Re: Are we being played? Today’s action makes me believe a settlement is in the works
think HFT should be illegal and Stiglitz
one second (or some time period) periodic auction
idea should be required by the SEC.>
Jmho but re-instituting the uptick rule would be a great start.
The uptick rule worked remarkably well for decades. From 1938 to 2007 (remember 2007 after it was abandoned and the 1000 point flash crash in march a yr or so later but I digress)
It was Barney Frank who decided it would be better to get rid of the uptick rule and worked to have the SEC suspend the uptick rule and ultimately get rid of it.
Despite the uptick rule working extremely well at stemming HF and agos from steadily piling in and driving a security down Mercilessly.
BTW shortly after the rule was abandoned we witness several flash crashes exactly like what the uptick rule was intended to help stem, by forcing shorts to wait for an uptick of just 1cent before going short.
It's not surprising they would end something that has worked extremely well for years when you can help people make money who supports your electability efforts
Jmho sorry for the rant. Lol