A handful of banks (5 that I’ve seen so far, PLMK if you find others) have been doing weird overnight glitches trading down significantly similar to the GME glitches (ICYMI: GME has dropped ~86% from ~$22 down to ~$3 a few times now. [Me on X]):
- Morgan Stanley (MS) will drop ~90% from ~$180 down to ~$18. [Me on X]
- US Bancorp (USB) will drop~70% from ~$53 down to ~$16.
- Bank of America (BAC) will drop ~67% from ~$55 down to ~$18. [Me on X, 9x, again]
- Wells Fargo (WFC) will drop ~81% from ~$95 down to ~$18.
- JP Morgan (JPM) will drop ~93% from ~$320 down to ~$20. [Me on X, 9x, SuperStonk]
Here’s a collage of charts where you can see the bank “glitch dip” candles [1]:
What’s particularly interesting about these dips (levels marked on charts below) are that they all bring these bank stock prices down to 2008-2009 Great Financial Crisis levels. 🤔 Curious coincidence, right?
The 180d collage view above also shows us these dips also started recently. So I marked the glitch dip dates into a calendar (Flamingo/Pink):
First glitch I found was on Nov 3, 2025 by Morgan Stanley. Roaring Kitty’s showed us his broker was E*Trade by Morgan Stanley; and E*Trade wasn’t very happy about it [Reuters, Reuters, WSJ]. 🤔
As Shit’s Hitting Fan (covers C35 settlement and T15C14 margin call deadlines), let’s look back to see what may have caused Morgan Stanley stock to glitch dip on Nov 3:
- Sept 29 (C35 before, exactly) there were reports of a Hedge Fund Down [Me on X predicted C35 🌶️; 🎯] and the Bank of Canada Overnight Repos loaned C$12B (~$8.7B) [Me on X]; which was the trading day after
- Sept 26 (end of a T15C14 FINRA Margin Call) when the Bank of Canada ON-Repo loaned C$9.94B (~$7.2B) on a nice green GME day.
There’s another settlement deadline (which I don’t often write about) that’s applicable here: T13 from Rule 203 “Borrowing and delivery requirements” [LII]. Under Rule 203(b “Short Sales”)(3) [LII]:
(3) If a participant of a registered clearing agency has a fail to deliver position at a registered clearing agency in a threshold security for thirteen consecutive settlement days, the participant shall immediately thereafter close out the fail to deliver position by purchasing securities of like kind and quantity:
[w/”fine print” (e.g., exceptions and exemptions)]
Basically, Rule 203(b)(3) says if someone has a FTD at a clearing agency for 13 consecutive settlement days (trading days, generally), they have to close out the FTD (unless one of the exemptions and/or exceptions apply). If we count backwards by T13 from Nov 3, we land on Oct 14 as T0 when GME dropped to $3 in the middle of the night [SuperStonk, X (w/background), Me on X]. Interesting… but Rule 203(b)(3) requires a “fail to deliver position at a registered clearing agency”. As the day before Oct 14 (i.e., Oct 13) was not actually a settlement day despite being a trading day [DTCC PDF], we look back one more settlement/trading day (i.e., Oct 10) and see: 916k GME FTDs plus 1M GMEWS (GME Warrant) FTDs reported by the SEC as recorded in the National Securities Clearing Corporation’s Continuous Net Settlement system. 🔔🔔🔔 Bingo!
Morgan Stanley glitch dipped on Nov 3, 2025 when three (3) Regulatory Deadlines (C35 Settlement + T15C14 Margin Call + T13 FTD) hit together.
Glitches Galore!
Going back to my glitch calendar, we see that Morgan Stanley’s Nov 3 glitch dip was only the beginning… with more glitch dips from USB, BAC, MS, JPM, and WFC happening every single week since; most often on Sundays, Mondays, and Tuesdays. Why? Well, options expire Friday, are then assigned over the weekend, and due for settlement on Monday; which could then fail on Tuesday (❤️ Tuesdays).
So then I added CAT Error spikes to my calendar (Graphite/Grey) [2], which fills in nicely…
Glitches with CAT Errors (Dec data N/A yet)
CAT Errors spiked Nov 4 on day after the first MS glitch dip with most of those CAT Options Errors. The nearest option expiration would’ve been the Nov 7 weeklies; and that expiration weekend we saw GME LAST=$0.05 glitch dip (yes, a nickel for LAST,option%20for%20a%20trading%20session.)) [SuperStonk, Me on X because I couldn’t believe it until I saw it with my own eyes]. 😵💫
Then I wondered if anything interesting happened around this time… so I added some “Notable Events” to my calendar (Mango/Light Orange):
Glitches + CAT Errors + Notable Events (December)
News of executives leaving Citadel (aka “rats jumping ship”) [Business Insider, X] on the day after the first MS glitch dip; followed the next day by the Korean market halted down [X, X] with the Nikkei falling [X, X]. 🤯
Obviously had to continue digging at this point… and I’m glad I did because it revealed a very interesting sequence of events around these glitch dips:
- Nov 10: New (literally, just 2 months in) Citadel executive leaves [SuperStonk]
- Nov 18: CloudFlare Outage on C35 after GME Warrant related FTDs [SuperStonk]
- Nov 19: Bloomberg reported banks were so broke they couldn’t even borrow from the Federal Reserve “Lender of Last Resort” anymore [SuperStonk]
- Nov 21: No bids for the Federal Reserve Overnight Repo [X] so then Japan steps in with ¥21T ($135B) stimulus package [YF]
- Nov 24: OCC Hedge Loan for GME spiked [X]
- Nov 26: AWS Outage [X, X] and the White House goes on lockdown [Reuters]
- Nov 28: GME glitches to $3 (again) and the CME halted futures trading [CME] allegedly due to 🐂💩 cooling issue while silver ran [Dario, Dario]
- Dec 2: $100B customer account glitch at JPM [Me on X, Me on X] right after I connected prior $50B JPM customer account glitches to swaps settlement [SuperStonk] with the Bank of England warning of risks from hedge fund basis trades [X, YouTube, Bloomberg].
- Dec 3: The CFTC (who CME Group CEO Terry Duffy said he bribed) unlocked $22B of collateral for liquidity [X, CFTC] and the SEC delayed short reporting compliance [SEC on X, SEC PDF]
- Dec 5: CloudFlare Outage [CloudFlare]
- Dec 8: CFTC allows crypto as collateral for derivatives [CFTC] while the SEC Office of Investor Education and Assistance Director leaves [SEC]. (Perhaps for failing to “educate” apes?)
- Dec 10: Federal Reserve removes the aggregate “Lender of Last Resort” Repo borrowing limit [Fed, SuperStonk]; basically unlimited Fed borrowing to keep bankrupt banks afloat.
- Dec 11: Federal Reserve “schedules” their Reserve Management Purchases (RMP) [Fed] which basically inject cash into banks when they know the banks will need it [Me on X]. The SEC allows the DTCC to tokenize securities [DTCC on X, X, Me on X] which will basically allow better tracking of IOUs and debts; but does not fix the underlying problem that the short sellers are broke. Meanwhile, the CFTC withdrew guidance regarding actual delivery of virtual currencies. [X, Me on X] (WCGW?)
- Dec 12: OCC Hedge Loan Spiked [X]
- Dec 19 (C35 after the Nov 14 CAT Errors spike) to 21: Epstein files are “Released” and the USA goes after ISIS in Syria [UW] along with some Venezuelan oil tankers [UW]. (News coverage to drown out anything else happening in the world? Notably, glitches 5 out of 7 days for the next week… basically every day. From here on out, things kinda get crazy in the news [Me on X]… )
- Dec 24: OCC Market Loan spiked [Ultimator] and AWS had issues [X, Me on X] after another GME C35 settlement deadline ends [Me on X] while 🐝TC glitches [X]
- Dec 26: Daycare scandal [Wikipedia]
- Dec 29: Rumors of a bank failure [SuperStonk] right on time alongside signs Shit’s Hitting Fan (SuperStonk DD)
- Jan 1: China restricts silver exports [X]
- Jan 2: UBS CTO leaves to be CEO of N26 [News, News] while the US strikes Venezuela [X, UW, White House]. (See also this Jack Ryan clip.)
Finally, BAC and MS glitch dip again on Jan 4 [Me on X] (not shown above because I took those screenshots early in the DD drafting process).
Clearly the past 2 months have been crazy volatile; with more likely to come. ("The more you deny me, the stronger I get.")
OBSERVATIONS & SPECULATIONS
From everything above, we can make a few observations and speculations from this calendar of events for the past 2 months:
- Rats have been jumping ship from Citadel.
- Outages (CloudFlare and AWS) are oddly well timed with the glitches for anyone affected to claim “their internet isn’t working” which appears to be the Wall St mashup of “the dog ate my homework” and “the check is in the mail”. (For example, 388M Options Errors on Nov 14 would fail on Nov 18 when there's a CloudFlare outage and the Dec 5 CloudFlare outage is one T+3 ETF Can Kick after JPM Chase glitches $100B.)
- Banks are in trouble. These dips started with 3 regulatory deadlines hitting together (C35 settlement, T15C14 margin call, and T13 FTD) on Nov 3 with glitches every week since. We can also see banking stress in the emergency liquidity repo borrowing from the Fed [see, e.g., SuperStonk, SuperStonk] and ECB correlated to GME settlement deadlines [SuperStonk] and the new Fed RMP. Plus JPM keeps glitching customer accounts for billions.
- As the prevailing theory for these glitch dips is they allow bullet swaps to roll while both parties “pretend” the underlying stocks are still trading at 2008-2009 Great Financial Crisis levels, this screams collusion and market manipulation; and also corroborates something apes have been saying: 2008 never ended and is coming back around. [SuperStonk: The Bigger Short. How 2008 is repeating, at a much greater magnitude… (repost)]
- News is currently very busy with very big current events (e.g., Epstein, daycare scandals, Venezuela, Middle East, etc…); potentially an ideal time for something big to happen under the radar while everyone is distracted.
(Very Speculative) One last thing which I’ve been pondering… Printing money (USD) creates inflation [DuckTales on inflation (YouTube)] because the supply of US Dollars increases; so how could the Fed print a lot of money without inflation? The only option to managing inflation with money printing is to balance out the increased supply of USD against an increased demand for USD. The global mess in the news right now may be an attempt to increase demand for USD (e.g., getting Venezuela to swap their Bolivar for US Dollars). If USD demand goes up, the Fed can print a lot of new USD without as much inflation. Would the new USD be used to pay apes out or can kick MOASS? 🤷♂️
[1] You can see the glitches by opening ThinkOrSwim and turning on the extended hours view. I’ve used 180d:1h and 180d:4h resolutions which generally work well for seeing the big dips. Some dips don't always show up as a tall candle so vary the timescale and resolution.
[2] Back when FINRA tried to hide the CAT Error Data [SuperStonk], I noticed a spike in CAT Options Errors which could be correlated to regulatory deadlines showing a Wall St version of “the check is in the mail” using options settlement (e.g., next upcoming option expiration) and faux options trades to hide naked short positions and FTDs. As each option contract is for 100 shares, options make the errors look 100x smaller and less noticeable. Except now even the CAT Options Errors are in the hundreds of millions which mean there are double-digit billions of shares affected [see, e.g., SuperStonk, SuperStonk]. Double digit billions of naked short positions and FTDs. And keep in mind that while the CAT Errors are a market wide metric, the NSCC said there’s “a single security exhibiting idiosyncratic risk” [SuperStonk].
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