I have been experiencing a feeling all too much lately. This feeling always starts with a sigh, and it accompanies the understanding that something that you know is good is being invaded, or encroached upon, by something that is not-so-good. Joe and I have professionally known of this feeling all too well since 2006. Now I personally know of this feeling as well, as the cast of MTV’s Jersey Shore invaded Check-Rite market in Normandy Beach yesterday, to pick up some Teriyaki Steak skewers. Mob Scene. Time to Sell.

On a serious note, I was out of the office on Friday, and did not get the chance to say goodbye to a couple of dear friends who are retiring, too early in my opinion, from the trading business.  Sandy Hinck and Floyd Coleman are two of the most decent, fair, and knowledgeable folks I have ever known on the street. Floyd and I discussed artificial intelligence in trading back in the early 1990’s, and now we smile as we watch machine-readable news feeds utilized by quants to prop trade. Floyd you are always ahead of the curve. And Sandy, you are a real friend, and all I can do is pay you the compliment of being perhaps the most fair and decent person in our business that I have ever interacted with. My doors are always open to you both, especially if you don’t mind manning a barricade with me, tomatoes in hand, standing ready to guard against whatever The Situation may be…

Volume on Friday was anemic at 3.8 billion NYSE composite shares; Thursday saw 4.8 million shares, and we thought that was anemic. The S&P closed 4 points lower, while declining issues outnumbered advancers by a small 1.2-1 margin. Earnings season is done for the most part, and so the next catalyst for the market appears to be the waiting for fund managers from vacation. Range-bound we trod until then is my feel, despite all the fear of impending crashes and the like in the news this past weekend.

Oh, and the cause of the Flash Crash according to the SEC?

http://online.barrons.com/article/SB50001424052970203880104575419671044248964.html

http://www.ritholtz.com/blog/2010/08/why-are-exchanges-no-longer-non-profits/

Where we left off 4:00pm EST:

INDU                                      10,303.15                                              -16.80

SPX                                        1,079.25                                                -4.36

CCMP                                    2,173.48                                                -16.79

Futures now at 7:30am EST:

DJA                                         -16

SPA                                        -2.60

NDA                                        -2.00

Key Data out today:

08:30:                                     Empire Manufacturing

09:00:                                     TIC flows

10:00:                                     NAHB Housing Market Index

Since the prior close, some key stories:

–          China overtakes Japan as world’s 2^nd largest economy.

–          Economic data in Japan is below expectations.

–          Investors flee equities for bonds in record size; contra indicator?

–          President Obama swims in the gulf; exclaims to all that the water is smooth and silky-like!

–          HULU is planning an IPO that may be as high as $2b.

–          Goldman warns of meaningful decline in stocks.

–          Afghanistan orders the disbanding of all private security firms within 4 months.

–          Apple manager takes kickbacks from Asian accessory suppliers; hence y’all have that $29 rubberband around your iPhone G4.

Earnings:

Pre-open:              AEZ, JKS, MHR, SEED, SYY, VAL

After Close:          AXAS, A, CPIX, EPE, IOC, PWRD, RICK, RINO, URBN, VITC

Significant Movers This Morning:

PAR +85% (Dell takeover offer)