…and thus its people like you that deserve to be robbed of their $ in the markets.
~ Some Douche at Zerohedge.com
That’s cold-blooded, even by my standards, but this illustrates perfectly Wall Street’s elitist attitude toward the general population. The attitude shouldn’t surprise anyone, but they don’t fuck up and actually say it very often. You have to poke them with a stick a few times, laugh at their absurdity and poke them again.
I’m good at that stuff. It’s a gift.
Wall Street’s bleeding again. The faux rally that began last year hasn’t inspired real new money to flow their way. Equity mutual fund flows have gone negative in 2010, meaning people are taking profits, profits that are supposed to pay for trader’s yachts. Wall Street reform was Congress’ feeble attempt to convince you that everything’s on the up and up now. Of course, no one in their right mind believes that. So we are on the verge of seeing what happens when no one feeds the sharks. This next crash will surely bring the end of Wall Street as we know it, and hopefully the rebirth of America.
Anyway, Wall Street is trying desperately to win back our hearts, minds, and most importantly, our cash. They’re trying so hard to be nice and put all our very well-founded fears to rest. That’s not easy for sociopaths. They are only superficially charming and have difficulty keeping that shape under duress.
Yesterday, we had our fifth circuit breaker pop since the pilot program was announced. This time the stock was CSCO and 7 trades of 100 shares priced between $24 and $26 caused the breaker to go off.
The focus of the article was on computers and programmers, as well as the “circuit breakers” put in since the May 6 “flash crash.” It refers to the CSCO trades in question as “flawed.” No shit. When seven trades worth about 18,000 bucks causes a heavily traded issue’s market cap to jump 11,000,000,000, calling that a flaw is like calling the gulf spill an “oopsie.”
I assert that these trades were little more than the garden variety rape trades that retail investors see all the time on market orders. Personally, I’ve never been burned that bad (8% or so), but 3%, yeah that’s happened to me (not my “friend,” me). When it happened to me, the trade never showed up on any chart. I spent a half hour screaming at my broker, who assured me the price was legit, even though it wasn’t published. The most unusual thing about CSCO yesterday is that someone actually noticed these trades, and halted CSCO for five minutes.
The way I see it, Wall Street is so starved for real cash right now, they’ve got to rape every single retail customer they can, as much as they can get away with. These “circuit breaker” events are them pushing the envelope too far. Why these incidents aren’t getting “erased,” like mine did, I don’t know (maybe that’s a good sign). I signed in to ZH and presented my case…..