Sometimes the news shouldn't be left to newsmen. This particular brain dead drone is the same guy who telegraphed his political sentiments to us when he told us all that the markets were rallying because they were hopeful of an Obama reelection. (Everyone I know laughs out loud when I repeat that story.)
He obviously doesn't have even a CNBC newsman's understanding of how markets really work. If you ask me I think he would probably be better suited to the food service, or housekeeping industries. So let me correct him. Apply did not 'flash crash'. A flash crash is a very specific kind of failure, but to this idiot it's like "A bubble". He thinks those words don't actually have a real meaning.
What really happened with Apple was a 'bad print' otherwise referred to as a 'fat finger'. It wasn't driven by program trading, or as a result of some systemic HF trading risk, like an actual 'flash crash". It was just someone making a mistake. They fixed it and Apple went right back to trading.
This is one of those circumstances where the guy should have kept his mouth shut and left us wondering if he was an idiot, instead of opening and removing all doubt.
9 comments:
i really like thats the BATS ipo halted and locked up. tooo funny.. i hate the hft's boys.... until the exchanges clean up some crap the average retail person will stay away. and thats too bad cause for yrs it was the only way the ave person could try and create wealth. you sure dont create it makin 50k a yr and getn taxed to death.. unfortunately we have lost 12 yrs to W and odummy....grandma nd pa have learned to live on .1% rates...sad.
you can thank Arthur Levitt for the current state of the market
its really sad.im involved with my old groups pension plan.. large plan . 50 docs.50 crnas and 50 support personel...for the 50 secretaries etc its their only way to really have a nest egg.good maatching but when you get wacked for a decade it hurts them the most.with 3/4 of the volume bein a machine or program none of em want to be in anything but money market or a bond fund...none of em trust the market and its hard to blame em. the sec gets bernie madoff handed to em on a platter and they do zip...shit.there is a wave of 30s 40s 50s that dont have zip for retirement. when that wave hits we are toast.
BATS pulls its ipo..........too funny....yep i feel good about these guys running a platform......
BATS EXCHANGE REGRETFULLY WISH TO INFORM ALL INVITEES TO TONIGHT'S CELEBRATORY EVENTS AT CIPRIANI WALL STREET, THAT THIS EVENT IS NOW CANCELLED. WE ARE SORRY FOR ANY INCONVENIENCE
ikaika..dammit. i was bout to get on a private jet and make that soiree...but maybe the evening isnt a wasteif....wait for it....if CORZINE EMAILS GONNA MAKE JON BOY SING.......I WANT HIM TO FRY!!!!!!!!!!!!!!!!!!!!PLEZ DEAR LORD......
I was traveling today and I saw that 'no joy in mudville' notice about the cancelled party just as I sat down on the plane to come back to Newark.
I was with trading staff all day, and we had been laughing for much of it at the way the BATS IPO traded one tick at it's IPO price and then instantly traded down a whopping 99% until they finally pulled the plug.
So when I saw that note I burst out in such hysterics that everyone on the plane though I was deranged or something.
Very funny.
Hey Tom...
You have any thoughts on the latest revelation in regards to Corzine's emails contradicting his testimony?
I've been home from the lonely west for less than 12 hours and there is a lot of housework to be done. As an MF Global client who had money stolen (it wasn't lost - my account was all cash at the time) I need to be careful, but I will have a comment a little later when my home crises have been managed and I have a minute free.
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