Posts Tagged ‘Greece’s debt’

Glitch in the System

Glitch in the System

Courtesy of MIKE WHITNEY writing at Counterpunch

Fraud Charge Against Goldman Sachs Takes Toll On Market Indices

On Thursday, shares tumbled across all major indexes on fears that Greece’s debt woes would spread to other vulnerable countries in the E.U..  What began as a down-day on Wall Street, quickly turned into a full-blown rout as blue chips, financials, techs and transports were all caught in a program-trading downdraft.  The bloodletting was mind-numbingly swift. In one 15 minute period, stocks plunged more than 300 points (and nearly 1,000 points at their nadir) before bouncing off the bottom and clawing back some of the day’s losses. For the big brokerage houses and investment banks, the massacre could not have happened at a worse time. Skittish retail investors have already been steering clear of Wall Street, convinced that the markets are rigged. Thursday’s ructions are sure to keep them on the sidelines even longer.

From Reuters:

"During the sell-off, Procter & Gamble shares plummeted nearly 37 percent to $39.37… prompting the company to investigate whether any erroneous trades had occurred. The shares are listed on the New York Stock Exchange, but the significantly lower share price was recorded on a different electronic trading venue.

"We don’t know what caused it," said Procter & Gamble spokeswoman Jennifer Chelune. "We know that that was an electronic trade … and we’re looking into it with Nasdaq and the other major electronic exchanges." Mathew Goldstein, Reuters)

When stocks nosedive, falling prices can trigger stop-loss orders which spark a selloff.  Add high-frequency trading to the mix--which accounts for more than 70 per cent of daily volume--and a normal correction can quickly turn into a major crash. The high-speed computers make millions of trades in a flash without human intervention. The potential for a catastrophe like Thursday, is a near-certainty. 

"Guys are getting carried out on stretchers"

From the Wall Street Journal:

"An electronic trading algorithm issued by an unknown trader caused a massive selloff in futures contracts tied to the S&P 500, according to a long-time electronic trader of the products. A mistaken order was issued to sell $16 billion, rather than $16 million, of e-mini S&P futures contracts, according to the person….

“Jay Suskind, a senior vice-president at Duncan-Williams Inc., said the combined string of negative news about Goldman Sachs Group Inc. (GS), the Greek debt crisis and the rise in Libor evoked memories of the


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Kimble Charting Solutions

Gold Miners Indicator Attempting Multi-Year Breakout, Says Joe Friday

Courtesy of Chris Kimble

Are Gold Mining stocks about to be sent a bullish signal they haven’t received in years? Possible says Joe Friday.

This chart looks at the Senior Miner/Junior miner (GDXJ/GDX) ratio over the past few years. Historically when the ratio is heading up, miners tend to do very well.

The ratio has created a series of lower highs just below the falling line (1), since the summer of 2016. The ratio is currently testing the strong falling resistance line and the June 2019 highs at (2).

Joe Friday Just The Facts Ma’am; If the ratio succeeds in a double breakout at (2), it sends miners a long-awaited bullish message.

...

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Zero Hedge

4 Dead After Two Robbers Hijack UPS Van, Ending In Epic Gun Battle On Florida Highway 

Courtesy of ZeroHedge View original post here.

Four people have been confirmed dead after a UPS truck was hijacked by two suspects following a robbery attempt of a jewelry store on South Florida's Miracle Mile Thursday, reported CBS Miami.

The suspects led police on a two-county rush-hour chase through Miami and ended in a hail of gunfire on Miramar Parkway and Flamingo Road in Miramar.

The incident began around 4 pm Thursday in Miami-Dade County, where two people attempted to rob a jewelry store on the Miracle Mile.

The suspects exchanged gu...



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Insider Scoop

7 Healthcare Stocks Moving In Friday's Pre-Market Session

Courtesy of Benzinga

Gainers
  • Sierra Oncology, Inc. (NASDAQ: SRRA) shares increased by 43.3% to $0.55 during Friday's pre-market session. The market cap stands at $23.1 million. The most recent rating by Oppenheimer, on December 06, is at Outperform, with a price target of $1.20.
  • Cassava Sciences, Inc. (NASDAQ: SAVA) stock moved upwards by 40.6% to $2.53. The market value of their outstanding shares is at $20.6 million.
  • Puma Biotechnology, Inc. (NASDAQ: PBYI) stock increased by 5.9% to...


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Phil's Favorites

Chart Shows the Fed Ramping Up Not QE - Funding Almost All Treasury Issuance

 

Chart Shows the Fed Ramping Up Not QE – Funding Almost All Treasury Issuance

Courtesy of Lee Adler, Wall Street Examiner 

The Fed is ramping up “Not QE” .

The Fed bought $2.2 billion in notes today in its POMO, “not QE,” operations. Actually $2.15 billion because they sold back a whole $50 million. Must have been a little glitch in the force.

This brings the Fed’s total outright purchases of Treasuries to $170 billion since it started Not QE, on September 17.

It also did $107 billion in gross new repo loans to Primary Dealers to buy Tre...



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Lee's Free Thinking

Chart Shows the Fed Ramping Up Not QE - Funding Almost All Treasury Issuance

 

Chart Shows the Fed Ramping Up Not QE – Funding Almost All Treasury Issuance

Courtesy of Lee Adler, Wall Street Examiner 

The Fed is ramping up “Not QE” .

The Fed bought $2.2 billion in notes today in its POMO, “not QE,” operations. Actually $2.15 billion because they sold back a whole $50 million. Must have been a little glitch in the force.

This brings the Fed’s total outright purchases of Treasuries to $170 billion since it started Not QE, on September 17.

It also did $107 billion in gross new repo loans to Primary Dealers to buy Tre...



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Chart School

Silver stock taking the sector higher

Courtesy of Read the Ticker

As the US economy begins to show late cycle characteristics like: GDP slowing, higher inflation, higher wage costs, CEO confidence slump. 

Previous Post: Gold Stocks Review

The big players in the market are looking for the next swing off good value lows. This means more money is finding it way into the gold and silver sector, and it is said gold and silver stocks actually lead the metal prices.

The cycle below shows prices are ready to move in the months ahead (older chart re posted).


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Digital Currencies

Chinese Crypto Exchange IDAX Locks Cold Wallet As CEO "Goes Missing"

Courtesy of ZeroHedge

By William Suberg via CoinTelegraph.com

Chinese cryptocurrency exchange IDAX has suspended deposits and withdrawals after its CEO allegedly disappeared.

In a blog post on Nov. 29, IDAX, which earlier this week warned it was seeing a run on withdrawals, said the whereabouts of Lei Guorong were currently unkno...



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Members' Corner

Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

 

Sacha Baron Cohen Uses ADL Speech to Tear Apart Mark Zuckerberg and Facebook

By Matt Wilstein

Excerpt:

Sacha Baron Cohen accepted the International Leadership Award at the Anti-Defamation League’s Never is Now summit on anti-Semitism and hate Thursday. And the comedian and actor used his keynote speech to single out the one Jewish-American who he believes is doing the most to facilitate “hate and violence” in America: Facebook founder and CEO Mark Zuckerberg.

He began with a joke at the Trump administration’s expense. “Thank you, ADL, for this recognition and your work in fighting racism, hate and bigotry,” Baron Cohen said, according to his prepared...



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The Technical Traders

VIX Warns Of Imminent Market Correction

Courtesy of Technical Traders

The VIX is warning that a market peak may be setting up in the global markets and that investors should be cautious of the extremely low price in the VIX. These extremely low prices in the VIX are typically followed by some type of increased volatility in the markets.

The US Federal Reserve continues to push an easy money policy and has recently begun acquiring more dept allowing a deeper move towards a Quantitative Easing stance. This move, along with investor confidence in the US markets, has prompted early warning signs that the market has reached near extreme levels/peaks. 

Vix Value Drops Before Monthly Expiration

When the VIX falls to levels below 12~13, this typically v...



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Biotech

Why telling people with diabetes to use Walmart insulin can be dangerous advice

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

 

Why telling people with diabetes to use Walmart insulin can be dangerous advice

A vial of insulin. Prices for the drug, crucial for those with diabetes, have soared in recent years. Oleksandr Nagaiets/Shutterstock.com

Courtesy of Jeffrey Bennett, Vanderbilt University

About 7.4 million people ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Promotions

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Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

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About Phil:

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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