Ugly Picks
Dear Diary,
This ought to be interesting - I’m on the edge of my seat.
I’m surprised the futures are up this morning.
The ATS already crashed once this morning. That’s not a good sign. I think it may be the display adapter, so I reinstalled the driver.
Check out the WSJ article about the glitch yesterday:
At one post on the floor, traders resorted to writing buy and sell orders on a dry-erase board. Most of the letters next to the stock symbols said “S,” for “sell.”
“Go manual if you can,” said Art Cashin, a longtime floor broker for UBS, to traders at about 4 p.m. “Take paper if you have to.”
This part annoys me though:
Mr. Rutigliano reflected the frustration floor traders are feeling these days, as their role becomes diminished by the electronic age. “We were able to revert to a manual process that never breaks down,” he said.
A manual process - whatever. I think the reason they had problems is because they are only now switching away from that antiquated manual process. And the reason they took so long and are resisting the change is because the manual process allows them more opportunity to manually make more money.
Good luck - let’s finish the month strong.
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