Fickled Fat-Finger of Fate

Why must someone or something be blamed for the market correction we are having? Is there something wrong with a correction? Sure, they got rid of the uptick rule a while ago, so we all knew that. And we already know that can speed up some downside moves. They were pretty stupid to get rid of the rule in the first place. But, I’ve been accumulating inverse ETFs, puts on the indexes and talking about it in the blog for some time now. So I’m a criminal now because I made money in the 10-minute crash of 2010? WTF? I warned you.

By now you have heard of the “fat-finger” error. I didn’t believe it the first time I heard it on CNBC. Then I started seeing it on “civilian” TV. First of all, who would put into production a software package that would allow such a mistake? C’mon programmers, tell me you don’t put in safeguards for human error….I want to make sure I don’t ever hire you. Finally today, we started seeing blogs and news agencies talk about that stupid excuse…“Fat finger” role in selloff likely a myth or this one, Fat Finger Error?

Today was a bit more worrisome than yesterday for me. I had cashed out all my short positions so I couldn’t really take advantage of the continuing down move. And, as I said yesterday, I was looking for a bounce today. The VIX made another big up move and this time, stayed above the 40 mark. OK, volatility is back!

I’ve also noticed that there are more and more references to the week before the ’87 crash (they must read my blog ). I do think it will be this weekend’s news that governs Mondays market….will there be a resolution, a good resolution to the Greek tradgedy? Will there be a resolution to the U.K elections? Will they cap the oil spill? Or do we follow the 1987 history book?

We live in interesting times