Work got in the way the past two days, my apologies.
First, the FBI charges a « bone idle » day trader operating in his parent’s basement outside London near Heathrow Airport with bringing down — in a flash crash — the most liquid market in the world.
Please, that makes me laugh. It’s even more absurd than the SEC’s « fat finger » explanation, which was probably made in a book depository at the Kansas offices of Waddel & Reed.
Navinder Sarao — the trader — is fighting extradition to the US to face the charges that he used a tactic known as “spoofing” — where traders bluff or fake large orders that they don’t intend to execute and cancel it just prior to execution — to manipulate the futures market pricing.
The Nasdaq is back. The tech-ladened exchange moved above its Internet bubble high of 5,048 points on Thursday.
From peak to…
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