Screwball

NASDAQ - high at 9:49 then...as the heat map above shows;

Here is the complete documentary minus the outtakes (which were great) Youtube (runtime 1:17 minutes); Floored

In that documentary they talked about a rule that if you hit someone on the trading floor you were fined like 300 bucks. A guy knocked someone on their ass, threw 300 dollars on his chest and said when he gets up I'm going to hit him again. A wild breed for sure.

Makes sense.

Just for fun. Youtube video. Trailer for a documentary made in 2009 about the floor traders in Chicago. Also how the computers replaced them. Our markets at one time traded in fractions. Chicago and NY had the big trading floors. Hand signals to buy and sell back in the day. Wild stuff. Once the computers took over... Great book by Michael Lewis of Moneyball fame. Flashboys - link to AMZN. Flashboys - AMZN All about how the tech and computers found more advantages to skim money. Probably back when the movie Wall Street came out (87, looked it up) they were trading in fractions and on the floor using hand signals. Flashboys came out in 2014ish. He documents the incredible progress of the tech. And that was a long time ago...

At some point do we have to wonder if AI is running the markets? High frequency trading, access for latency, packet sniffing, dark pools. The smartest guys in the room with 20 year old technology now turned over to our old buddy AI. What could possibly go wrong?

Chart porn from the beginning of the year. INTC went vertical in March it looks like. Have no clue why. There is a HUGE gap that will eventually fill. Giddy up!

I checked the futures not long ago. All good. That could change when the sun starts coming up.

I went to a few horse tracks in Ohio. Buy your tee shirt first. I bought a lottery ticket that paid 20 bucks and that was more than I made off the ponies. 🙂 Fun time though. I worked with a vendor that was a huge race horse fan. He would call to have me help fix stuff and while we did that he would talk about horses. His wife almost divorced him because of it. He was that fanatical. He wanted to bet his house on a race that he knew this horse was going to win. The odds were enough to matter, let's put it that way. She told him if you do that - you are toast. He didn't. The horse won. That still pisses me off he would say. Too funny.

Chart of the day as the market had a sad day - especially the NASDAQ. Down 1121 point by my chart porn. One of the most popular tech/chip ETFs got hammered as well (down 9 percent). SMH. Link below to their info page. SMH VanEck Semiconductor ETF

That links to what the exchanges statement says. The pigmen have to get everything all dialed in to make it look legit for the masses so they arb the rules once they let them on the exchange. They are going to make a killing anyway, but just more ways to suck money from the system. The smartest guys in the room. And besides, the IPO's are underwritten by the big banks. The 21 (not sure how many now - wow - looked it up - now 27) primary market broker dealers (the big banks) control everything anyway. It's good to be the King!

Can most people do anything about it even they wanted to stay away? I'm guessing not. Retail might get beat up, and good, they might be that stupid. The pigmen always win.

More stupidity. From Seeking Alpha. I'll save you the click but here is the link; The Pattern Day Trading Rule Is Dead No day trading rules, margin accounts, credit cards, Robinhood - what can possibly go wrong. Keep that bubble going at all cost. Who gets to hold the bag when the big kaboom happens?

Michael Burry of the Big Short fame seems to be pretty ballsy from what little I follow. To the short side. I don't get it right now. We know the pigmen of WS make money no matter if stuff goes up or down, or in the end, get bailed out. There always two sides of a trade That is nothing new. Been like that since there were markets, bucket shops, and leverage. But nothing like this in a different way. We are talking massive amounts of money today. We have 3 IPOs coming that may generate trillions (with a T) of liquidity (not sure what to call it or where it's coming from). A trillion isn't much less GDP of Saudi Arabia. At least they have oil.