Reaction to Michael Lewis's book and "60 Minutes" interview

Trader Bob;
Yes i would call what you did with IWM a trade, premarket/irregular hours.....
QQQ still looks plenty liquid, but a good %% gainer/wild swings.

I have some silver charts, they accidently put same volume weekly/mistake; as daily volume,LOL
Even more misleading is Citigroup reverse splitting stock[10 times i think] + never seen that disclosed on any charts?????????????????????????????? So Citigroup stock is really a penny stock priced @$$4.63 [or$46.63 is what most charts say,LOL,OK] C + BAC are in the news an amazing amount of the time, most of it bad/bearish news.I had a savings account with BAC=never again, no wonder Dave Ramsey hates thier customer service or lack of it,LOL

Buy + sell volume is still pretty good on GLD + stuff like that;
I have seen better uptrends [than GLD];;+ C + BAC have had much better downtrends/bear markets, than GLD
 
finally f****rds at SEC admit that their s** aren't working at all.

Exclusive: SEC eyes test that may lead to shift away from 'dark pools'

http://finance.yahoo.com/news/exclusive-sec-eyes-test-may-050726097.html

The agency has taken a cautious approach, especially because its last overhaul of market rules in the early-to mid-2000s fueled the market fragmentation that gave rise to high-speed trading and dark pools.
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and again i see familiar

The SEC for years has been studying market structure issues, an effort that intensified after the May 2010 "flash crash" when $1 trillion in shareholder equity was briefly wiped out of the market in a matter of minutes.
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the money aren't 'wiped out' or vaporize.. as i said many times before-it is a biggest and fastest wealth transfer in a human history. and we all know where the money go-GS
 
at the end of the day the exchanges and the SEC are out to make money. therefore the exchanges will continue to cater to the hft guys and the SEC will continue to allow fraud so that they can then fine the perpetrator thus profiting from the fraud/crimes.

The FED's are the biggest gangsters on the planet!!!
 
Most people don't know about or even care about this. They are too busy trying to scrape by day to day.

Actually, the loss of our freedom and trampling of the Constitution is something more important than HFT and affects us all but as I said, most people don't know about or even care about this.

The cops all know who are the big bad guys but they go after the little guys just so they can issue press releases stating they are doing their job.

Our orders don't really matter to them. Even when the evidence of wrong doing is overwhelming, nothing is done about it. Good Old Boys take care of each other - winky winky.
 
You are so right about cops.once I was stopped by state police trooper for driving w/o lights when wipers are on. I got almost 300$fine 1 for this one and two tickets for belts for me and my wife.took him 40 min to write tickets. The guy was arrogant asshole for all this time. Long story short -I complain about this asshole and almost got his ass fired(my wife asked me to leave him alone) part of this story is a request for a report from state police, using my 'right to know' act, where I asked for a list of tickets and matter of violations that this brave asshole was issued to a fellow taxpayers on that day. Turns out-all he did for a whole entire day is a stopped me and give me 3 tickets and 2 more for same shit-driving w/o lights on during the rain( on middle of the day, and it wasn't really a rain, but light drizzle all day). No speeding tickets or other serious violations.
paint a great picture of my tax money at work.
 
There's a paper about to be published that destroys Lewis's ridiculous claims about HFT with facts. As soon as it's made public, I'll link it here.
 
helmholtz said:
There's a paper about to be published that destroys Lewis's ridiculous claims about HFT with facts. As soon as it's made public, I'll link it here.
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The FBI, SEC, Goldman Sachs, and I all look forward to seeing your paper. It's about time someone exposed that rascal!

For those keeping score: Ridiculous claims 18 Facts 0
 
StarDust9182 said:
The FBI, SEC, Goldman Sachs, and I all look forward to seeing your paper. It's about time someone exposed that rascal!

For those keeping score: Ridiculous claims 18 Facts 0
More...


It has nothing to do with Lewis. Just his claims about HFT
 
another 2 articles via abnormalreturns, essentially calling for a new market structure:

http://www.theatlantic.com/business...-to-know-about-high-frequency-trading/360411/

"We don't have to restrict HFT to make markets "fairer." We just have to create market structures that make HFT irrelevant."


http://www.washingtonpost.com/busin...53daf8-bf5d-11e3-b195-dd0c1174052c_print.html

"Most fascinating, however, has been the vigorous push back to the book from Wall Street and its apologists. They complain that the Lewis narrative is an oversimplified morality tale that ignores the bigger reality: that computerized trading has dramatically reduced the cost of buying and selling stocks for all investors. They harp on his overblown claim that it is mom-and-pop retail investors who have been disadvantaged, when in fact it is the trades of the big money managers. And they dismiss his story as “old news” that has since been overtaken by a dramatic drop in the profits and trading volume from high-frequency trading.

What you haven’t heard, however, are any denials that they have been doing exactly what Lewis describes — namely, creating a system that allows a small group of traders to get an advance peek at trading orders of other investors that allows them to interpose themselves between buyers and sellers and shave a penny or two from billions of transactions. When this kind of thing is done by human beings, it is called “front running” and it is illegal. When it is done by high-speed computers programmed by Russian emigres, it’s celebrated as financial innovation.

It may be old hat to the insiders on Wall Street, but the rest of us find it rather scummy that stock exchanges pay kickbacks to big banks and brokerage houses to send them their customers, even when customers request that their trades go elsewhere. We find it scummy that exchanges sell premium positions in or near their own computers so that they can get a leg up on competitors by knowing things first and shaving a millisecond off their trading speed. And we find it scummy that exchanges allow traders to post small orders to buy and sell every listed stock for the sole purpose of finding out what others want to buy and sell, and allow them to withdraw those orders as soon as anyone wants to complete the trades.

...

Which brings us to one final point of fascination — namely, how this whole system has developed in plain view of the Securities and Exchange Commission, whose original purpose was to ensure a level playing field for all investors.

As Katsuyama and his crew discovered, it was an earlier SEC effort designed to break up the old Wall Street cartel and ensure that investors got the “best price” for trades that, unintentionally, created the market structure in which high-frequency trading would develop and prosper. As Lewis brilliantly describes it, the history of Wall Street can be seen as an unending series of scandals, “linked together tail to trunk like circus elephants,” with each new scandal emerging “from some loophole in a regulation to correct some previous injustice.” "
 
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