Thursday, May 6, 2010

Denial – Sickening pronouncements by media, disgusting moves by Exchanges

First it was the Proctor and Gamble supposed fat finger (Citi denies it and no single entity owns a billion shares), and now the NASDAQ is destroying the marketplace and confidence by doing this:

Nasdaq to Cancel All Trades of Stocks Moving More Than 60%

May 6 (Bloomberg) -- Nasdaq OMX Group Inc. said it will cancel all trades of stocks at prices that were 60 percent above or below the last price at 2:40 p.m. or immediately prior.

The exchange operator said in a statement it will cancel all trades "greater than or less than 60 percent away from the consolidated last print in that security at 14:40:00 or immediately prior."

Nasdaq said it coordinated the decision with all other exchanges.
Let me ask you this, why should you be playing in a market where if you make a winning trade they can take it away from you? Pure gambling, the criminals are in charge, there is no rule of law. These actions will destroy confidence, not build it and the people running the markets will eventually get what’s coming to them.

The media is absolutely shell shocked looking for any excuse plausible why the selling was not for real. It was for real, the market was saved by intervention, but the media can’t admit the crash much less the intervention. Denial isn’t just a river in Egypt, that’s for sure…