Quick question for those following the stock market today…
Does any of this activity even remotely resemble rational buyers and sellers pursuing their own interests in a logical fashion? Or am I simply looking at computers trading against other computers ad infinitum?
Nice way to start the week:
- Ford surprise profit vs CIT not-surprise bankruptcy
- Explosive volume in the triple long/ triple short bank ETFs (FAS 50 mil shares +, FAZ 140 mil shares +)
- Spreads on the SPY in excess of 6 or 7 cents throughout much of the day
- Advance/ Decline all over the map
- Reversal and then reversal of reversal driven by a handful of mega cap stocks, totally program-driven in my opinion
We’re up 50 on the Dow as of this post, but anyone going home thinking this was a productive/ constructive/ rational day for the stock market is dreaming.
Wish I was a bartender in the Caribbean today.