NYSE EURONEXT CANCELS $500M OF TRADES WHEN SPY CRASHES. WHAT A JOKE! WHY TRADE WHEN EVERY TIME THE MARKET GOES DOWN THEY BUST IT BUT IT CAN GO UP FOREVER FUNDED BY THE FED.

Why bother with crashing individual stocks when you can crash the most traded entity of all. Today at precisely 4:15 the SPY flash crashed, sending the price of the most popular security in the world down to $106.46 from its opening price of $117.74.

Luckily for all the people who wrote in to us, and thousands more, who may have had MOC orders that got filled at 10% lower, the exchange has cancelled millions worth of trades. Per Bloomberg: "NYSE Euronext cancelled all trades in the $74.8 billion SPDR S&P 500 ETF Trust that occurred at almost 10 percent below the security’s opening price, according to an email sent by the exchange." And as presented below (which is a mere sample of all the DKed trades) there were about $500 million worth of notional that just got cancelled. The market is a farce, wrapped in a joke, inside a tragicomedy.