While we are used to seeing insta-crashes in our highly-regulated and trustworthy equity markets, the unregulated digital world of Bitcoins suffered another flash-crash last night. According to Ars Technica, the 23% plungefest in the value of the digital currency (the second in a week) was due not to Waddel & Reed, not HFT algos, but ‘forking’ Cryptographic algos gone wild agreeing on different (legacy) keys as being correct - akin to finding Tungsten in your Gold bars [...]
Are voters responsible for the government they elect?
That’s the question inherent in a novel proposal billionaire Dallas investor Mark Cuban briefly detailed during an online discussion in December. In answering a question on business taxes, Cuban said:
I believe in taking responsibility for the circumstances we find ourselves in. As a citizen I voted for a bunch of the idiots in office. When they were doing stupid shit, I stood by [...]
Apple’s stock has resumed its decline over the last few days, falling another 2% to $526 in afternoon trading.
This is only $1 above the lowest close in Apple’s recent swoon, which was $525.62 back on November 15.
After that, Apple briefly took off like a rocket, spiking back to $590 in a week.
Read more: http://www.businessinsider.com/apple-stock-nears-new-closing-low-2012-12#ixzz2EydJNRdc
Gold Market Overview From An HFT Perspective
From Jim Sinclair:
China demand. The Chinese government has encouraged it citizens to buy gold. This is a saving culture with little faith in governments and currency. These avid savers have already bought large amounts of gold and will be buying more under the assumption that “If the price was good at $1750, then it’s great at $1700!” This is how value buying works.
Come Monday, [...]
A new federal investigation into Rep. Jesse Jackson Jr.’s finances alleges the Illinois congressman misused campaign funds to redecorate the inside of his Washington D.C. home.
Three weeks before the election, the feds also are looking into whether Jackson Jr. used money from his House spending account to pay for the home decor, according to the Wall Street Journal.
The Jackson family briefly put the D.C. home on the market last month [...]
From Pragmatic Capitalism:
The outlook for the U.S. and global economy remains uncertain at best. Despite some signs of optimism (particularly in U.S. data), there remains a number of red flags that overhang global economies.
I still think we’re not staring at a recession in the USA, but I’d be lying if I said there weren’t some worrisome signs. That said, here are a few of the items that really jump out [...]
It may have arguably been the first time in this summer’s Olympics a tape delay would have been useful.
On Wednesday NBC’s underwater camera captured a women’s water polo player briefly exposing another player’s breast to shocked reaction from viewers watching live at home.
‘You see a lot of suit grabbing going on underwater,’ an NBC sports broadcaster said after the control room cut to the live underwater swimsuit fight between Spain [...]
A burning trail lit up the sky over Western Australia for 20 minutes after an object suspected to be a meteorite plunged into the sea, leaving a burning orange trail that mesmerised local residents.
Beachgoers in Perth debated what could have caused the strange burning line in the sky, which persisted for 20 minutes. Most meteorite trails are only seen briefly – and seeing an object plunge into the sea is [...]
MOSCOW (AP) — A group of feminist punk rockers must remain behind bars as police investigate them for chanting a “punk prayer” against Russian President Vladimir Putin from a church pulpit, a court ruled Wednesday. The decision angered the band’s supporters and drew condemnation from a top German human rights official.
Five members of Pussy Riot – wearing brightly colored homemade ski masks and miniskirts – briefly seized the pulpit of [...]
Sigh: FaceBook’s market cap briefly passed $100 trillion.
The lines for the new iPad Friday were more than 75 percent shorter than the crowds that gathered to buy the iPad 2 a year ago, according to a survey by one research firm.
“We counted roughly 550 people on line at 5 locations combined, vs. the 2,300 people we counted in our iPad 2 survey last year,” wrote Daniel Ernst of Hudson Square Research in a report to clients this [...]
Stocks closed in the red Wednesday as Bernanke dashed hopes for further monetary stimulus during his speech to Congress on the economy.
Still, the S&P has surged 8.7 percent since January, logging its best start to the year since 1991. Meanwhile, the Nasdaq briefly topped 3,000 in intraday trading for the first time since December 2000.
Bernanke said the job market is still “far from normal” in his semi-annual monetary policy report to Congress [...]
The Supreme Court’s recent ruling overturning the warrantless use of GPS tracking devices has caused a “sea change” inside the U.S. Justice Department, according to FBI General Counsel Andrew Weissmann.
Mr. Weissmann, speaking at a University of San Francisco conference called “Big Brother in the 21st Century” on Friday, said that the court ruling prompted the FBI to turn off about 3,000 GPS tracking devices that were in use.
These devices [...]
Donald Trump endorsed Mitt Romney for president Thursday, saying he’s impressed by the Republican candidate’s debate prowess and believes he could easily beat President Obama in November.
“Mitt is tough. He’s smart. He’s sharp. He’s not going to allow bad things to continue to happen to this country that we all love,” Trump said in Las Vegas, telling the candidate to “go out and get ‘em.”
The real estate mogul, speaking briefly [...]