Satan is now firmly in control of the markets.
No, we’re not talking about Ben Bernanke, aka Edward Quince. His time has passed. We’re talking about a high-frequency trader who also happens to be hell’s CEO.
As evidence, consider Thursday’s market plunge. The Dow Jones Industrial Average (DJIA) fell 334.97 points, its largest loss of the year. The drop took place, as Zerohedge noted, after “ ‘someone’ canceled-and-replaced orders for 666 contracts 26 times in the 1130ET to 1200ET period,” after which “selling accelerated lower, no reversal, to close at the lows on heavy volume.”
The number 666 is, of course, the winning number in hell’s lottery. To trade 666 contracts 26 times, you need a lot of capital in your account. Most traders would avoid using the devil’s number, but someone – or, more likely, some firm – was trying to make a statement.
What could it mean? That Satan is in charge, of course.