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…