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On a day
when I’ve already written for nearly four-and-a-half hours
– on this morning’s commentary alone – with the
prospect of an equally angry, aggressive RANT this afternoon as we
conclude day two of the “three days of terror,” I’d like to
stamp closure on the demise of the CRIMINALS at Knight Capital Group.
Given that
I referred to it yesterday afternoon and this morning already, there’s
no need to “intro” with my March 26th RANT, “GOING BATS!”
– in which I reiterated my belief that murderous,
fraudulently executed ALGORITHMS were DESTROYING markets, as much as
government intervention. Of course, given that Goldman Sachs (20% market
share of ALL High Frequency trading) and the PPT itself are the largest
market participants, it’s safe to say the majority of “algos” are either government initiated or funded.
Some – like those attacking mining shares and the ETFs GLD and
SLV – are utilized solely to manipulate prices; while others
were created simply to STEAL YOUR MONEY.
This
morning, I wrote the following of my experience over a decade of stock
trading, before abandoning equities FOREVER – with the vile scum at
Knight Capital…
I know
this disgusting firm ALL TOO WELL. From having traded countless small-cap
stocks in prior lives, there is NO DOUBT this ‘esteemed’ company
was one of the biggest stock manipulators on Earth; and thus, outside the
inevitable bankruptcies of Goldman Sachs and JP Morgan – NOTHING will
make me happier than these SCUM reduced to rubble.
…followed
by the following commentary from this morning…
IMMEDIATELY
afterwards, the firm announced it was “pursuing strategic
alternatives” – in other words, BANKRUPTCY; and that was it for
the stock – FOREVER. I cannot begin to speak of the catastrophic,
irreparable long-term implications of this bankruptcy – to equity
markets WORLDWIDE – but will certainly try in tomorrow’s RANT.
Yes,
Knight Capital – or as stock traders are more cognizant of, its trading moniker, “NITE.” By far, the
largest market maker of small cap stocks, and in
recent years a MAJOR player in the FAR MORE criminal world of High Frequency
Trading. Literally, a firm representing the demise of the once great American
empire. Too bad it didn’t create complex derivatives as well, as it
could then claim to be involved in every major criminal operation on Wall
Street!
Then
again, it won’t get the chance, as it will likely be BANKRUPT before
the ink is dry on this RANT. All one needs to do is watch this video
depicting how the firm lost $440 million in one day…
Broken
Market Chronicles: Algos Gone Autosell
Wild – Video Explanation Of What Happened
…or
in reality, FAR MORE, but for the arbitrary NYSE decision to cancel
trades in the stocks NITE’s “rogue ALGOS” moved more than
30%…
NYSE
To Cancel Trades Beyond 30% Band From Opening Price In Various Stocks
This RANT
is titled “NITE JUSTICE,” intimating some sort of positive result
for society. Unfortunately, nothing could be more incorrect. I highly doubt
NITE’s executives will be prosecuted for their crimes – er, “mistakes” – but you can bet the
investing public will suffer greatly. As NITE was the largest market maker of
small-cap stocks, the “liquidity vacuum” that will form under
these issues will be louder than Ross Perot’s “giant sucking
sound.” For investors holding such stocks, say goodnight to your money, and for the company’s themselves, good luck
EVER getting funding again. In other words, care of more Wall Street crime,
the PUBLIC is most negatively impacted.
I’m
THRILLED that the reasons for avoiding stocks have grown exponentially overnight, sucking whatever remaining capital is left out
of the fraudulent PAPER financial markets. That is, after, Global
Meltdown III - i.e., “the Big One” – takes care of the
rest. However, yet again, society as a whole has decidedly LOST to a
cadre of CRIMINAL bankers!
PROTECT
YOURSELF, and do it NOW!
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