Posts Tagged ‘Senator Charles Schumer’

Letter To Senator Charles Schumer – Ban Goldman’s SIGMA X Dark Pool

Letter To Senator Charles Schumer – Ban Goldman’s SIGMA X Dark Pool

Courtesy of Tyler Durden

Dear Senator Schumer,

You recently approached SEC head Mary Schapiro with some very valid concerns about Flash trading, and the potential for investor abuse by advance looks to select market participants ahead of the general order pool. Your crusade was subsequently enjoined by such equity market luminaries as Robert Greifeld, president and CEO of the Nasdaq Stock Market, who had this to say regarding not just Flash trades in particular, but numerous other components of market topology, whose sole purpose is to obfuscate natural order flow and to provide loopholes for dominant market players to extract inefficiencies (i.e., scalp regular investors) arising from established and SEC-endorsed mechanisms of efficient market circumvention:

"Flash orders, which are a fundamental part of high-frequency trading, are but one symptom of the current evolving market structure. Nasdaq OMX is concerned that the securities industry appears willing to accept more and more ‘darkness’ and limits on the availability of order information. Instead, the policy goal should be clear: to eliminate any order types or market structure policies that do not contribute to public price formation and market transparency.”

"The industry has a unique opportunity at this time to take a hard look at dark order types and the underlying market structure issues that do not support public price information.”

Senator Schumer, while Zero Hedge applauds your initiative, the truth is that the wrongdoing in the context of potential investor market abuse runs far deeper and is much more pervasive than you realize. And while one can highlight the merits of the Op-Ed published in the New York Times earlier by quant titan Paul Wilmott entitled "Hurrying Into The Next Panic" (a recommended read for you and your staff), which notes numerous frightening implications brought about by the domination of Hiqh Frequency Trading, let us stick within the context of advance looks, which is at the basis of your letter seeking the ban of Flash-like behavior.

Zero Hedge would like to highlight that while your letter to Mary Schapiro indicated your concern with such market actors as DirectEdge, BATS and Nasdaq, the truth is there are substantially larger and more dangerous "fish" on which you should focus your attention.

As a primary example, I would like to refer you…
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High-Frequency Trading – My View

High-Frequency Trading – My View

Courtesy of Karl Denninger at The Market Ticker

Senator Schumer apparently believes this is an unfair practice, and I agree.


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Phil's Favorites

Drone Meets Shotgun: 65 Year-Old Woman Blasts Drone Out of Sky

Courtesy of Mish.

Safety’s Off

In response to Pizza from the Sky: New Zealand Tests Drone Delivery; What About Bombs? reader John emailed a link about a 65 year-old woman blasting a drone from the sky.

Let’s also take a look at a comment from a reader who claimed I was fearmongering about drone delivery of bombs.

Blasted to Smithereens

Ars Technica reports ...



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ValueWalk

Dan Pfeiffer: Clinton Shouldn't Do More Press Conferences Before November

By insidesources. Originally published at ValueWalk.

White House Alums Say Press Fell for ‘Many Bull$hit Pivots’ by Obama

It’s been 268 days since Hillary Clinton held a press conference, but Dan Pfeiffer thinks the Democratic presidential nominee should keep the streak going through Election Day.

Photo by JeepersMedia

“I would go all the way to the end and not do a press conference,” the former senior communications adviser for President Barack Obama said on ...



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Zero Hedge

What The Media Did Not Report: Here Is The "Ignored" Part Of Kaepernick's Speech

Courtesy of ZeroHedge. View original post here.

Colin Kaepernick has made headlines in recent days for his decision to sit during the National Anthem. According to the mainstream media, his reasoning is simple (because the only thing that is comprehendible to the majority of Americans is a soundbite) - police brutality and the oppression of people of color.

Implicit in that simple narrative is one thing unsaid - it's Trump's fault... and Hillary will fight the good fight to support black people.

However, if one took the time to ...



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Chart School

Buyers Step Up

Courtesy of Declan.

A respectable day for markets, unwinding much of the damage caused by Friday's selling. Volume was down, which softened the day's buying.

The S&P had the best of the action, which was a little against expectations for Tech/Semiconductors to drive the gain.


The Nasdaq only managed half the gain, but there was still a lingering weakness with some selling into the close. The 20-day MA is acting as supply.

...

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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

Central Bankers Spurn Call for Radical Approach at Jackson Hole (Bloomberg)

Central bankers aren’t retreating from the fight against low inflation, although they’re wary of launching a fresh assault on any daring new fronts.

Asian Stocks Erase Losses as Japan Shares Gain on Stimulus Bets (Bloomberg)

Asian stocks erased losses and most Tokyo shares rose amid speculation policy makers will move to shore up financial markets after Britain’s vote to leave the European Union.

...



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OpTrader

Swing trading portfolio -week of August 29th, 2016

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Kimble Charting Solutions

Banks attempting to breakout of pennant pattern

Courtesy of Chris Kimble.

When one looks back over the past 10-years and compares the performance of Banks to the broad markets, banks look broken. We shared with members last week that since the highs in 2007, banks have under performed the S&P 500 by nearly 77%. Is this under performance about to end?

CLICK ON CHART TO ENLARGE

Financial ETF (XLF), appears to have been forming a multi-year pennant pattern over the pas...



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Biotech

Epizyme - A Waiting Game

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer.  One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."

Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.  

Genetic components are the DNA sequences that are 'inherited.'  Some of these genes are stronger than others in their expression (e.g., eye color).  Yet, some genes turn on or off due to external factors (environmental), and it is und...



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Digital Currencies

Man Who Introduced Millions to Bitcoin Says Blockchain Is a Bust

 

Man Who Introduced Millions to Bitcoin Says Blockchain Is a Bust 

By  at Bloomberg

Excerpt:

Stefan Thomas, who introduced millions of people to bitcoin, has had a change of heart.

Blockchain, the ledger software that makes the digital currency possible...



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Mapping The Market

Illusion of Choice

From Jean-Luc:

Looks like we are down to about 10 companies for our consumer goods:

http://www.visualcapitalist.com/illusion-of-choice-consumer-brands/

Just like banks, airlines and cable companies! 

The Illusion of Choice in Consumer Brands

Explore the full-size version of the above graphic in all its glory.

If today’s infographic looks familiar, that’s because it originates from a well-circulated report that Oxfam International puts together to show consolidation i...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Promotions

PSW is more than just stock talk!

 

We know you love coming here for our Stocks & Options education, strategy and trade ideas, and for Phil's daily commentary which you can't live without, but there's more!

PhilStockWorld.com features the most important and most interesting news items from around the web, all day, every day!

News: If you missed it, you can probably find it in our Market News section. We sift through piles of news so you don't have to.   

If you are looking for non-mainstream, provocatively-narrated news and opinion pieces which promise to make you think -- we feature Zero Hedge, ...



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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!




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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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