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Black Thursday
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Black Thursday

by The MoleMay 6, 2010

I’m tyring to catch up here as quickly as I can:

Option chaos in the first few minutes – that’s what happens when there is NOBODY THERE TO TAKE PROFITS!

Make no mistake, ladies and leeches – that’s how a mini crash looks like. Floor provided within minutes by your friendly PPT.

This never gets old. Stay frosty!

UPDATE 3:10pm EDT: Tim Knight just called me – was wondering if there was some bomb attack. Have not heard anything but if you guys have any intel please post it here.

Wow – just wow. The Dow was down 1000 points for a few minutes. This is what I said to Tim: Don’t worry about the snap back – yes, my puts were up a few thousand percent when that happened – so what. Keep it cool and frosty. Focus on one thing only, which is the technical damage that has been done to this market, right now and right here. You can’t erase that with some PPT intervention. NOBODY in their right mind will want to be long this market at this point. The writing is on the wall and the fun has just begun.

UPDATE 3:16pm EDT: Take a peek at volatility which basically DOUBLED on a dime:

That spike stretched that BB out like a used condom. Good luck seeing many pushes outside the 2.0 BB in the next month 😉

UPDATE 3:26pm EDT: Tyler just twittered this:

That was no fat finger, that was one sweeping HFT wave forcing out all stops. Until HFT is not curbed our markets are a joke. Billions lost.

I could not agree more – spot on. Bubble TV talks about a ‘bad trade’ – WTF – what ‘bad trade’ takes out the Dow by 1000 handles? And IF that is the case then the market is broken. Now they’re peddling ‘market drops on Greek worries’ – what they weren’t worried about that in the past few months? While we kept going up and up and up?

Those idiots know nothing – turn that shit off. This is exactly what Tyler and yours truly have been warning about for months now. HFT trading gone amok. Once all the machines turn into sell mode there is no bottom – period.

UPDATE 3:31pm EDT: Gold just showed Bernanke (and Hochberg) the big finger:

Employment numbers are out tomorrow – that should be fun.

Finally, a quick look at TBT and TLT. Both track the 20-year+ treasuries. Nice…

Mole


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at various social media waterholes below.
  • ArtyomGrand

    Congrats to all the bears! I am taking a screenshot of this bi*ch and framing it!

  • n2thezonez

    that was one of the most dramatic things I've ever seen. I wish I had been holding the puts I sold yesterday, but oh well.

    I was looking at option quotes and at one point the 'asks' were 300% higher than the bids.

  • http://iberianviews.blogspot.com/ catracho

    hope people managed to cash in their paper profits not so easy in “fast” markets…close up?

  • texpresso

    i think i just made more money in one day than i have ever made (in one day) in my life. yee-freakin-haw

  • roncofooddehydrator

    Anyone gone through something like this before? Ideas on what to expect tomorrow?

  • Onorio

    Now i`m gonna kick the ass of the guy who say PPT doesn`t exist!

  • roscoe_casita

    holding short =)

    Hangseng, nikkei, and shanghai sell off next.

    then we go around the world again.

    Monday is a very bad day.

  • FranceHasTheBomb

    You have to wonder how many retail investors holding longs with stops, like the clowns on CNBC recommend, just got bent over. Thanks Ben, for creating such a stable system.

  • Onorio

    is this (ii) of iii? 😀

  • Tronacate

    Pretty amazing gyrations in QID……..blew down below 10 with people trying to get out…….wild

  • skynard

    Now what?

  • Tronacate

    A lod finish would make things real interesting………REAL interesting

  • vision_invisible

    was that a threat plunge?

    ALK bounced back from $37 to $40 in less than 1hr ya right

  • Tronacate

    Economic recovery is done…….

  • http://iberianviews.blogspot.com/ catracho

    yep been thru Russian crisis in 90's, tech crash 2000, Mexican devaluation 94, you need to be quick if you are trading it…not always easy to get in or out at the prices you want….could be wild and woolly few days ahead especially as we have a weekend ahead…keep focussed on your levels..

  • raised_by_wolves

    Mole, I noticed that $DXY put in a high at 85.268. Currently, it's < 85.008. If it breaks the retracement level of 85.008 again, it may go to 86.949, eh?

    http://content.screencast.com/users/raised_by_w

  • texpresso

    i will be all long if CSCO/INTC/AAPL get some vol

  • tradingmom

    Okay, I'm a believer. If this isn't P3, then God help us all.

  • minus273

    After not trading for over a year, I kid you not, I had an extremely vivid dream last night about the stock markets crashing and woke up thinking man, I have to load up my account again today as the signs all seem to be pointing to it in daylight too. The day got hectic and I never got around to it and then I now see this happened. Daym. Might well load the account up tomorrow anyway.

  • roscoe_casita

    Not right now? waiting for the gap down to load up?

  • http://www.youtube.com/watch?v=-y_J77RO-wY mmrmnhrm

    Only “interesting” thing I've seen all day not market-related is a “device” on a bus with someone who won't get off: http://www.wmur.com/news/23474961/detail.html?h

  • Tronacate

    This is just the START……don't weaken and take profits too soon

  • Tronacate

    Just added to long gold position

  • http://evilspeculator.com molecool

    Get out of short term puts and hold your long term puts. That's what I'm doing.

  • http://evilspeculator.com molecool

    wanker

  • roscoe_casita

    I think that was just a stop sweep…

    As mole said, the real problem is that there are no buyers left…

    Did congress pass the “Audit the Fed” bill? that would do this lol!

  • shortcover

    now if they close it green, we put in the low…

  • raised_by_wolves

    (GS*(SLV/GLD)) is a work of art. Hey, any bets on whether the the purple ass line breaks or not?

    http://content.screencast.com/users/raised_by_w

  • http://evilspeculator.com molecool

    They are now blaming a 'program error' on bubble TV. Calling it an 'after shock' of 2008. LMAO

  • cramar

    Me thinks the LOD is in! LOL

  • minus273

    I mean load my account up with cash as it got nailed last year. Would go short and hold.

  • roscoe_casita

    ROFL!

  • itsgold

    Well, i got both calls right. Gold did break 1200 on the futures and their was a downtrend.. just didn't think it was straight down.

  • Onorio

    I don`t bet on that!

  • roscoe_casita

    $ DVOL is increasing !

  • itsgold

    Awesome chart.

  • texpresso

    dr doom on bloomberg…

  • bananaben

    I'm lost – don't know what to do. I know that many people want to get the fuck out of this market now though. W

  • http://chartsandthat.blogspot.com/ ultra

    so I guess the answer to the question was……. it's still resolving….

    http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&

    p.s. loving all the lurkers coming out to play – arf

  • FranceHasTheBomb

    If there is a PPT, I suspect they'll want to close the day at something less than a panic level. The retail investor will come home and hardly be aware of the plunge – unless they had stops set 10% to 20% below where the stocks were trading at this morning.

  • Tronacate

    Yeah……I bet GS is long…..what a joke

  • Tronacate

    Need to finish at LOD……now that would be rad

  • derekste

    I take it ZH is toast? lol

  • psycho_puppies

    Do you have any recommendations?

  • http://www.google.com/profiles/alexdg alexdg

    wow, didn't short it, but did get a decent long for 6 minutes for 60 pts!

  • roscoe_casita
  • kryxtal

    “@zerohedge: seeing how ZH had about 1000x the maximum permitted traffic, servers will be down for a few years”

  • http://www.youtube.com/watch?v=-y_J77RO-wY mmrmnhrm

    Seems that way. Yahoo finance also seems to have been blasted off the web. CNN Money's realtime tracker looks to be working, showing -36 as of 3:36p EDT.

    *Mmrm smells PPT BO on this one.

  • http://evilspeculator.com molecool

    I just used it.

  • http://evilspeculator.com molecool

    Server melted.

  • The_Grim_Reaper

    could today's lows be a false print that gives at IT target? Well, I'm glad I was in cash today, what a nightmare for both bulls and bears. Bears at least could get out with some profits, but more than likely couldn't catch that insane drop to maximize profits. I couldn't even log into my acct during that time.

  • http://www.youtube.com/watch?v=-y_J77RO-wY mmrmnhrm

    Wonder if they reinforced the node, EVE-Online style. It had been completely unresponsive for me all afternoon.

  • Kudos

    I think now that everyone is stunned and is exiting everything a ramp could be in order. High enough to get some chasers in and sell them back their stocks they just sold. I think that would be the most painful thing possible, especially considering not a single finance site can be loaded and people wouldnt know why things are happening.

  • FranceHasTheBomb

    I haven't watched CNBC in a long time, but I'm thinking about tuning in to see Bob Pasini call today a win for the bulls, because the market closed way off its lows.

  • http://evilspeculator.com molecool

    Doesn't matter – damage is done. This market is done.

  • Onorio

    Can`t wait for tomorrow 😀

  • Onorio

    Truly, they regain Dow 10.000!

    Hey Mole, didn`t you say this morning Dow 10.000 was a mile away?

  • roscoe_casita

    Alright, time to work out!

    Kick some ass everyone, I'm out, (and I'm going to go buy some silver today.)

  • http://evilspeculator.com molecool

    See, that's how much I know – LOL :-)

  • http://chartsandthat.blogspot.com/ ultra

    Buried half-way down the front page

    http://news.bbc.co.uk/2/hi/business/10101581.stm

  • Woolly Llama

    Rumor is Citi's Trading Desk Sold $16B eminis instead of $16M. S+P Pit was moving 40+ handles w/ no bids/offers.

    Locals buying now in size.

  • FranceHasTheBomb

    There you go, nothing to see, move along.

  • http://investingadventures.com Jorge

    What the hell just happened? What'd you do now Mole?

  • FranceHasTheBomb

    So are they going to bust all trades from this afternoon? 😉

  • http://evilspeculator.com molecool

    Now they are blaming someone having typed in a 'B' instead of an 'M' – fucking idiots. Nobody spells out an order – this is all done electronically which uses DECIMAL.

    Morons.

  • Scoops

    How is Amazon off less than a percent. FFS.

  • http://chartsandthat.blogspot.com/ ultra

    LOL

    well, to be fair, given the shit that most people swallow every day, they pretty well figure they can tell us anything by this stage………..

  • http://pitch3.zstock7.com/ zstock, Pro Select!

    I think the European banks froze up. Could happen again.

  • Kudos

    ok mole, so damage is done. What does that mean now? We were extremely oversold and now? We are clearly in a bear market but that means violent moves in both directions. We got a great cover story and morons will tell the sheeple it was a glitch. People will be to fearful to buy till they see the tape go up and then they will chase it just in time to get hosed again. Buy the dip

  • Scoops

    Looking forward to a post by Bostonwealth and his roadmap to 1300.

  • bananaben

    Well – didn't we just have a 750 pt releif rally? Wasn't that about a 50% retracement. I'm looking at buying at the close?

  • FranceHasTheBomb

    They rule out that rumor, after the market closes.

  • fa_q

    My hands are still shaking from what happened today. I was able to liquidate everything on that spike down. Truly a once in a lifetime event. With that said, I'm reshorting in between 1130 and 1135. Taking it slowly. Will be out of town the next few days. Will try to stop by next week some time. Anyone who claims they can chart this is lying. I will have to take a long look at the damage that was done.

    I've heard some horror stories from my friends about not being able to sell on Think or Swim. Trade Station is the only way to go.

  • http://evilspeculator.com molecool

    Expecting the following overnight and tomorrow: Coverup, rumors, scapegoat, dip buyers going crazy. But the damage is done and you can't erase this candle. This thing is not over yet – I'm holding my long term puts – as I have for months now.

  • raised_by_wolves

    Thanks.

  • http://pitch3.zstock7.com/ zstock, Pro Select!

    Waiting for DOW 8900, before going long again.

  • http://investingadventures.com Jorge

    Rawr. Too bad I haven't been in the game for a while. That would have been a blast to trade :)

  • Onorio

    You`re fast on the keyboard!

  • http://evilspeculator.com molecool

    I tried to get out of a few long term puts and could not get out. Will switch brokers asap. PLEASE provide me with the bid you got and when and for what. IF TOS turns out to have withheld I will have to dump them period. But first I need proof and I need to be sure that others were able to get out.

  • http://evilspeculator.com molecool

    I was fast too – could not get out.

  • Scoops

    IB shit the bed. Couldnt get out for anything resembling a ridiculous profit if I wanted to.

  • kryxtal

    OptionsXpress also had issues as well. I think the crazy B/A spreads broke everything.

  • captainboom

    My IB options screens went dead about 3 times. No bid x ask displayed. I thought it might be circuit breakers, but maybe it was just their crappy software. I've been mostly in cash, and glad I was.

  • amokta

    Managed to get out of BGZ etf for 1K profit (peanuts i know, since i sold my spx puts too early).

    Mole, i must say, since the 'wilderness period' some months ago, the 'new' mole & new evilspec are 1-up on the markets this time round

  • Woolly Llama

    I use TOS too primarlily. All of my spreads were completely blown out. Bid-Ask wide, flipped, etc.. Could not get anything filled, including sitting orders. Rejected new orders saying “too aggressive” Never seen that before

    Wild.

  • Onorio

    Im keeping my JPY longs, no way this is over.

    I`ve trailed my stop to lock 250 pips, but after been up 550 e feel deceptioned.

  • AlohaBear

    can someone explain to me how the market to go up the last 45min with out coming off

  • bananaben

    Check out CNBC.com Headline is “Trading Error at Major Firm Blamed for Market Plunge”

  • Onorio

    Portuguese news :

    “WALL STREET AFUNDA 9% NO MAIOR CRASH DESDE 1987”

    Not difucult to understand…AFUNDA = SINK

  • itsgold

    eh, not exactly. I wouldnt be surprised if we see the mother of all snap back rallys. Like back to 1180. I think everyone is aware of how manipulative the PPT can be.

  • http://evilspeculator.com molecool

    Sure – that's an easy excuse. Well – the question then is: How can any trading error cause this? Who has that amount of liquidity? And should 'errors' like this be permitted to happen – I mean one desk should not be able to melt the market, right?

  • kanur

    BS! That was God's people arm-twisting the ECB and the Germans MPs who are voting tomorrow. Note the Euro did not bounce much from its lows and – unlike everything else – Gold had no fat-finger drop. This is far from over.

  • http://evilspeculator.com molecool

    Well – I was not buying at the bottom – were you? We all know who stepped in here.

  • fa_q

    Options or futures? I only trades futes. I was selling my futes in blocks and have fills all over the place. Let me know if you need exact fills on futes. The ES filled a lot better than the TF I'm noticing. But I literally have probably 40 different fill points. Chaos.

    My buddy has been on the phone with TOS for the past 2 hours. He lost out on probably a couple hundred grand when his options wouldn't fill. He is furious.

  • itsgold

    No way – futures were swinging 5-10 points during the retracement. I missed that move completely. I only made 4 pts on the ES this morning and then stepped out for a few hours. Came back and saw the market was down 50 pts.. big wtf moment.

    On the brightside, YG position is doing just fine.

  • texpresso

    TOS: put my order in at 1060, got 1080, still an amazing daily profit

  • bananaben

    Of course this is a cover-up. We know damn well what happened.

  • cramar

    Which came first the crash on Wall Street or on Forex?

  • fa_q

    As a follow up to that they basically told him sorry. Here's the worst part, his option spreads has stop orders and the spike hit both sides on some trades so he lost double. A true nightmare.

    I just dumped 1/2 my 1132 short at 1120.5. Will pop it again later.

  • Onorio

    FX

  • Onorio

    FX always lead.

  • DistressedWineVulture

    LOL that was the best flat-out dislocation & stop puking run I've seen in ages,, sensational!

    Every single retail trader who was long since Feb, with stops at the lows, just got gangbanged right out in the middle of the bar on top of the pinball machine, by the ABSENCE of ANY real liquidity.

    Also for folks who've never seen this kind of bronco busting dislocation before, and are pissed about fills / PPT, be aware that just because your trading platform calculates the value of your puts as the average of bid & ask, this in no way means that there are ANY ACTUAL COUNTERPARTIES to close you out at that average. So don't get frustrated thinking you missed out on “locking in” any PUT gains when DIA hit 99.16, for example,, because that was not a TRADE, that was a stop rape plain and simple.

    cheers

  • http://www.cafes.net poisonfrog

    Scotttrade was about 6 minutes behind on executions.

  • Onorio

    This shit is just starting….

    http://www.screencast.com/t/OGRlNWNm

  • FranceHasTheBomb

    TOS news ticker says Citigroup has no evidence of a bad trade. What a surprise.

  • kryxtal

    Disqus not working for anyone else?

  • Thunder44

    When I was watching it go down it was like -400,500,600,700,800,900.I thought limit for sure.

  • Thunder44

    That S&P chart is insane.

  • http://www.bigmovingstock.com bigmovingstock

    my questions is, how did the circuit breakers not shut the market down?

  • DistressedWineVulture

    No breakers after 2:30

  • momac

    Crap, I'm so stupid, I didn't even try to sell anything. I was just staring at the screen in shock.

  • Tronacate

    Any body that trades Scottrade has to be out of their fucking mind……..try Tradestation or IB……..my god scottrade will sink your account

  • Thunder44

    I think it's -1600 anyway.

  • http://evilspeculator.com molecool

    LOL – don't worry about it – you probably wouldn't have gotten out anyway.

  • Tronacate

    Got out of my QID at the top…….what's wild is it traded as low as about 6 bucks…….guess a guy should keep a ridiculous limit order down in the depths for this kind of action………went to 6……..back up to 17+……….WOW………..took a s NQ contract at the close……look at this shit…….it aint over

  • Tronacate

    Agree……..

  • Thunder44

    This is what happens when the market floats up on light volume 30 days in a row.

  • n2thezonez

    The low on the NYSE composite today?

    A demonic 6666 print

  • http://www.mylifemytrade.com MyLifeMyTrade

    I was on phone with a friend, who got in a market order to buy at 1075. He went in 50%…. Logic being if market tanks 10% from here, still he won't be margined out.

  • DistressedWineVulture
  • http://chartsandthat.blogspot.com/ ultra

    GBP getting a thrashing – there's just been an exit poll promising a hung parliament – no overall winner

  • funkypenguin

    Favorite chart of the day – take a look at VBK – LOD was 0.10 and it closed at 64.32 (gotta believe there are going to be some busted trades on this one).

    Seems like 2008 all over again – party on

  • gatopeich

    But who needs a cover up? We live in the era of Overt-ism.

  • amokta

    just voted myself! yes, looking well hung!

  • gatopeich

    Faq, you're my hero.

  • http://spychart.net spycharter

    I wasn't able to get out of my positions fast enough. I had $1k in a 109/108 SPY put spread that I picked up at 9 cents yesterday. I was trying to sell at 70 cents but couldn't get a fill. Eventually got filled at 41 cents.

    The big question is, where do we go from here?

  • http://www.mylifemytrade.com MyLifeMyTrade

    Whatever be the reason for today's dump, it is clear that the dump took place because there were no buyers on the way down…. And in retrospect, this means that 1216 might have been the LT top.

  • moneyfarm

    Don't feel bad – I had the reaction when looking at one of my longs today. If I were fast enough, I could have made a bid for the entire company – LOL
    http://screencast.com/t/NjkwMzYzOD

  • gsavli

    And after all, what the fuck a trading error is anyway – I understand this as being on the wrong side of the trade. :)

  • johnny

    hello folks

  • OldChicago

    What a day. Fat finger or not, we have a wave 3. If EWI is to be trusted, then we should revisit that level (spy 105) at some point, before going higher. Right?

  • johnny

    hope everyone enjoyed todays ride , 1100 is done , i dont know wats going to happen from here onwards

  • OldChicago

    Did you guys realized that all the gaps from Feb low were effectively CLOSED in less then 15 min?

  • johnny

    haha , it was a lucky one as noone knows when dow is going to plunge 1000 pts , it was a severe cartel action as yen rallied almost 800 pips and yen cross pairs went down as much as 1000 pips,world came to standstill for around 15 min.we hv witnessed a historic moment today

  • johnny

    nikkei futures is 550 + down , asians are troubleshooters whenever such an event occurs , lets see how much retracement can come when nikkei opens

  • de3600

    I DEMAND THIS BE THE THE VIDEO FOR THE SITE TONIGHT :)

    http://www.youtube.com/watch?v=4Sam5omG0v0

  • amokta

    Great day, what about seeing '1180' again,or is that history?

  • http://spychart.net spycharter

    Good point.

    Now that I've had time to compare today's action to 10/9/2008 and 11/20/2008. I'm actually thinking that if SPY can hold 111.7 over the next few days then this is a good time to buy. Everyone is afraid and panicking

  • EvilTrader

    This will go into history of all risk management books.

    Yes, this is 1987 for a whole new generation of traders.

  • http://www.cafes.net poisonfrog

    I am out of my mind. Why do you say it will sink my account? Bad fills? Bad tools?

    I'll review what broker did well today, and perhaps switch then.

  • johnny

    well these type of days dont occur too often ,our medium term target was hit in 15 min so we should forget about academics now and chill for few days.if we get these kind of tails then its likely that either its a medium bottom or will take few weeks to break todays low.I am not long but may consider a shot in coming sessions , will keep u informed .

  • OldChicago

    Bloomberg has it that 1 trillion $$ were lost in 15min. So, who were the ones behind the selling? If HFT is in charge, is such a crash profitable for the market makers?

  • johnny

    yeah feel bad for those who lost but anyways they did the same thing in 15 months so mkt levelled it in 15 min

  • http://www.youtube.com/watch?v=-y_J77RO-wY mmrmnhrm

    Err, you do know Oct 1987 was a 22% drop, followed by an 8% drop one week later? And that as a whole, 1987 was an up year?

  • http://www.youtube.com/watch?v=-y_J77RO-wY mmrmnhrm

    Any broker worth paying attention to will remind you that past performance is no guarantee of future returns.

  • marcopolo101520

    BIG QUESTION!

    I placed an order with Scottrade around 2:50pm, then check to see my shares gone , no credit to the account and Sct-rep telling me that this “industry problem” is beyond them so have to wait and see the transaction. Well, I get to see it at the end of the day price….significant loss. How should I sort this out? Any suggestions? Anybody else having the same experience?

    Thanks

  • gsavli

    yea, but now we have to retest the new support :)

  • http://www.tradingsign.com/ T. Waffle

    DID YOU GUYS MISS ME?

    I know I am quite but today i can't keep my silence, have to say enjoy the day. I can not believe the drop. it was like weeeeeeeeeeeeeeeeeee
    I had long FAZ, SDS and was shorting /TF and /ES and I can't say how much happy I am. I pretty much covered all my loss till the day and now making big bucks. Thanks you to our Govt. for this crook market.

    Shall we have another? weeeeeeeeeeeeeeeeeee day.

    Cheers!!

  • Tronacate

    Lag will kill you……been there done that…..try tradestation

  • http://www.tradingsign.com/ T. Waffle

    Sup bro.. so great to see you here.

    Did you trade anything in real account? I know you have that stupid compliance clearance shit to take care.

  • AudioTactics

    good point. however some systems can be designed to use M or B.

  • http://www.aggressivelyuninformed.com nepharis

    I've been almost completely out of the trading game since getting thoroughly owned last fall, but I kept all my DEC10 puts for the hell of it. Almost back to even now… LOL!

    Also, I really want to see web traffic charts for ES and SOH after this.

    Cheers,
    ~neph

  • johnny

    Nasdaq canceling trades fr “14:40:00 and 15:00:00 greater than than 60% away from the consolidated last print at 14:40:00

  • n2thezonez

    The Nasdaq is cancelling some trades that went through during that time period. Perhaps that is the issue?

  • OldChicago

    Can they do that, legally?

  • johnny

    there must be some legal clause in it , as these kinda clauses activate once in 20 yrs

  • marcopolo101520

    No, they finalized the trade, so is not canceled, but they did it at the EOD price instead trailing stop or bid price. Just read other having troubles with Scottrade….well until I get bigger any alternative to Scottrade?

  • gsavli

    if they can sell right to see bid/ask positions 50 msecs before others see them for big $$$ to those who have big $$$, they can do this as well. or anything else for that matter.

  • johnny

    sue them

  • Tronacate

    Tradestation……..$25,000 daytrade account……..you'll love it

  • marcopolo101520

    where one can see the trades in a stock minute by minute? any suggestions?

  • yudhisthira

    Just got home from work.
    Is there really a fat-fingered trader that sold P&G with a B for billion instead of M for a million (shares or dollars?)?

    There were no prices so, the drop triggered all other trading programs. That was the story on NPR

  • n2thezonez

    ThinkorSwim's charting application (download available for free on their site) has 1 minute intervals.

  • johnny

    they are just trying to pacify a global panic which may occur tommorow by citing a glitch

  • Woolly Llama

    Yes of course, doesn't everyone use a trading platform that requires them to put in M's and B's

    I personally upgraded to the version where I must enter all trades in roman numerals to prevent this sort of confusion.

  • n2thezonez

    Call them

  • yudhisthira

    After taking profits too early while I am simultaneously working,
    my jaw kept dropping and I wanted to buy TNA to go long.
    Couldn't pull the trigger while working.
    Finally I looked at the Zero png.
    The message…”Stay Frosty.”

    That was worth the subscription and more.

  • http://evilspeculator.com molecool

    Have you CALLED them? It's very hard to analyze the situation without knowing the specifics. Call your broker mate!

  • yudhisthira

    yeah, that is absurd if that is a real story. God, must be an urban legend reported as fact.

  • johnny

    Accenture (ACN) fell from $40.13 at 2:45 p.m. all the way to just 1 cent before quickly rising back to $39.57.

    lmao

  • http://evilspeculator.com molecool

    Server crashed this afternoon – guess a lot of people were checking in.

  • johnny

    its like medival age when king sent his troops to plunder , nothing has changed atleast on the wall street

  • amokta

    thanks johhny. What a gay day!!

  • amokta

    t.waffle, where have u been! I put you on disqus rss feed, but you havent been commenting to often recently!

  • gatopeich

    LOL

  • rae17

    So I was in a meeting all day and missed everything. Didn't have any trades on (yuck). So I didn't make anything. On the bright side, I didn't lose anything either. Looking forward to tomorrow…

  • gatopeich

    I remember getting handed some documents asking me to sign that I allow the broking agency to take decisions for me in extreme cases. I guess that would leave them legal room fro pretty much anything today.

  • http://evilspeculator.com molecool

    That's the healthy market they want you to invest it. Buy buy buy!

  • johnny

    i'll certainly buy everything buddy if u bring in some more days like this one

  • johnny

    looks like A wave is done , wat do ya think

  • yudhisthira

    Today looked like a fractal of Sept 2008. Fourth wave to follow?

  • Tronacate

    I've got a feeling alot of trades are going to get cancelled……..QID went DOWN to something like 4 (this is an ULTRASHORT) before popping back up to 17 ish……makes no sense.

  • BobbyLow

    Holy Smickney! I had to be away this afternoon because my wife had to see a surgeon about the need for an upcoming procedure. I needed to be with her.

    Regarding today's market, like I said before I left, I was pretty well balanced. I had already taken CREE off along with my Long SPY Call Hedge before I left as well as put RTP on a Buck Stop. My other two longs, DRI and HCBK didn't hurt me too bad.

    I would have liked to have had a much larger negative delta on SPY like the size I had when the market beat the shit out of me. But I'll be happy with what I got.

    I have $4.00 June Bear Put Spreads of 121/117 and 118/114 that are so deep in the money that I'm thinking about replacing the the Short Sides of 117 and 114 with 122 and and 119. This way I am guaranteed a decent amount of return up front. I might be able to double dip this Spread if we get even a temporary bounce. I'm not sure how I'm going to handle this and I need to play with the deltas and the numbers a bit. Tomorrow is going to be interesting for sure.

    Anyhoo, if you were Short Today, Congratulations!!!!!!!

    It's about time that a decent amount of Bull Shit has been removed from this market. But there is a massive amount of BS left to be taken out.

    These words are ringing softly and sweetly in my ears right now: “Better than expected”. :)

  • gsavli

    FITB went from 1$ to 18 or so in less than a year and it also doesn't make sense. IMHO, a trade is a trade and if someone was selling a 40$ stock for 0.01$, then who gives a fuck.

  • AudioTactics

    I'm just guessing, but I think the Nasdaq ruling will not affect many trades.

  • Tronacate

    True…….but to have an utrashort plodding along……..then explode…….and then drop to a third when the overall market is dropping is just wierd…….must have been shorts trying to cover and nobody selling……..just an interesting scenario in the span of one 5 min candle

  • Tronacate

    Just might be a good reason to keep a ridiculous GTC limit order at some ridiculously cheap price for these odd ball scenarios…….who would've thunk…..

  • amokta

    ewi site having a 'i told you so' front page article. in all fairness, their recent stu was accurate, saying the main trend was down,and any bounce would be mild (prior to the big fall, that is)

    would have expected an flash 'interim' report today,but maybe since thier last 'false' calls for P3, they have stopped doing that.

  • gsavli

    Stock exchanges should've been places where 2 parties meet and exchange their goods at their terms, well, instead they are just a joke nowadays.

  • http://www.gamingthemarket.com/ gamingthemarket

    Today confirms my theory that international banks will begin to delever and unload positions ahead of a Fed rate hike. I'm still working to understand how the MASSIVE interest rates swap market works.

    Some background and how to trade upcoming PPT action:
    http://www.gamingthemarket.com/delever-before-t

  • Tronacate

    Prechter has to be basking in glory with his call on the dollar being the shitz to have……..up and away.

  • Tronacate

    computers have created an unmanageable monster

  • Tronacate

    What's Cramer saying???

  • gsavli

    yep.

    and humans – let's not forget that you can buy for good $$$ (if you, like, em GS, have them) insight into bid/asks 50 msec prior to everyone else.

  • grednfer

    Nice Chart Mole!
    You've waited long and hard for this one …… hope you did well.
    I had those es P1170s from the other day and loaded up June 1125s and 1100s yesterday and LAST NIGHT! Open 24 hours a day for ur speculating pleasure.

    Stop doinkin around with those spy options and move over to the dark side with ES options…..(on Margin).

    Nice Chart……like the ZIGZAG chart …you are here!

  • gsavli

    I would guess “buy anything – everything is cheap” and ironically, this makes much more sense than few days ago.

  • FranceHasTheBomb

    I'm a dumb fuck and if you listen to me, you deserve to lose all your money (paraphrase).

  • amokta

    some of his longer-time-frame calls have been ok aka dollar & equities (bit too early maybe on that!), but wrong so far on 30yr treasuries, and probably gold, but still some time for the yellow metal to fall.

    Let see if this is more than a 'feb' type correction,and if the 'top' is in

  • Tronacate

    Cramerisindeedanasshole……lol

  • Tronacate

    The little “booboo” invalidates the hammer on the daily…….might be more selling tomorrow……easy

  • amokta

    Question: How can you be prepared for the next drop in the markets?
    Answer: Become an EWI subscriber.

    -talk about blowing your own trumpet!

  • Tronacate

    Another criminal act imo……again….like playing poker with marked cards.

  • Tronacate

    GS needs to be thrown out of the casino……..where's security??…….Vegas is more fair

  • OldChicago

    They forgot to tell you that “Ignore the first two calls”. Pretchner went to TV and called a double bottom June 2009.

  • johnny

    since the retracement is more than 50% , so this is not wave 3 ,perhaps a wave A , followed by 2 weeks of tepid moves and then a follow thru in wave c,but we need more price action to say anything with confirmation

  • OldChicago

    I don't know what give Naz the right to cancel trades, glitch or not. What happen to option trades then?

    In Feb, 2007, I recalled that there was a computer error which send Dow down 550+- points. I don't think they cancel the trades.

  • johnny

    http://www.elliottwave.com/club/Safeguard-Your-… these are the things which piss me off , mkt is down 8% on closing basis and foolish prechter starts his tantrum to get his subscribers back

  • gatopeich

    You inspired me an inspirational:

    CONFIRMATIONS AND WAVES
    The kind of thing you won't get in this market.

    It is continuously changing the pattern, whenever gets near a thinkable one, because everything thinkable has ben coded in the algos, and in the traders' minds. Beautiful, in a sense.

  • http://thetickerstreet.blogspot.com/ TickerStreet

    can the fugging bastads on disqus fix this system? On top of the stupid computers and brokerages, opening disqus at any point of time completely slows down the computer. I spent the last 10 minutes restarting twice. I am pissed off.

    I am a (low profile) blogger myself. Is there any other system that is as good as disqus but doesn't have the overhang?

  • Thunder44

    That's a very good point.they said trades over 60% decline from previous trade the only two I saw wereP&G and accenture.

  • http://thetickerstreet.blogspot.com/ TickerStreet

    They were saying this week that we will bounce. Their bearish call for there forever. How can they be right?

  • amokta

    in fairness, they did say that they were firmly in the downtrend camp, but to expect a bounce maybe (but mild)

    anyway, what i have found is that you have to make your own calls, ultimately

  • johnny

    they know how to keep readers interested , otherwise any blind also knows mkt will correct after 60% straight upmove but the question is when !!

  • amokta

    you are right johhny. when i first opened my options account in oct/nov 2009,i was up on my spx puts, but stayed short, as prechter said P2 had finished, and then ended up break even. sometimes you can stay put (pun intended), if you are sure of a trend in place, but otherwise you have to trade and bank profit

  • johnny

    well he is a forecaster not a trader, a forecaster can change his views whenever he feels like but trader cant do it ,so ask him to open a demo account and try trading his views

  • amokta

    youve got it spot on there !
    he says he has 'no time for trading' as he has to travel/give lectures all the time!!

  • Woolly Llama

    Actually no, he was rather cool calm and collected today, very surprising. He is telling his retail customers to raise cash and protect themselves which means all the idiots will head for the exits

  • FranceHasTheBomb

    Somewhat surprisingly, during the crash, disqus actually outperformed most other websites/systems?

  • mrBozo

    All trades between 2:40 – 3pm WILL be busted

    This is socialism at its finest

    What was made in months is lost in minutes not this time

  • jacksoo

    what f*ucking use is that my trade was 19 seconds earlier…….

  • EvilTrader

    VIX spread over 10day MA is at 45%, highest EVER.
    VIX divided by VXV spread is lower only to the worst days in Oct'08 selloff

    If we dont bounce heavy at least tomorrow morning, it can get really ugly.

  • http://www.tradingsign.com/ T. Waffle

    Taking break from the blogging and helping others. I did pretty good by staying in my office. As I mentioned I covered all my loss and now enjoying. Changed a lot in my trading style. I do Stocks, Options, Futures and Forex. Drafted a nice balanced portfolio which is producing about 18% with low risk. I am happy with that return and will keep it this way.

    Will start posting but not now litter later on. First I need to catch up with the blogging hehehe How's everything with you?

  • http://sshamster.blogspot.com/ Stainless_Steel_Hamster

    HAMSTER TIME (REDUX, I'm moving, spent hours packing)

    LET'S REVIEW but before that… DON'T TRADE LONG 4TH WAVES ON A DOWN IMPULSE

    Did I say yesterday FEAR IS BACK? Boy, was that the understatement of the year

    I don't agree with dave on the “computer's fault” this P2 or whatever (w4 for me) could NEVER EVER go beyond 1069 (guess where PPT kicked in)… they raped the shorts and left all buyers some 100's of points below… now it's payback, when it rains, it pours, when it drops everyone wants out before we get down to normal levels.

    second “Hamsters are known for their cojones to total weight ratio… BE AN HAMSTER!

    p.s. if we hold 1180 see you all near 1.000 spx

    well, close enough but no cigar

    let's review…in detail,
    FRUITCAKE

    SPX:VIX boy oh boy! we're diverging downward from ma208, last we had something like that was march 2009… heading for 33? or even 21? right now its 46 and falling

    WE TOUCHED 32

    BPSPX… shiting my pants slighgtly… we're between ma104 and ma208… a pause or a bounce MAY happen

    WE WENT STRAIGHT TO LOWER BB104 AT 61

    SPX:CPCE now I'm scared shitless… we're so down that we're close to bounce zone on lower BB's 1079… 875 is a double yummi zone for a bounce, how long can we stay there? expect, soon, a bounce to 2000 zone and then we'll see what happens

    SPX:GOLD still falling, would be surprised if it stops before 0.93

    CLOSED AT .93 AFTER LOW OF .88

    GOLD held at support at ma13, but after a touch on upper bb i'd say a trip to 1051-1071 is overdue

    DID 1211, UPPER bb13 WAS 1212

    GOLD:SLV … and yet gold:slv talks of AT LEAST a double top, so silver must be entering a world of pain

    STILL ONLY ON IT'S WAY

    SLV still at a major support and not excluding a double top… strange indeed… either a major ramp on metals or i'm missing something… on the other hand a straight drop to 14.7… 16.3 will tell

    STILL AT SAME SUPPORT, EVEN SILVER IS BETTER THAN US PESO

  • yudhisthira

    Counts as a small break of the six month bounce line of $NYUPV:$NYDNV triangle.
    http://screencast.com/t/MGNlZWJk

  • gsavli

    well, chartists are gonna have some trouble because of that “thing” yesterday :)
    I can't chart a damn thing there, the only reasonable solution I can come up with is, that we will be now painting another bearish flag here.

  • http://www.flickr.com/photos/dabasia/sets/ Croozer

    you're right….my signals are all over the place…..will need to wait for a couple of hours into the market open before settle down…..that is if the market allows them too !!

  • skynard

    10 Min till the fireworks start! Job numbers!

  • http://tradingtechnologyexpert.blogspot.com/2012/01/high-frequency-trading.html high frequency trading

    The charts shared in this post explains really good knowledge on market trends of the market..This post is very useful for all the traders who are new in trading and are not much aware about it..