99er wrote:SWalsh
That Nanex .gif focusing on August 5, 2011 you posted the other day was enlightening. This market is broken.
Bankstas all.
Been saying that exact phrase since the fall of 2009.
It is the legitimate - non-prosecution makes it so - institutionalized raping of investors. Look at the posted gold example and the breaking of a similar pattern in SPY yesterday. That NEVER used to happen. In essence, they wiped out the competition in small and medium sized boutique trading firms that cumulatively were a good part of the activity each day, got "bank" status and free money, and seem to have a quid pro quo of looking the other way as long as there is an upward bias. I say that because if they are picking the meat off the bones, then why is what I have been looking at have much more of a proclivity to bid than offer? And why are the Elliott Wave patterns more clearly read to the downside when the rising ones all look corrective? I'd argue that it's because the up moves are widely unnatural and the low volume would, IMO, confirm that fact.
Here's a simple example....The machines are the ultimate crooked broker on the trading floor who divulges the stops he wants known AND knows where every stop is and makes sure every stop is run. That will destroy any market. They closed the Pork Belly contract, that always held the reputation for being the worst, in July of last year. And they can do this kind of manipulation due to lack of public interest and the absence of any competitive traders with sufficient funds (let's say John Henry funds for example) to combat them. They saw power in numbers and they ARE the market as opposed to bank stocks being essentially flat for 40 years and paying dividends while they securely held the weath of America. Now, they steal it. It had to be so as America has stolen what they could from other nations and ran out of them. Confessions of an Economic Hitman shows what we have shamefully done. But they have no shame and we see it daily now. When NANEX filmed that screen at high speed and counted the 5,000 quotes per second, the rest of the world learned what was going on. Their reaction? The exchanges increased their speed and the same day they went to 100% capacity of it as their machines are just waiting for each increase in speed.