Shortsellers order up bottle service

Oh My!!!

Maybe this time, they won't miss the bottom!! Bottle service for Nouriel Roubini!!!

Maybe the shorts should realize, that this market takes no prisoners. Heck, even bull dung can be used to make newspaper!!

While Jesus may have turned water into wine, Mr Reilly has gone for a more practical transformation – he's figured out a way to turn bull dung into paper.

During studies towards his Bachelor of Fine Arts at Whanganui UCOL, Mr Reilly discovered an affinity for paper-making.

In his research, he found different cultures were making paper from many fibrous materials – including kangaroo poo, wombat faeces and elephant manure.

Back in his hometown of Bulls, there was one logical step.

A couple of bull farmers were more than happy for Mr Reilly to clear their paddocks, and he went to work with the pooper scooper.

Figuring out how to turn raw poo into paper took a bit longer – 15 months in fact, for the smooth transformation to be honed.

First Mr Reilly has to rehydrate the bull patties, covering them with litres of water in plastic buckets and leaving them to soak.

"There's fibre from grass in there, the bull doesn't actually process the fibre," Mr Reilly explained.

"It needs a good couple of weeks to soften up the fibre and start breaking down."

After a fortnight – during which the mixture is stirred occasionally – he sieves the waste from the fibre.

I guess that 's what's wrong with the bears. They don't read newspapers, and they only can spot a nice bottom on the Internet.

Because they obviously can't spot one on Wall Street! Even when its "harrowing!!!!"

Oh I forgot!!! They're just following their own script.

They pay for their bottoms!!

So let's toast the bears!

Bottoms Up!!

The ECB shows their teeth!

Up almost 400 on the Dow, and +53 on the S&P isn't enough for you?

Traders--Hit bids for gosh sakes!

Oh that's right--I forgot--You can't hit bids when you're covering the shorts you laid out!!!

Hah!!!!

Girl lacks the gene that ages

She's above on the left at 9, 13 and 16.

Scientists are hoping to gain new insights into the mysteries of ageing by sequencing the genome of a 17-year-old girl who has the body and behaviour of a tiny toddler.

Brooke Greenberg is old enough to drive a car and next year will be old enough to vote — but at 16lb in weight and just 30in tall, she is still the size of a one-year-old.

Until recently she had been regarded as a medical oddity but a preliminary study of her DNA has suggested her failure to grow could be linked to defects in the genes that make the rest of humanity grow old.

If confirmed, the research could give scientists a fresh understanding of ageing and even suggest new therapies for diseases linked to old age..

“We think that she has a mutation in the genes that control her ageing and development so that she appears to have been frozen in time.

“If we can compare her genome to the normal version then we might be able to find those genes and see exactly what they do and how to control them.”

Where were the bottom callers when you needed them?

Hiding!!

From the "harrowing" market!

Oh my!!

And where is Meredith Whitney or Nouriel Roubini?

Who only show their mug, when it will cost you money?

The Whitney-Roubini-El-Erian indicator, once agin worked.

And if Meredith wore a thong...you'd have the action below!

Bailout now a trillion dollars

WSJ

EU Approves €750 Billion Bailout

BRUSSELS—The European Union agreed an audacious €750 billion bailout plan in an effort to stanch a burgeoning sovereign debt crisis that began in Greece but now threatens the stability of financial markets world-wide.

The money would be available to rescue euro-zone economies that get into financial troubles, the diplomats said. The plan would consist of €440 billion of loans from euro-zone governments, €60 billion from an EU emergency fund, and €250 billion from the International Monetary Fund.

The giant bailout package reflects the gravity of the crisis gripping Europe and growing fears that the situation may grow so dire as to hamper the fragile rebound in the global economy. It would also cast aside long-held notions that each EU nation should manage its own finances, opening an era in which members of the common currency take on unprecedented responsibilities for each others' fiscal troubles.

Remember the good ole days? When LTCM was just a $4 billion bailout?  The TARP? $700 billion. Now Europe is starting at a trillion dollars! This will make ObamaCare a walk in the park!

And for those who still think they can short this rally--let's really think about that for a second. Who, besides me, bought at Friday's lows? I don't know anybody. All I know is, that I saw the ashen faces of people who were warning me of thge collapse of Europe. Whatever. The story was just used to filch you out of your stocks.

And then, think about this. Every stop in this market was already hit. Everywhere! So who is left to sell? Which brings me back to who bought at Friday's low? So who will flip at the opening spike? There isn't much supply coming om board.

And right now, all the participants in the market are so weak, and so feeble minded, and still so shaken, that they will do stupid things tomorrow, all in the guise of being "prudent." Heck, maybe they heard from Brian Williams, that the market route was "harrowing!" Harrowing? Does he even know what harrowing is? That's harrowing? Something that people called a "glitch?"

Wouldn't he be nice on the streets of gangland, dealing a couple of rocks from the neighborhood gang banger if he thinks the drop in stocks was harrowing!

I'm sorry, but Brian Williams--he gets the pussy of the week award!

And all of you folks that missed the rally in stocks? Well, you had your chance to buy.

But if you didn't, just blame it on Brian Williams.

After all, he said the drop was "harrowing!"

What is a "Bankster" thinking?

Come on, is that even a tough question? Why the nuclear option? Just read Greenspan's book, The Age of Turbulence, and check out when he talked about the crash.

Now I know these books are nauseating, but irrespective of that, the banksters move markets, so I'll indulge Sir Alan for just a moment, on the chapter Black Monday where he talks about the Federal Reserve's options after Black Friday, when the Dow dropped 508 points or 22% in October of 1987. (page 106)

"We don't need to wait to see what happens. We know what's going to happen." "You know what people say about getting shot? You feel like you've been punched, but the trauma is such that you don't fell the pain right away? In twenty-four or forty-eight hours, we're going to be feeling a lot of pain."

So they used the bazooka.

The market wasn't going to melt on Monday, and then, give people all the time in the world to buy stocks at wonderful prices, and then open down again on Tuesday, to reverse and then, have every pundit in the world say it was "Turnaround Tuesday!"

Markets don't work like that. You had the panic on Thursday, the recheck of Thursday's lows, (ex MMM and PG) at 10:30 on Friday, and now you are waiting for turnaround Tuesday? So every blogger with a tinfoil hat can then tell you that they were right because the system was going to collapse?

Think like a bankster crook, and you can take the "free money" that the banksters are doling out!

Or you can logically assess it, and do it your own way, and lose your shirt because the bankers brought out the bazookas!

Anyone buy at Friday's low?

Wait----wasn't the low advertised within a couple of minutes on Friday? It was just another "Free Money" offer from the Government. You got to take it, when they give it to you!!! At 1095 on the S&P!!

Palmoni said...
The 10:30 glitch is now over. That was the melt from yesterday that I advertised would happen. Dow was down 278 NAZ down 91. Geithner and Bernanke are now calling in the Calvary, and telling Goldman's prop desk to buy! That should be it. They need to contain things, before they get out of hand.

May 7, 2010 10:34 AM

"

Now we have a $500 billion euro bailout, and the futures are up close to 2% across the board.

Thank you--I just hit bids!!

That was the easiest play in the world! When Brian Williams starts saying on Letterman the market plunge was "harrowing" you know the banksters would be taking offers in tandem with the weekend bail-out plan overseas!!

Oh My!! The plunge was "oh so scary!"

"Not!!"

It was just "Free Money!!"

"As advertised!!!"

The committee to save the world is calling a meeting.

Remember the actors in the last meeting?

And the Time magazine puff piece that began like this?

In late-night phone calls, in marathon meetings and over bagels, orange juice and quiche, these three men--Robert Rubin, Alan Greenspan and Larry Summers--are working to stop what has become a plague of economic panic.....

Now our saviors are Sarkozy, Merkel and Timmy Geithner--?

And just as history has proven that the previous three actors were just  losers, who really didn't believe in free markets, but who instead, believed that debt created was an asset, and that fiat money was the solution to the world's problems, they're coming up to bat again. Despite the fact, that eleven years later, gold is at $1200, instead of $270, the purchasing power of the dollar has cratered, along with the people's standard of living; and yet, still the Central Bankers of the world, claim that they, and only them, know what is good for the financial system.
 
The same bankers, who sold gold at $270!

But now they declare, that they have their bazooka loaded to defend the euro, along with a Chinese style media lock down, that no more live shots of riots in Greece can be broadcasted during market hours.

And that's the "Bankster's" plan!

From the Committee to save the world!

Or at least, the banker's bonuses from a clawback!

Criminal silver and gold market manipulation probe launched against JP Mporgan?

The bankstas thought they were impervious to law, and could bonus themselves the billions they bstole from the taxpayer. Another headache but this time, it's nit at Goldman Sachs, but at JP Morgan:

NYPost:
Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market, The Post has learned.

The probes are centering on whether or not JPMorgan, a top derivatives holder in precious metals, acted improperly to depress the price of silver, sources said.

The Commodities Futures Trade Commission is looking into civil charges, and the Department of Justice's Antitrust Division is handling the criminal probe, according to sources, who did not wish to be identified due to the sensitive nature of the information.

The probes are far-ranging, with federal officials looking into JPMorgan's precious metals trades on the London Bullion Market Association's (LBMA) exchange, which is a physical delivery market, and the New York Mercantile Exchange (Nymex) for future paper derivative trades.

JPMorgan increased its silver derivative holdings by $6.76 billion, or about 220 million ounces, during the last three months of 2009, according to the Office of Comptroller of the Currency.

Regulators are pulling trading tickets on JPMorgan's precious metals moves on all the exchanges as part of the probe, sources tell The Post.

Got physical gold? Do you? Not if you can't touch it!

Do you really own it, or is JPM sellling you a paper certificate that three other people also own?

Remember when Sprott wanted some real physical gold delivered?

$300 million brought the price of gold up $80.

Revisit that story, and then ask what is JPM is really doing in the physical delivery and paper markets, that justice is doing a criminal probe!

Thursday, March 4, 2010

Sprott picks up gold

The Sprott Physical Bullion Trust (PHYS) is now holding 286,870 ounces of gold, with a market value of $327,003,510. The estimated net proceeds of their IPO are approximately $390,000,000, possibly higher depending on total fees for the IPO and initial bullion purchases.

They have now purchased 8.923 tonnes of gold bullion since last Friday (at 32,150.746 Troy ounces per metric tonne)...

It will be interesting if we can see identify the drawdowns in the inventories that sourced this gold, wherever they may be. There are those who contend that the supply is coming from the unallocated inventories of bullion banks who are engaging in a kind of 'fractional reserve' gold selling to their customers.

Notice how gold ramped $80 on a purchase of just 9 tons of gold. There is speculation that the LBMA, with the following clearing members

-- HSBC Bank USA National Association

-- JP Morgan Chase Bank

-- The Bank of Nova Scotia

-- Barclays Bank

-- Deutsche Bank

-- UBS AG

have been selling gold from their inventories to multiple parties--fractional gold lending, if you will, at a scale that would make Madoff a piker.

From GATA:

HSBC and JPMorgan Chase are the biggest short sellers on the New York Commodity Exchange. Together they own 95 percent of the over-the-counter precious metals derivatives. They are also custodians of the bullion supposedly held by the GLD and SLV exchange-traded funds, respectively, and they are clearing agents for the LBMA.

That is one fine set of credentials. These banks are so arrogant and confident that their racketeering will not be exposed that the quarterly publication of the LBMA is titled "The Alchemist."

Unlike the alchemists of the middle ages who tried to turn lead into gold, the alchemists at the LBMA turn paper into gold. (Well, gold IOUs, to be exact.)

In 2003 Graham Tucker, chairman of Gold Bullion Securities, made a presentation to the annual LBMA precious metals conference about his firm's new gold-backed ETF that today trades on the American Stock Exchange under the ticker symbol "GOLD." The transcript of his speech can be found here:

In that speech Tucker said:

"There are three essential components of [a] listed security, in our opinion. Firstly, ownership of the gold; investors want allocated gold, not a third-party credit risk, which is what unallocated gold is. In fact, you could argue unallocated gold isn't gold; it's just a piece of paper issued by a bank, and in most cases, unsecured risk."

You have to remember that this is a speech being made in front of all the members of the LBMA. You simply can't make such a statement in front of such a crowd if it isn't true. And we know it is true because the LBMA says the same thing on its Internet site.

Members of the London bullion market typically trade with each other and with their clients on a principal-to-principal basis, which means that all risks, including those of credit, are between the two counterparts to a transaction.
The LBMA peddles gold promises to those gullible enough to trade off convenience against title.

Many people do not understand what fractional reserve accounting means. (It's just a kite!)

..The LBMA sells more gold than it has. It knows from statistics on average how many clients will ask for delivery and that determines the LBMA's minimum stock level.
When more gold is demanded than the bullion banks can deliver, they try to lease or buy gold from central banks. If this can be done in a timely fashion, the bullion banks' clients are none the wiser. If the central banks cannot provide supply, then the bullion banks are obliged to offer premiums over the spot gold price to encourage clients to accept cash in lieu of metal.

We are hearing anecdotal stories that recently there have been cases of premiums of up to 25 percent being offered for gold buyers to settle in cash instead of metal. It would seem that the bullion banks have pushed the game too far and are on a collision course with default. In addition the central banks have dishoarded a large proportion of their gold and are not in a position to come to the rescue of the bullion banks as much as in the past.
 ----
The London Bullion Market has  15,000 tons. How is it possible that only 9 tons of gold, with real, actual physical delivery causes gold to move up $80?

Sprott bought 300,000 ounces, but he takes delivery, and gold goes up $80. On the LBMA exchange 19.8 million ounces were exchanged between parties in January each day! If you look at their chart, you'll think that is the amount of gold that is transferred each month, when it is the average daily amount. Why make it clear, when you run a ponzi scheme? The information is proprietary!

But to keep the game going, you always have to make good delivery. Thus when Sprott takes down actual physical gold, the price rises, because the LBMA doesn't want anyone else to panic, and the LBMA member banks, can continue to sell gold that doesn't exist.

Madoff style!

Goldman Sachs wannabe offers $300 rent if you walk around in your underwear

Let's revisit Moody's cheerleader

Last weekend, at the Berkshire Hathaway shareholder meeting, Warren Buffett had wonderful things to say about Moody's:

Mr. Buffett also defended Moody's, which owns one of the ratings firm that critics say amplified the crisis by giving triple-A ratings to assets that ultimately collapsed.


Ratings outfits such as Moody's Investors Service and Standard & Poor's, a unit of McGraw-Hill Cos. have "incredibly wonderful businesses," he said, adding that their "pricing power is significant."

Late yesterday, Moody's filed their annual report, and in it, they disclosed that they received a Wells notice from the SEC:

When Goldman Sachs got their Wells notice, the blamed it all on just one person--the fabulous Fab.

Buffett, of course defended Goldman. When Moody's got their Wells notice:

On March 18, 2010, MIS received a “Wells Notice” from the Staff of the SEC stating that the Staff is considering recommending that the Commission institute administrative and cease-and-desist proceedings against MIS in connection with MIS’s initial June 2007 application on SEC Form NRSRO to register as a nationally recognized statistical rating organization under the Credit Rating Agency Reform Act of 2006.

 they of course, blamed it all on just one single violation--just like Goldman did--the rogue employee of the "fat finger" of the market!

WSJ
According to Moody's filing, the SEC staff has informed Moody's that its description of its procedures and principles in its 2007 application "were rendered false and misleading… in light of the company's finding that a rating committee policy had been violated."

"We have responded to all the requests on the matter by the SEC staff and will continue to do so," a spokesman for Moody's said. "Moody's policy clearly prohibits the conduct in which these employees engaged, and we do not believe a single violation of the policy renders that policy false," he added.

Buffett, of course, will tell you otherwise,. The folks at Moody's, who rated securities AAA that were toxic--well, that's just as Buffett said, "an incedibly wonderful business."

It's such an incredibly wonderful business that the SEC wants to take them out of it!

Remember th epig, that was norn with th eface of a monkey?

A genetic defect.

But Warren Buffett? Defending Goldman and Moody's?

Maybe Warren's genetic defect, of defending those who raped and pillaged the taxpayer, only shows up in his twilight years.

After his folksy charm, wore off!

A Great post by Denninger on Gold and Silver manipulation

CFTC Warns, GOLD/SILVER Spikes? Hmmmm....

WASHINGTON (Dow Jones)--The U.S. Commodity Futures Trading Commission issued a warning to the market on Friday to remind participants that speculative trading limits apply throughout the trading day as well as at the end of trading.

Timestamp, 11:15 Central time

Now let's look at two charts.

You don't think that GOLD was being speculatively shorted beyond intraday position limits, do you?  That oval, by the way, is right when the announcement was made.

Or shall we look at SILVER?

Naw, there's no evidence that "someone" (or a few someones) were breaking the law here, is there?

Nobody would ever close out unlawfully-held shorts after being warned by the CFTC, would they?

The Wall Street Casino Scam

ZH
The ratings agencies like Moodys and Standard and Poors are the pretty cocktail waitresses that lure the mark (the retail investor) into the Casino (stock markets) with free alcoholic drinks (abominably horrible and deceitful credit ratings of financial instruments) to instill the mark with the false sense of confidence necessary to induce gambling in the rigged Casino. The regulators like the CFTC and the SEC are the pit bosses that oversee the floormen (Wall Street firm CEOs) that oversee the table games dealers (the firm’s traders) and ensure the games (stock markets, currency markets, commodity markets) you are allowed to play possess a feature (HFT trading programs) that ensures that the odds will always enormously be in favor of the house. The pit boss oversees all floor dealers and conspire with the regulators (the cocktail waitresses) to give gamblers (the investor) a sense that all dealings are legitimate even though the odds of every table game (currency markets, commodity markets, stock markets) are insanely rigged in favor of the house (Wall Street firms). If we consider the table game of blackjack, in a real casino, should you receive a good hand, the dealer will pay out your bet. In the case of Wall Street, due to HFT programs, in many instances, should an investor receive a favorable hand (i.e., a favorable move in the stock market) in the game he or she is playing, HFT programs move in to prevent the bet from paying out in full or paying out at all (an investor’s sell order never executes at the price at which the market has informed the investor that he or she can cash out).

In essence, financial markets are rigged exactly like casinos except for one difference. The predatory algorithms executed by HFT programs ensure the winnings of the house to a much greater extent than any Casino table game is able to accomplish. It this sense, Wall Street is rigged to a greater extent than even casinos. In the instances when you win, they deploy HFT trading programs that prevent the bet from paying out full value so that the house (Wall Street firms) can step in and earn profits from a trade it spots AFTER an order has already been placed. Or in the mirror example, HFT programs allow the house (Wall Street firms) to step in front of trades they “see” and front run them for their own profits, again screwing the retail investor out of a lower price in a buy transaction. In these cases, which must happen by the thousands every day, the HFT programs employed by Wall Street screw both the buyer and seller in the transaction as it always attempts to widen the losses or lessen the gains of both parties involved. In some instances, frustrated traders leave the game tables so liquidity dries up which leads to the establishment of even more grossly distorted and unfair bid and ask prices. Despite this practice being commonplace, the pit bosses of the giant rigged Wall Street casino, men like Goldman Sachs’s Lloyd Blankfein, want us to believe that their enormous profits are derived because of their upstanding integrity and above-average intelligence of his firm’s employees.

And how about the trades that were "canceled" in Thursday's route? How about Accenture? How about the poor sap that bought the stock at 32 and then at 5.84 when it cratered, only to watch it fall to a penny, and then, when it rebounded he sold it at 30, only to have his buy at 5.84  cancelled, and his sale at 30 stand, and now the stock closes at 41 and now his 25 points on his sale at 30 gets taken away, and he's upside down on a short, when he should have booked major coin!

Only on Wall Street, can they cancel a "trade" and then "cancel" only one side of it! Oh that's right. O forgot. Wall Street was on the other side!

Wall Street, of course, can't put their finger on the problem: (Only after lying to us and saying it was a "fat finger" problem--now they can't find the finger!)

NYT
A day after a harrowing plunge in the stock market, federal regulators were still unable on Friday to answer the one question on every investor’s mind: What caused that near panic on Wall Street?

Through the day and into the evening, officials from the Securities and Exchange Commission and other federal agencies hunted for clues amid a tangle of electronic trading records from the nation’s increasingly high-tech exchanges.

But, maddeningly, the cause or causes of the market’s wild swing remained elusive, leaving what amounts to a $1 trillion question mark hanging over the world’s largest, and most celebrated, stock market.

Wall Street can't find the finger?

 Look to your friendly SLP, (Supplementary Liquidity Provider) Goldman Sachs, decided to supplement their pockets with your money!

But wait--Didn't Goldman have a 22 page talking point memo, outlining how their "liquidity" was making the market more efficient, while taking costs down?

Now did anybody really believe this?
Goldman Sachs Market Structure

Bob Griefeld, Wall Street's latest moron

Bob "boob" Griefeld, explains to CNBC viewers that a 60 second timeout on Proctor and Gamble stock necessitates a $60 billion haircut in the value of PG stock, and he does it with a straight face.  He m akes Lloyd Blankfein look like a saint!

Listen to this bumbling nonsense starting at 2:32 in the clip below.

"When you have the listing market, the primary market, deciding not to support the stock, not to trade it, that sends a signal. a signal to a very nervous market, and that signal is a negative signal, and that signal is there is something wrong with the stock. So instead of standing behind the stock, they basically walked away from it."

Oh my. You can't trade a stock for less than a minute, and then, this 60 seconds  justifies a $60 billion haircut? On Proctor and Gamble? And this moron is the CEO of NASDAQ? Who has his head, jammed firmly up his ass?

And then MCC, who normally I would get behind, sputters and spits that the NYSE was culpable!

I suppose MCC was trying to make a point, but maybe she should stick to what she does best!

But this time, Bob wanted to be the talking boob!

290,000 Jobs added while Unemployment rate goes up to 9.9% The U-6 rate goes up to 17.1%

66,000 from Census workers.

additions
February +53,000
March +68,000

Wages were flat---That's your productivity miracle. Overworked and underpaid workers.

With millions of people looking for work, that still aren't counted, the unemployment rate increases as Government employment books are as accurate as the accounting on the banks books.

Griefeld: Stopping trading for 90 seconds caused the crisis

And he's the goofball at the head of NASDAQ?

Who needs people when you have machines?

You don't then, have a face on who screws you.

It's rape done behind a glory hole.

A trading "glitch?" Are you kidding me?

It's just a"glitch." Wipe out trillions, but its just a "glitch." Give the public executions on their stock trades, but call it just a "glitch." Lose up to 60% on this "glitch."

And let this "glitch" spread to currencies, and let this "glitch" spread to sovereigns, and let this "glitch" spread to Governments--hell just call it a "glitch" because Turbo Timmy and Bumbling Ben, haven't yet gotten out of all the stocks they backstopped.

It's just a "glitch."

And its the only "glitch" that will probably show up again--today, after everyone told us it was just a "glitch."

Because Mary Shapiro, rest assured, she is on it!

It's just a symbian "glitch!"

G-Greece,
L-Liquidity
I-Insolvency
T-Transparency
C-Currencies crashing
H-Hell, it's just a "glitch!"

Morning headlines

SEC:  We'll probe stock market route, and then do nothing

May 7 (Bloomberg) -- U.S. regulators plan to examine whether securities professionals triggered yesterday’s stock- market plunge or exploited the turmoil to profit illegally, two people with direct knowledge of the matter said.

The Securities and Exchange Commission aims to determine if market participants accidentally or maliciously entered orders that derailed normal trading, the people said, declining to be identified because the inquiry isn’t public. The agency will also examine if controls to prevent the rout from snowballing weren’t in place at exchanges and firms.

SEC officials, who haven’t drawn conclusions, began preparing for inquiries in the hours after a U.S. selloff triggered by Europe’s debt crisis briefly erased more than $1 trillion in market value, beginning around 2:40 p.m. in New York. U.S. stocks tumbled the most in a year as waves of computerized trading exacerbated the rout, sparking a slide in Asian shares.

Do you want to know if it was malicious or deliberate? Just check the daily P&L of the HFT's!

Goldman: We're in settlement talks with the SEC now, because the regulators are panicky over the stock market

Goldman Sachs Group Inc. lawyers met this week with representatives of the Securities and Exchange Commission in a first step toward a potential settlement of the agency's fraud lawsuit against the securities firm.

Goldman's willingness to even meet with the SEC is a sign that executives are scaling back their combative stance since the lawsuit was filed April 16. While the company hasn't retreated from its public statements that the suit's accusations are groundless, some Goldman executives are taking a softer line with restive shareholders.

Japan: We'll intervene in the currency market--and this yesterday was just another "fat finger"

Prime Minister Yukio Hatoyama also vowed to take necessary steps as Tokyo stocks closed 3.1pc lower and the yen remained at relative highs against the euro following overnight panic selling on US markets.

The injection into the short-term money market via a same-day operation was to boost liquidity as investors moved out of the euro, analysts said, before sentiment towards the single currency improved later in the day.

Bernanke: Let's slow down talk of an "exit" strategy.

Everyone's out and talking things up.

Because everyone's afraid of this!

Another Red swoosh!

60% is your new "Black Swan!"

Isn't that special!!
 
Today the NASDAQ said that trades that fell 60% away up or down were "fat finger" trades and had to be cancelled.

Why?

Did the HFT traders make too much money? Let's go over NASDAQ's previous policy--and here it is--what trade is clearly erroneous:

For executions over $1.75, and up to $25, Nasdaq will bust or adjust if that trade price is 10 percent away from the NBBO. For executions over $25, but less than $50, Nasdaq will bust or adjust if that trade price is 5 percent away from the NBBO. For executions over $50, Nasdaq will only bust or adjust if the trade price is 3 percent away from the NBBO.

Today it is now 60%!

60%!

So that will really help Wall Street's confidence! The ruling:

"There is no indication at this time that a Nasdaq market participant experienced a technological failure in connection with this event," said the company in a notice. "There is also no indication that any member firm had a trade error on any NASDAQ OMX system."

(So stocks of $30 billion dollar companies are supposed to trade at two cents or a penny!)

Initial plans called for exchanges to void trades taking place in that period of time at prices more than 30% below or above the pre-2:40 p.m. time period, according to a person briefed on the discussions. This was later amended to the 60% level. A full list of the affected securities can be found at:
http://www.nasdaqtrader.com/TraderNews.aspx?id=ETA2010-30

So if I'm a HFT programmer, just do the same game again, but stop the game at 55%. Take all the stops out, and then take all the stock that the algos brring with it.

Hell, Mary Schapiro,(sorry it's a pre-botox picture) the math wiz and rocket scientist of the SEC, (and those terms are used loosely) will use her august powers to look into it, and she will surely understand high frequency trading, and then, she'll calmly talk from her prepared script, saying that this issue needs to be looked at, and then, like a Madoff tip, it will be put in the closet, and never looked at, so she can remain as Bernie said "a dear friend" of Wall Street and be just another lackey that Wall Street can push around, because everyone knows she doesn't have any balls!

So everybody will know tomorrow's script. Wall Street will buy stocks on the unemployment numbers, and push things up so this looks like a distant memory, and then, the computers will attack again, because they know they have 60% margin to f*ck with the orders and stops left on the screens, even though there isn't any left after today!
And that pullback, will be it.

Because every one with stops was already taken out!

But you were protected only if you lost more than 60%!

With Wall Street math, sanctioned by the regulators!