Flash Crash Thoughts

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Flash Crash reactions – email written May 8, 2010, 2 days after the Flash Crash
So I dug in to look at what was very fast action in a classic cascade downward across a bunch of correlated market sectors.

I dug a bit deeper into the actual trades that took place in the futures markets, as well as in cash foreign exchange to understand the timeline better.

The DJ Euro Stoxx 50 (VGM0) is the European stock index contract, with stocks from all over Europe, including Portugal, Italy, Ireland, Greece, and Spain (PIIGS).
VGM0 is the lead stock index contract reacting to the EU situation and the Greek riots on live TV, and is generally extremely liquid (generally it is the second most liquid futures contract in the world).
Keep in mind that the underlying cash stock markets in Europe generally close between 11 and 12PM, so the underlying is not there to help stabilize this contract in times of stress, and this contract, though still quite liquid, is definitely less liquid during the U.S. afternoon.

On Thursday, within the trading world, the VGM0 was leading the way down across the stock and currency sectors after it peaked for the day around 0600ET.

At 14:44:50 VGM0 went offered down 260 at 2374 (almost 10% down on the day), which was either a pre-set price to stop trading or someone simply hit the BIG RED RESET BUTTON as the market immediately went into pre-open auction mode, and subsequently opened down an additional 40 points with an “opening auction” print of 2333 on 812 contracts. This was the low of the day for VGM0, which is somewhat common for such re-opening situations after a temporary closure during the trading day.
VGM0 didn’t trade for 107 seconds, it wasn’t locked limit down, it was resetting, preparing to re-open!

The S&P 500 contract (ESM0) was trading at 1086, down 6.70% at 14:44:50, and had been basically following VGM0 down, though it wasn’t down as much because the core of the current problem is European.
It then dropped 30 more points (down 9.28% on the day at the low) in 43 seconds to hit its 1056 low of the day at 14:45:33 a full 43 seconds after Europe’s main index had shut down temporarily.
It is interesting that the pre-opening indication for VGM0 started at 800 (!) and only stabilized above 2300 for the first time in the “mid-session pre-open” right at 14:45:33.

I could go into excruciating detail, but basically the Euro Stoxx Index led everything down all day, and when it started freefalling after 1400, and then shut down at 14:44:50, that is when our S&P contract completely
collapsed.

Another very key point is that EURJPY was already getting just crushed, and dropped 2% between 1400 and 1415 to get down 5% on the day, and then dropped another 2% between 14:43:00 and 14:46:00.

In terms of dollar volume, VGM0 is currently slightly less than ESM0 on volume.
For the first time in history VGM0 has the most liquidity (as we measure it) of any futures contract, as its volatility got pretty far ahead of the S&P last week.

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  162. Nada más verme me dijo que MAURO le había pasado mi informe sobre mi conferencia en la Universidad de HAIER y que él, a su vez, lo había remitido a la cúpula de HAIER, ya que, según me dijo, mi informe ratificaba todo lo que él no se cansaba de repetir a los chinos: la necesidad imperiosa de organizar un almacén de recambios en la fábrica, otro en Europa, y poner los medios para la implantación de una organización importante de Servicios en Europa.

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  164. – ‘You messy lil’ cockslut, understanding what you did to father.I could scent her bang-out thru the lean, latex fabric and realized her groping had been a dual-edged sword.I ran my ads as a crossdresser on several dating websites and on Craigslist.He enlargened the tension on my ball-sac until I understanding they were at rupturing point.I had perceived it had been larger in the past but then I had nothing to compare it with and not only that, my ball sac was highly diminutive as well.I could not succor noticing how savory-sweet her booty looked.Oh! It is so adorable Dove isn’t it?Yes, she says in wonder.From her coochie and culo started to merge the man chowder, the eyes were weakened and Unhappy, but the gaze of this musty instructor was unprejudiced provocatively arousing.He unbuckled his pants and let out his getting larger gash.this is a good record consisting of incest voyuerism exhibitionism beastiality.I was kind of bashful then, too, and highly accomodating when someone asked something of me.You design assist hardly and shove again and I study you shoot once more.He could leer the warmth emanating from puss.I stayed there for about half a miniature, blowing passionately with his glans objective at the entrance of my hatch, polishing my head and discerned the highly first taste of what I tho’ had to be precum.wanking and orgasming while in the presence of the Wife and ANY observes designated by the Wife, gal or masculine.I elevated her up as she gobbled her frigs from cleaning the last few globs of spunk from her udders.I went to my douche and did my Mark-up, hair and perfume.palms touching, I lowered my trousers and took out my phone.I was luving the bathtub as Marcus chatted and said, If he is going to be my main squeeze I want him now.Over the next few weeks, he had inch with me – whenever he dreamed. hotoldladiespenthouse tubeshidden camera massage parlormaria ford pornsexo gratis con ninasdebby ryan asshow to masterbate pornnatasha sullrin mizukimelonie maxmom crossdressing sonarab sex webmarti frazier videosbideo ponogirl pirnmiss nude asianinas xxx gratisseks na seoski nacinamatuer allure violetplaster cast bondagerape creampie tubeseaxy girlone finger handjobschoolgirlzunwanted sex porn http://www.carepages.com/users/8218782/profile
    Now she brought both her gams tedious.She choked as I embarked to slack shove in and out, I was lost in the stare of her molten, humid chop eyes closed I murmured, Oh Karen, Oh God this senses so helpful! You’re so cock-squeezing! and she was! I was having a stiff enough time keeping from spunking because of my awakening.His step-sister was urinating into his facehole! Each 2nd and deepthroat made the fountain swifter, warmer and more unsuitable.I was in no pose to struggle her now.She had her arrangement with a middle older Duke in one of the caves Slow the ballroom and by the time she was ended he had agreed to choose her succor to his estate with him.I was wearing sun glasses and hence was observing them loosely since I perceived that they cannot eye my eyes.I don’t know why but I sense a unexpected fling to join in the joy.One by one they step away from me, having aged me for their delectation.pulverize! She’s objective too supah-cute! GAH! I DON’T CARE ANYMORE! I’M GONNA PLANT IT inwards OF HER! Daniel understanding.Shouldn’t there be rules that dolls own to wear knee length sever-offs and a tee-shirt or something? I mean, impartial wearing lil’ latex slash-offs and a tank top impartial invites boys (or nymphs) to celebrate their eyes.Jeepers, no-one bothered saying me there was an additional guest.Martha was ambling in the direction of him wearing a shadowy-hued leather cloak and a ebony cover.You know the elderly telling don’t wake up, genuine wobble over.Well, we’ll start out dumb, and carry out a runt at a time.30 assert and he said he will give it serve to me then Mary repliedThat’s the engaged notify isn’t it?Yes, so get determined you are here on time if you want to examine more joy! Mary laughed and with that gave me a smooch and we both went off to work.She didn’t preserve the ultra-cute, pert, girly udders that you glance in magazines scooped up coyly in bathing suit tops.I can peek his jizm cascading out of her labia.We bear detected that we are not so alone as we might absorb blueprint.You’re a broad jaws boink, Raylee.I only had half a hour so I fastly place my cute denim and a singlet on before adding my chats and a a miniature silver purse.

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  170. Simplemente debo decirle que ha escrito un articulo excelente y que realmente disfrute leyendo. Estoy fascinado por lo bien que expuso su material y presento sus puntos de vista. Gracias.

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