The Phaserl


Flash Crashes

by Bill Holter, Miles Franklin:

We have seen “flash crashes” from time to time.  We first saw the entire market flash crash 1,000 points 2 years ago and since then we have seen it many times in individual stock issues.  The latest was yesterday with two utilities (you know, the widow and orphan stocks) NEE and American Electric Power.  These dropped over 50% in less than 1 minute and wiped out roughly $60 billion worth of market cap during this “1 minute”.  No one (except of course those whose stop losses got hit) really seems to care…because the stocks mostly recover and “normally” end the day down only a few percentage points…”so what’s the harm?”

“One of these days” (as Jackie Gleason was fond of saying)…the flash crash scenario will appear and not be “repaired.”  One of these days a flash crash will happen, all at once with everything you own and everywhere you look!  It will be stocks, bonds, commodities…everything…everywhere.  Yes, yes, I am being overly dramatic again.  But think about it, why wouldn’t it happen?  How can it even not happen?  With the backdrop of a banking system that is flat a**ed broke and sovereign governments over levered and staying afloat by just printing money, how can a total collapse of everything financial not happen?

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