Intraday commentary here.
The guys who ran the clumsy rigging of the metals market, up and down this week, are embarrassing. Do they actually get paid for this sort of thing?
For all the money the nation has given away to Wall Street, I would like to think it can afford a better class of white collar criminal, who know how to run a scam, and not a clown show smash and grab.
This obvious incompetency of the whole thing made me wonder if it was not in fact a more 'official' type of operation, and not something orchestrated by more experienced trading desks.
A big tech IPO may get squeezed out tonight. YELP may price at $840M. They are an online restaurant reviewing business.
Not sure, but they are losing money, and it sounds like GRPN^2.
postscript: Sharps Pixley had a particularly good commentary.
"A reported 31 tonne sell order on the CME rocked gold which saw prices collapse from a high of $1790 in London hours to $1703 during NY trading, followed by a further dip to the low of $1687 in out of hours electronic trading. A fall of over 6% which erased roughly half of the gains since the beginning of the year...
Ordinarily if a seller wanted to get the best price for his metal he would seek to finesse the selling over time, hunting out liquidity (finding people who are the other side of his sell order) and thereby ensure he gets the best possible profit. This seller was clearly simply out for effect."
