We saw a nice increase in both breadth and volume yesterday. NYSE volume was 1.6B, and the only hair on the day was Nasdaq volume. Oracle — a stock I mentioned liking on a few shows this summer — was nearly 20% of the Nasdaq total volume.
Given the good numbers from ORCL, I guess we shouldn’t be surprised at them trading at 5 to 10X normal volume; But without ORCL, the Nasdaq would have traded less than a billion shares Wednesday — thats hardly all that impressive.
ORACLE 6 month chart
click for larger chart
No matter, the march towards the May highs continues . . .
Yesterday’s NYT had an article about wealth that fell into several of the usual traps of this discussion. To his credit, David Leonhardt looked at a few aspects of the question. He did not manage to avoid two of the major traps when it comes to this discussion — the two sided nature of any…Read More