Posted on 09/03/2009 10:48:41 AM PDT by FromLori
1 billion shares on the tape as of 9:00 Central on the NYSE and who's responsible for over 1/4 of it?
This is outrageous folks. Three zombies, one of which has no equity value and two more that exist only because the government has guaranteed, collectively, half a trillion dollars of what may be worthless assets.
Not to mention all the ENRON-STYLE off balance sheet exposure that we have no means to value or come up with a reasonable understanding of.
This sort of garbage "support" for market volume, put forth for the explicit purpose of propping up stock market prices and generating fees for the trade of each share at the NYSE, is an outrage.
If this is not stopped we are going to wake up one morning to a lock-limit down market crash when this so-called "market liquidity support" is withdrawn as the boys with the computers come to end of the rope where they can steal a fraction of a penny from each trader who buys into this frenzied froth-driven fraudulent nonsense.
The retail bagholder will, as always happens, get utterly screwed in the inevitable collapse as what is left of our economy and financial markets implode into the hole left by the disappearance of this imaginary "liquidity."
Regulators have an obligation to step in and put a stop to this crap - an obligation that they have utterly refused to meet for the last six months.
When the bottom falls out, you will be expected to follow along in Lock Step......or is that Goose Step?
Why, then it’ll be a ‘bank holiday’ for everyone. All the peasants, that is.
We are short in over 20 different stocks.
What exactly does Karl want the “regulators” to do?
Stop people from buying and selling BOA stock?
.
Still, this afternoon - those three worthless issues account for 21% of total NYSE volume. Unbelievable.
Regulators? What regulators?
They have a vested interest in keeping the bubble inflated.
Somebody out there is propping up the stock market?
Ya think?
When the last set of props get kicked out from undr this house of cards, there won’t be enough heft remaining in the market value to make a serious difference on the final resting point.
The diluted value of the common currency used in the US will be so low that nobody will lose much if anything of value. Inflation will have stolen most of that value already.
Now, if you had some hard currency, like Chinese Yuan or Saudi Arabian Riyals, you could be king....
For sure they will not be helping Granny when it all comes crashing down.
http://wallstreetpit.com/10086-former-sec-chair-arthur-levitt-we-wont-prevent-the-next-bernie-madoff
Can you please explain what this means to those of us that don’t follow market ticker symbols? I see what’s there but don’t understand what I’m looking at or why it’s outrageous. And I don’t see where there’s a billion shares being traded.
Thanks.
IBD needs to eliminate the zombies before calculating volume +/- into their market strength/direction.
The “billion shares” is elsewhere, not directly referenced in this article.
What is shown is that there were 230 million shares of Citibank, essentially a bankrupt bank, traded within the first half-hour of the NYSE opening this morning.
Along with nearly 150 million shares of Bank of America and “Fannie Mae”, both also essentially bankrupt.
360 million shares traded in Zombie companies in the first half-hour of the day; two or three times that, not that long ago, was considered a typical volume, for the entire exchange, for the entire day.
In actuality, that was probably the same thousand shares of each company, being batted back and forth by the computers, hoping to sucker some bystander into parting with some real cash for a few of them.
That totally makes more sense. Thank you. Another possibility is that there’s an Obama donor in the mix that stands to make a lot of money by simply being “involved” the way Hillary made her money in the cattle futures. They bounce around a lot of shares to make the illegal activity less noticeable, less likely to raise a red flag.
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