and close are still major liquidity events.

Thu, 08/18/2011 - 09:13 | 1572284 Boilermaker
Boilermaker's picture

Why didn't this go into effect when we went up 600+ DOW points a few days ago?

Thu, 08/18/2011 - 09:24 | 1572331 Zymurguy
Zymurguy's picture

My sentiments exactly... there are no circuit breakers on the way up.

Without breakers both ways it further queers the deal.

"Funny queer not funny ha ha."

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