Retired CEO of CHIPPEWA PARTNERS, Native American Advisors, Inc., now managing the Parisian Family Office. A White Earth Chippewa, raised conservative, growing up in the poorest county in the U.S. on the Pine Ridge Indian Reservation, he began a Wall Street career in 1982. Always been, will always be, an optimist. In a world on a dopamine binge, this is his take on life from Ghost Ranch in MT, Pamelot, his TN farm or their home in San Jose del Cabo, Mexico.
Friday, May 18, 2012
Forget today that the S&P 500 e-mini futures plunged to four-month lows
at 1290, or Treasury yields crashed back to their record lows, or Gold and
Silver surged or Oil dropped to almost a $90 handle.
Today was all about one thing - the disaster that's Facebook - between the
late opening, overwhelmed systems, a dump to the syndicate bid and almost
600,000,000 shares traded with the syndicate soaking it all up at $38.00 early
and into the close.
How could any exchange system stand up to the tens of billions of
rapid-fire quotes and the quote manipulation brought about by the mainframes
inside the dark pools.
They won't talk any truth on CNBC, it's all cheerleading by the media
The market structure is broken. Today was a gallant effort by the IT guys
at Nasdaq. They lost big.
The blame being tossed around should go straight to the SEC. The market structure is broken.
Algo's trading against algo's in hundredths of pennies. Wrong. Small investors lose.