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Morning Market Briefing – 08/21/2013

Tuesday was lame, no other way to describe yesterday market action.  The market appeared to be in a wait and see mode.  Trading was light with no side winning.  There was one event however that’s worth mentioning.

No matter how many times I write about it, I want everyone to understand how manipulated the market is.  No, actually, is worse than that, it’s more than manipulated, it is RIGGED.  So when you invest and trade, be aware that the odds (and the rules) are against you.

Via The FT,

Goldman Sachs, who kindly does Gods work, had a small glitch yesterday.  Goldman was the trading firm behind the options trades that led exchanges run by NYSE Euronext, CBOE and Nasdaq OMX to say they were reviewing a few of Goldman transactions. As we know, Goldman Sacks is the greatest investment company ever…never ever ever losing money on a trade.  Yet, rumors had it that Goldman’s losses from the trades could amount to as much as $100 million.  The development came after a large number of trades outside the normal price range flooded US options markets in the opening minutes of trading, stemming from NYSE Euronext and spilling out to rival exchanges.  OH, but don’t cry for Goldman Sachs Argentina, NYSE officials said that they “anticipate that most of the impacted trades will be busted.”

It is nice to be able to make a bad trade, lose 100 million dollars and then have an oops, I was just kidding… didn’t mean to take the other side of the trade.

This morning the Dow, S&P and Nasdaq are all indicating around a -0.15% open.  The market is still in a wait and see mode ahead of the opening bell Wednesday as investors (we mean robots) wait for the release of minutes from the U.S. Federal Reserve’s latest monetary policy meeting.

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