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Insanity Prevails In The Stock Market

Posted with permission and written by Dave Kranzler (CLICK HERE FOR ORIGINAL)

Three years ago there was outrage among traders when HFT marketmaker Virtu reported that it had managed to log just one day of trading losses in over 4 years of trading. Many speculated that this was proof that HFTs had managed to effectively rig the market in a way that prevents any trading losses. It now appears that Virtu is not the only one with a near-perfect trading record.

After President Trump's plans for renegotiating NAFTA and building a border wall have monkeyhammered the Mexican Peso to record weakness, it appears Banxico has found a friend to help defend its currency - The Fed.

Bloomberg reports that, according to three people with knowledge of the discussions, Banxico is considering requesting swap line with Fed to ensure liquidity in peso trading should volatility jump.

And The peso is surging...

First, it was the leak of the massive Heinz-Unilever deal that may have scuttled the Warren Buffett-inspired transaction, now it appears that another recent megamerger was leaked 4 days ahead of the announcement. On Wednesday morning, the SEC froze brokerage accounts of several unnamed traders who made more than $3.6 million in profits by trading in the four days before the $3.3 billion takeover of Fortress Investment Group was announced by Japan’s SoftBank.

On the day for market that can only be described as a blow off top, two things that one would normally anticipate with the Dow above 21,000 and S&P at all time highs, are taking place: first, the departure of the Co-CEO of the world's largest hedge fund, Ray Dalio, as reported moments ago. Now, in a less high profile if just as unexpected departure, Goldman's chief FX strategist, Robin Brooks, the replacement to the infamous Thomas Stolper, has also announced he is leaving the company.

This is the email he just sent to clients: