Citi’s Fat-Finger Flash Crash

Sponsored By May 3, 2022 Good morning traders, Welcome back to The Daily Setup. Markets were up yesterday. Here’s what’s on the docket today: - Citigroup causes a flash crash in Europe - Not even Spirit Airlines would fly JetBlue Let’s make today a good one. Nick How'd the markets look? Market Outlook Blue Apron Holdings Biggest Mover [Activision Blizzard, Inc. ]( Wednesday’s action saw NFLX break [December 2018’s low of $231.23](, and between October and November 2017, the stock traded in a range from [$190-$205](. I’m keeping NFLX on my watchlist as we may see some volatile trading between $190-$231 over the next few weeks. Oh, and Bill Ackman, who bought 3.1M shares of NFLX in January, is now down roughly $300M on the trade. Couldn’t have happened to a nicer guy. Citigroup Sets Europe Ablaze Street Stories [Cycling Downhill] Nobody is ever perfect but some screw up more than others. For example: on Monday a trader at Citigroup’s London desk made a “fat-finger” trade which [tanked markets across Europe]( in a matter of minutes. The situation corrected itself but it’s not a good look for Citi, especially as Nasdaq Inc says they don't see a reason to reverse any trades done during the period. Someone better start the job search cause they're about to be canned. - The erroneous calculation allegedly was related to a Nasdaq Inc index relating to Swedish companies. This caused the OMX Stockholm 30 index to [sink -9%]( almost instantaneously. - [Sweden wasn’t alone](; The Dutch AEX index dropped -3% while those in France and Belgium sank -3% and -5% respectively. The UK was spared the chaos as trading had closed for a bank holiday. This isn't Citi’s first screwup of this nature. Anyone remember their accidental [$900M]( payment to Revlon back in 2020? This and [other incidents]( are making them look more like Sh*ttygroup [(bad dum tss)](. Meeting with the Bobs [other news] Welcome to [Meeting with the Bobs](. Click one of the links below to vote. Email back a write-in vote if these options suck, just like I did for Ron Paul in 2012. What’s your go-to quick meal? - [Any meal kit besides Blue Apron]( - [I eat pizza over the sink like a rat, a la Andy Bernard]( - [Everything goes in the air fryer]( Sponsored By: The most damn comfortable jeans on earth. Because they STRETTTTTCCCCCHHHHH. Like more than any other jeans you’ve ever worn. That’s why they have more than 10K [⭐][⭐][⭐][⭐][⭐] reviews by dudes of every shape and size. They’re practically the anti-jeans—so flexible you could do yoga in them. [Introduce your legs to their new best friends here.]( They’re practically the anti-jeans—so flexible you could do yoga in them. [Introduce your legs to their new best friends here.]( Let's face it, everyone needs to wear pants, why not enjoy the pants you have to ware! Save 10% on us! Use our Coupon Code SETUP10 Today! [GET YOURS TODAY!]( *See Disclaimer Below Crypto.com Snubs its Supporters Token Talk [Token Talk] How do you successfully shoot your token in the foot? Follow Crypto.com’s lead and eliminate the incentives you've put in place to attract investors of course! The crypto exchange company’s native coin, Cronos (CRO) was sent down 17% after they [announced]( the severe reduction of staking rewards for its visa cardholders, leaving only non-staking rewards to remain. Buying the naming rights to the [former Staples center]( for $700M better have been worth it. Card rewards got cut across the board: the lowest staking tiers now get 0% while the highest receive 2%. Previously they had been [between 1% and 8%]( depending on the holder’s stake. If I was a recent Crypto.com visa-holder I’d sincerely feel sorry for myself and hope I could squeeze as much value out of their 180 day staking period as I can. If I had no relation, I would breathe a sigh of relief and would consider staying away if this is how they treat their loyal customers. We’d Rather Take Less Money Deals and Rumors [Deals and Rumors] Shares of Spirit Airlines (ticker: [SAVE]() finished Monday’s trading session lower on news that they have rejected JetBlue’s (ticker: [JBLU]() bid to merge the two low-cost carriers. Spirit decided to stick with Frontier’s (ticker: [ULCC]() less lucrative bid of roughly $24/share vs. JetBlue’s $33/share offer, despite JetBlue being more desperate than a freshman virgin at his first college party (me, 2010). [JetBlue went as far as to offer a](, “$200 million break-up fee if the deal is not completed for antitrust reasons”. But a spokesperson from Spirit said the company’s board rejected the break-up fee offer, too. Spirit’s rationale for taking Frontier’s deal lies in the regulatory approval process, as the cheap airline (which one?) didn’t feel that JetBlue’s deal would be approved based on their [relationship with American Airlines](, which they feel will make “it difficult for JetBlue to argue it will be a robust competitor.” JetBlue hinted at taking their offer directly to shareholders, but regardless of the turnout I’m just going to stick with flying United. SAVE and ULCC finished Monday in the red, closing down 9.36% and 3.77% respectively. In other words, no one benefits when one sh*t airline rejects a lucrative offer from another sh*t airline in order to take less money from a third sh*t airline. Link Roundup Other News + Bonds Looking Sexier By the Day - Yield on 10-Yr U.S. Treasuries Hits 3% ([link]() + Millennials Taking One Gut Punch After Another - Home Affordability Approaching Worst on Record ([link]() + Things Are Bad When Japan Won’t Even Buy Your Bonds - Biggest Treasury Buyer Outside U.S. Selling Billions ([link]() + Tech Giant Doing Something Anti-Competitive…Shocking - EU Rules Apple Pay Anti-Competitive ([link]() + Closeted Married Men Have Never Been So Scared - Grindr User Data Was Sold Through Ad Networks ([link]() Meme of the day I have once again incorrectly timed the market, [via @wallstmemes]( [other news] 62 Calef Hwy #233 Lee, New Hampshire 03861 United States Questions or concerns about our products? Email our team here support@thedailysetup.com © Copyright 2022, [RagingBull]( - [Refund Policy]( - [Privacy Policy]( - [Terms & Conditions]( SPONSORED AD PLACEMENT: This email contains an advertisement by a party that is unaffiliated with Raging Bull. 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