Wednesday, May 6, 2009

Zero Hedge: Proudly At The Forefront Of Ridiculous Internet Drivel

First we somehow managed to get on Goldman Sachs' nerves, now Morgan Stanley has gotten us in their crosshairs. In an internal e-mail distributed across virtually all of the investment bank, Zero Hedge is getting not only some serious free publicity, but some pretty amusing validation that in our "drivel" and "inanity" we may have very well hit some right notes... You know what they say about denial.

As for the second to last sentence, I would be more than happy to explain what I mean by that - you know where you can reach me. I will even do it for free - something tells me MS will need the ten dollars more than I pretty soon.
From: [Blanked Out] (IED)
Sent: Thursday, April 30, 2009 9:12 AM
To: atlsales; corecash; domesticpt; etfflowandinsight; fppa; glbcashtraders; laeqsales; salesonly; sderivs
Cc: ms-etf-am
Subject: ETF FLOW AND COLOR: Debunking Ridiculous Internet Drivel Edition

Getting a lot of questions this morning generated by the same blog that was previously pushing the SPY "short squeeze" inanity. The story says that Morgan Stanley printed a block of 30mil SPY at 6:40 last night. If you look at the tape, you'll see there is no such block.

They are mistakenly confusing advertisements on IOIA with actual prints on the tape. This is nothing more than the regular end of day volume dump of advertisements from around the firm (MSET, etc). The day before we advertized 23M shares of SPY at the same time of day. And you'll find similar advertisements across any stock the firm trades (7mil BAC, 1.3mil INTC, etc).

This is, however, a nice opportunity to illustrate to clients just how much volume does get traded through our pipes. One of the benefits of trading with Morgan Stanley, aside from the phenomenal service, is the opportunity to acheive better executions by having their orders potentially crossing with all of this flow.

Ten dollar reward to anyone who can possibly decipher what the author is even trying to suggest in his second to last sentence.
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