To ‘prove’ that the end of QE3 is not a negative for stocks and to ‘confirm’ the Fed’s narrative that the economy is surging (despite all the unsustainable one-offs in the GDP print), algos are tearing stocks higher, targeting the crucial 2,000 S&P level… thanks to 2-week old headlines from Japan, a broken options market, and the NYSE unable to report trades… As Nanex notes “this is a bigger event than the 2013 market blackout”
Despite the best efforts the best they could manage was 1999.40 before the reality of a not-broken market kicked in…
Welcome to Stock Market Blackout 2
— Eric Scott Hunsader (@nanexllc) October 30, 2014
Only quotes/trades are in Nasdaq listed stocks. This is a bigger event than the 2013 blackout
— Eric Scott Hunsader (@nanexllc) October 30, 2014
Anatomy of a market screw up – $SPY http://ift.tt/1wOm3vK
— Eric Scott Hunsader (@nanexllc) October 30, 2014
Of course away from the broken equity markets things are not as exuberant…
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So just as the market broke 2 weeks ago at the lows.. now it is breaking at the highs… to enable moar highs… PPT has become DTPT (down-tick prevention team)
via Zero Hedge http://ift.tt/1rWRsVY Tyler Durden