Tuesday, April 23, 2013

The Great AP White House Twitter Caper

Before anyone panics, the good news is that it was a hoax.
LONDON (AP) -- Hackers have compromised the main Twitter account of The Associated Press, sending out an erroneous tweet about an attack at the White House. 
The tweet, which said that there had been two explosions at the White House andPresident Barack Obama was injured, came after hackers made repeated attempts to steal the passwords of AP journalists. 
The AP said Tuesday that its Twitter account had been suspended following a hack and said it was working to correct the issue. 
The cyberattack is the latest in a string targeting international media organizations. 
The tweet put out by hackers briefly sent the Dow Jones Industrial Average sharply lower.

And this is where the fun began.
From A Twitter Hack To The Compete Evaporation Of All Market Liquidity In One Chart
Submitted by Tyler Durden
Presented with little comment aside to note that based on a tweet, the 'deeply liquid' US equity market collapsed instantaneously as all those liquidity-providing 'algos' jumped ship...
The lower pane shows the market depth disappearing courtesy of Nanex. [More spectacular colorful charts at the link.]

Société Générale FX strategist Sebastien Galy writes in an email to clients that this episode "will prove a good test of the positioning of the markets." 
"You now have the sensitivity of the markets to a large negative (fictitious) shock from which to deduce the positioning of the market," says Galy. 
The most notable moves seem to be the S&P 500, which instantly fell 1% on the news, the VIX, which jumped 9%, and the dollar-yen exchange rate, which dropped instantly dropped 0.7% (meaning the dollar weakened against the yen). 
The takeaway, according to Galy? 
"The market is very long equities and short yen."

► @AP: Glee is a good show
►John King reporting AP Twitter account was hacked by a dark-skinned man.
►New York Post reporting 12 Barack Obamas killed
►Terrible to hear about the White House bombing but this stinks of a false-false flag operation.
►Twitter hacking plus hi-speed trading could yield speculative profits ..
►SCARY: Not only was @ap hacked, but somebody in my house rated "Daddy Day Care" 5 stars on Netflix.

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