Consolidated volume of NYSE stocks is on track to be the slowest since Jan 2nd. With the completion of the Russell rebalancing by days end, volume will likely get a late day lift but Friday in the summer is clearly here and also coincides with another drop in the VIX to the lowest since Sept 12, the Friday before the Lehman bankruptcy.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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June 26th, 2009 at 4:48 pm
Well Duh.
My recent experience is that little J6P on the street that CNBC thinks they are spoon feeding green shoots info along with the feds is suddenly extremely un-trusting of anyone.
And BS Obama is moving to the top of the list.
Besides, those that lost 40% ain’t sending good money after bad.
Look at the multiples and the dividends.
June 26th, 2009 at 5:56 pm
Friday. Summer. Enough said?
June 27th, 2009 at 1:12 am
Wish it was Friday. Summer. here…
June 27th, 2009 at 8:13 am
IMO the volume is a good proxy for investor skepticism. People on the street think the whole Wall Street mess is rigged/manipulated not unlike a casino. People on the street don’t have the discretionary money (anyway) nor the faith to send any more money to Wall Street.
Furthermore, I don’t think Wall Street will ever recover until it is cleaned-up. In many ways, Wall Street is to finance like the Republican Party is to politics. It is no surprise that both find themselves in the current situation. Today is a product of the last 27 years. The Dems certainly contributed as well. There is more than enough blame to go around.