Demonizing Wall Street, then a big Dow drop...coincidence?

Quincy Ilinois News ^ | May 7, 2010 | Coco Letterman

[Little Pig]

I postulated this very thing the afternoon that it happened.

[ledzep]

Demonizing Wall Street is nothing new. The markets are down because of the trading error, oil spill, and instability in Greece.

[Jacquerie]

Aside from the unnecessary Nixon cheap shot, an interesting column. There is no doubt that the radical leftists in charge would do such a thing if they could get away with it. Without class enemies and victims, the rat party would cease to exist.

[chooseascreennamepat]

I bet Soros made a few million$ on this little trip.

[Howie66]

No such animal as a “coincidence” when it comes to this regime.

[luvbach1]

Yes, the ends justify the means for this regime. That word is really catching on. Rush loves it but it bugs the messiah.

[timestax]

Yep! Omambi and his Harvard / Ivy League henchmen/comrades at work! A G-man would become a hero /heroine to come forth and tell the world about Obambi's illegal activities! They could write a bestselling book, and have statues of them erected all around the USA. G-men have to realize they do NOT swear allegiance to a criminal, and his and his comrades criminal activity! Let me repeat that ==CIA,and FBI, you do NOT pledge allegiance to Obambi's criminal activities. TRUTH WILL OUT !

[EternalVigilance]

As one who is NOT given to getting off into the conspiratorialist weeds, I have to say that this looks VERY MUCH like market manipulation writ large.

[timestax]

Yep! Omambi and his Harvard / Ivy League henchmen/comrades at work! A G-man would become a hero /heroine to come forth and tell the world about Obambi's illegal activities! They could write a bestselling book, and have statues of them erected all around the USA. G-men have to realize they do NOT swear allegiance to a criminal, AND his comrades criminal activity! Let me repeat that ==CIA,and FBI, you do NOT pledge allegiance to Obambi's criminal activities. TRUTH WILL OUT !

[timestax]

ping

[timestax]

pinging

[meyer]

H1N1 preceded the government/fascist Health Care takeover.

A somewhat large oil drilling leak is preceding a “no-drill” policy.

Could there be any question that this market manipulation is connected with the desire by those in Washington to take over the markets as well?

[rlmorel]

"...Somewhere – wherever his eternal home is – Dick Nixon is smiling today. He pulled a lot of shady, underhanded, illegal stuff in his life. But he’s potentially giving the Commander in Chief props today..."

This is an insult to Richard Nixon. For all his faults, he loved his country.

[sten]

the real truth is... all the traders on wall street are on a hair trigger. they know the game is almost up, and they are staying in for the last dollar.

when that day comes, 1,000 points will seem small.

[meyer]

the real truth is... all the traders on wall street are on a hair trigger.

Which makes the Marxist's task that much easier. Obambi's got leverage.

[sten]

0bama loves his country as well...

question is, which country is that?

[Positive]

"Demonizing Wall Street is nothing new. The markets are down because of the trading error, oil spill, and instability in Greece."

Most of this may be correct but there are a couple of tweeks you may want to consider.

- The the 0bamament is seeking to take more control of the financial industry and the securities and exchanges.

- The trading error may not have been a trading error. It may have been the result of a confluence of an enormous amount of programmed transactions which involved unwinding of derivatives which could have geometrically enlarged the volume and all hit at the same moment.

- Finally, the market has become frothy and it is time for a correction.

[timestax]

Yep! Omambi and his Harvard / Ivy League henchmen/comrades at work! A G-man would become a hero /heroine to come forth and tell the world about Obambi's illegal activities! They could write a bestselling book, and have statues of them erected all around the USA. G-men have to realize they do NOT swear allegiance to a criminal, and his and his comrades criminal activity! Let me repeat that ==CIA,and FBI, you do NOT pledge allegiance to Obambi's criminal activities. TRUTH WILL OUT !

[Mr. Jeeves]

"There was no glitch yesterday. What happened was a simple bid collapse. Selling was already going on to the tune of some 300 DOW points before the plunge. The FX markets - that is, the currency markets - where undergoing extreme levels of volatility.

"But the algorithms - that is, automated computer trading systems that represent the so-called "innovation" that the big banks want to make damn sure continue to skim off pieces of the productive economy for them, triggered off and drove enough SELL orders to collapse all bids.

"On a technical level what happened in the DOW is easy: NBBO, or national best bid and offer, was proved to be a JOKE.

"That is, when the NYSE specialist system went into "slow mode", which they do as a protective measure, electronic trading went around it into the "second market."

"That's nonsense - the premise of NBBO is that this is simply not supposed to happen, in that if I come to buy I'm supposed to get the best (lowest) offer, and if I sell I'm supposed to get the best (highest) bid. When NBBO is circumvented by computer systems that are allowed to "trade around" the specialists that have started examining what's going on you have a market that gets instantly gamed by the computers and in this case it caused a crash.

"Let me be clear: Any trader or investor selling got filled at $0.01 in Accenture yesterday while the NYSE had a higher bid, irrespective of whether it took them 30 seconds to fill you or not, should, if there are actually cops on the beat, be able to force the trading venue that filled them to make good on the difference that they were robbed of.

"Of course actually enforcing NBBO in this fashion would likely bankrupt every one of the venues and/or brokerages responsible for the 'reach around", so you can bet it won't happen - you, the trader or investor, will get hosed instead."

-- Karl Denninger