1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!!!!!

[runningman]

http://www.favstocks.com/house-committee-on-homeland-security-seeks-cooperation-from-max-keiser-on-financial-terrorism/2114503/

Hi Mr. Keiser, My name is Chris Beck and I work on the staff of the House Committee on Homeland Security in Washington, DC. I have been reading and listening to you regarding the May 6 stock market plunge and the likelihood that this was an act of financial terrorism. I think this is a huge issue that has not been given enough attention, and may warrant oversight by our committee. I would greatly appreciate the chance to talk to you to make sure I understand the nuts and bolts, and to figure out what avenues may be available to correct what appears to be a massive fraud that could undermine U.S. National Security. Can you please contact me and let me know if you are available to talk?
Thank you,
Chris Beck

[Jenks]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

[res0nat0r]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

By Hibah Yousuf, staff reporter May 27, 2010: 4:57 PM ET


The Dow Jones industrial average (INDU) added 285 points, or 2.9%, and finished at 10,259. American Express (AXP, Fortune 500), Intel (INTC, Fortune 500) and Alcoa (AA, Fortune 500) led the advance, rising more than 5%.

reverse!!!!!!

[Shpira]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

http://globaleconomicanalysis.blogspot.com/2010/05/house-committee-on-homeland-security.html

i think you guys are hung up on the word terrorism...try replacing it with Fraud..it might help digest what running man is saying i.e. someone manipulating the market to cause panic and make a ton of money.

[res0nat0r]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

Why is everyone conviently forgetting the FTC totally cancelled any of the trades during this blip? No one was able to buy/short anything which was significantly off base of its standard price before this timeframe.

[runningman]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

Just like the NIST recreated what happened on 9/11. Believe me someone made money and a lot of it.

[res0nat0r]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

the illuminati?

[toasty]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

the illuminati?

[runningman]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

the illuminati.. WEAK.. It's so old everyone knows that there are the Super Rich. Not millionaires in the neighbourhood rich.

[res0nat0r]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

I've been hearing more that this possible drop was related to High Frequency Trading (HFT). Being a computer geek just the technology is pretty intriguing, but how is this Flash Order buisness even legal? It seems like cheating to me to give the biggest players an even bigger advantage over the little guy.

The video above was a really good overview of HFT, but stuff like this all over the place in the market seems to show as to why it went to shit so bad with stuff like this in place.

http://en.wikipedia.org/wiki/High-frequency_trading

http://www.wikinvest.com/wiki/High-Frequency_Trading_%28HFT%29

[res0nat0r]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

Oh note, I found this arstechnica artcle while reading about this:

http://arstechnica.com/tech-policy/news/2009/08/nyse-builds-computer-trading-mothership-worries-abound.ars

Note the date: 2-AUG-2009

Michael Durbin, the man behind Citadel's high-frequency trading desk, echoed this warning to Reuters' Matthew Goldstein earlier this week:

"You have multiple HFT trading firms and sometimes their agendas are complementary and sometimes they're not," explains Durbin, director of HFT research with Blue Capital Group, a small Chicago-based options trading firm.

"There could be a time where these HFT programs unintentionally collaborate and you have a two- or three-minute period where the markets are going crazy. Then other traders respond to it and it simply gets out of control."

[88Mariner]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

http://www.ft.com/cms/s/0/c5a024ba-7992-11df-85be-00144feabdc0.html

someone's gonna go to the PMITA Prison


'Circuit breakers' tripped for the first time
By Michael Mackenzie in New York

Published: June 16 2010 23:18 | Last updated: June 16 2010 23:18

The S&P 500 circuit breakers, which began operating this week, were triggered for the first time on Wednesday afternoon when shares in the Washington Post Company doubled in price inside the space of one second.

Shares in the publisher were trading at about $460 at 3.07pm yesterday when an order for 400 shares and 200 shares were both executed at $919.18, followed by 166 shares at $929.18.

EDITOR’S CHOICE
Analysis: Stock markets – that sinking feeling - Jun-01.On Wall St: Vital lessons of the ‘flash crash’ - May-14.NYSE circuit breaker roll-out delayed by SEC - Jun-04.Calls grow for futures-style curbs to stock swings - Jun-10.Quick View: US looks at European-style circuit breakers - May-19.CFTC chief eyes circuit breakers for safety - Jun-03..These transactions along with various orders of 100, 200 and 500 shares between $456.91 and $462.85 all took place within one second.

The trades were executed on the New York Stock Exchange’s Arca electronic trading platform and they automatically triggered the newly implemented circuit breakers.

Under the new rules, trading in an S&P 500 stock is halted if the price either rises or falls by 10 per cent inside a period of five minutes.

“There was a trading halt of five minutes and it was determined that there was an erroneous print for the 766 shares that traded,” said Ray Pellecchia, spokesman for NYSE Euronext.

“We are waiting to find out what caused the prints,” he added.

The NYSE finalised its roll-out of the S&P 500 circuit breakers yesterday and the Washington Post Company was included in the last group of companies.

The move to implement circuit breakers for highly liquid stocks was the major regulatory response after the “flash crash” where some 10,000 trades in stocks and exchange traded funds were cancelled.

The circuit breakers are designed to forestall dramatic changes in the price of a stock and prevent erroneous trades.

Jeffrey Rubin, analyst at Birinyi Associates, said the erroneous trades in Washington Post shares revealed the shortcomings of the circuit breakers.

“The new rule is not the correct cure for the disease as the majority of erroneous trades occur immediately following allowable trades and hence the stock is still allowed to trade well in excess of the 10 per cent threshold,” he said.



.Copyright The Financial Times Limited 2010. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.

[Shpira]

Re: 1000 Point Drop Most likely Was Financial Terrorism - Homeland Security!!!!!!!!!!

Oh note, I found this arstechnica artcle while reading about this:

http://arstechnica.com/tech-policy/news/2009/08/nyse-builds-computer-trading-mothership-worries-abound.ars

Note the date: 2-AUG-2009

bluefire is one of my clients lol...yeah high frequency trading is what its all about mate...lol jj
It doesn't actually make that much of difference because some has to pre program the limits anyway...so you really need to have good traders in the first place.