Interesting Trading Day; Interesting HFT Day Too…

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Today is an interesting day in the markets.  As I write this the market is down about 1.5%. It is shrugging off very good ISM numbers. ISM prices paid was 65.0 versus a surveyed 57.8 as well. The tape is straight down. It reminds me of the old saying, that bull markets end on good news, and not bad news. A pullback should surprise no one, with 90% of S&P names trading above their 50 day moving average.

It is also an interesting HFT day. Today is the day where NSDQ and BATS stop “flashing”. It is also the day where the London Stock Exchange stops the practice of paying rebates to attract order flow. Finally, it is a day where there is heated talk of a 1/10th % transaction tax on trades, which would be not good for HFT. Stay tuned.