There is a running discussion on whether or not it matters that 70% of the volume we are seeing every day is from automated, proprietary trading and algo’s. Anecdotally, buyside customers are very quiet. Anecdotally, retail is quiet. The folks I talk to are not at cocktail parties on weekends talking about their latest stock [...]
Here is what is keeping me up at night. Ok. Maybe up during the day:
So many of our traditional, historical perspectives of the market, and charts, and % moves, and predictive tools, use volume somewhere in the analytical equation. I guess the simplest example is that we are used to seeing the market advance on [...]
From the NYSE site : http://www.nyse.com/press/1242296036688.html
Click on the blue Top 15 Most Active
A Pdf formatted link will come up.
Notable: Goldman traded 1 billion shares of program trading this week. 928 million shares was prop. 130 million was customer business.
This is huge market moving program trading. Interesting. The game has changed. [...]
GSCO upgrading BAC is kind of like Ted Kennedy endorsing John Kerry. Or Rush plugging Hannity. Or George Soros endorsing Al Franken. Or Donald Trump describing the beauty of Mar-a-Lago.
No. Just let me know when Meredith upgrades Bank of America instead, thank you very much…
There is a great editorial commentary in Barron’s this week. It is entitled, “Time for Empathetic Capitalism”. Key points of the article are as follows:
- The core principle of capitalism is not the greedy pursuit of self-interest, as Adam Smith’s Wealth Of Nations implies, but rather it is the single-minded effort to create value for [...]
Where Has All the Volume Gone?
By Sal L. Arnuk and Joseph Saluzzi
A Themis Trading LLC Mini White Paper
With the S&P 500 up 34% from its low on March 9, 2009, the market has certainly turned. The big question: Is this a bear market rally, destined to plummet again, or a new bull market that will [...]
So, I think everyone knows or feels that the stress test will be a managed success. The results will demonstrate financial stability. I think there might be even an appropriately managed outcome in the negative for some of the analyzed banks (after all they cant let everyone get an A on the test and be [...]
As we all know, equity trading has forever changed. Bulge bracket firms are breaking up and dismantling their trading desks. Many of the “sales traders” at these firms are moving on to smaller, boutique brokerage firms where they hope to establish a book of business with their clients that they covered at their previous firms. [...]
Lessons from “Wall Street”
Quote: Gordon Gekko: The richest one percent of this country owns half our country’s wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It’s bullshit. You got ninety percent [...]