Sometimes the market in the day and fray is like certain beautiful Russian women that my friends tell me often populate the high voltage bars frequented by people like Welch and Koslovsky when they weren't captured by trophy wives or prison. Not down enough to give you a buy signal, but not up enough to give a nice profit.

Anatoly Veltman writes: 

One should never forget about the HFT profits against the "every single order that's placed by a non-HFT". It doesn't seem like much per lot, but it is an assured death by a million cuts. Not that every random HFT can afford the collocation, the wares and wires, the special relationship with the exchanges, the research and the execution, the HR, the PR, the legal costs et al. But that's where your speculative dollars are going, like a black hole - and nothing is actually produced in this glorified battle of penny-stealing…

I do get the feeling that more and more liquidity is required to keep this machinery going, and that the monetary authorities will keep providing it - the ultimate hazard of debasing notwithstanding. But because the system is irreparably compromised, and everyone knows that deep down, the teams of profit takers are standing by - just waiting out for the fiscal year roll a sliver further, into 2014, to postpone their gain tax liability…


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