The Market
- On quadruple witching Fridays I like to watch the Spyders (SPY) trade ( I really do not have a life). This the most active index fund and at 3:55 the volume indicator spins like a slot machine. In the last five minutes it must have traded 50 million shares.
- The market sold off hard, especially the last twenty minutes. But many will view this a “throw away day” as the quants pretty much dictated the direction.
- But they didn’t have much to do with bank stocks which, except for Citi, were crushed. Let us hope that the bank’s declines today is not a reflection of their inability to make anything out of all the bailout money received. That would really be upsetting.
- The S&P close of 768 violated a lot of charts. Should we get an equal decline on Monday we may be raising the spectre of December/January. Not sure I could take that.
I’ll probably do a weekend post of news items and random thoughts so check-in. Do, please, have a wonderful weekend and prove to yourself there is more to life than freaking stocks.
