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Exhibit A: Selective Fat Finger Deus Ex

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Presented with little comment except to say, get some 'price change' context before you start throwing fat finger fantasies around... as 10Y Treasury Futures dropped 0.5% peak to trough while Silver lost at least 2% at a time in 3 legs down...

 

Of course their relative vols are different but perhaps for once, someone will simply recognize that the mirage of liquidity and markets that are believed to exist are never there when you really need them... large crowds and small doors...

Bloomberg comments that:

10-yr yield, now 1.980%, rose as much as 6.2bps to 2.005%; traders attribute to flows rather than ongoing Bernanke testimony.

 

Large seller of duration in the screens and market depth was not there at that particular moment for that size,” Mizuho trader Richard Bryant said.

 

Wunderlich trader Michael Franzese attributed to seller of TY

As far as Silver - algo-driven liquidation of some kind we suspect as BoE and Fed QE-hope and LTRO-dreams fade... thanks to energy price rises getting out of hand.

Chart: Bloomberg


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