I'm going to make a prediction that no matter what happens this week- bullish or bearish- the headlines one week from now will say, "Low Volume on NYSE With Traders Away on Vacation."
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I'm going to make a prediction that no matter what happens this week- bullish or bearish- the headlines one week from now will say, "Low Volume on NYSE With Traders Away on Vacation."
Looking back, volume was huge during the days leading up Thanksgiving week last year (except for Wed and Friday) nearly double what we are seeing right now, with volume hitting 5 to 7 billion on the S&P.
We're only seeing 3 to 4 billion lately. So, volume will be light on Wednesday and Friday for sure, but where are the traders this year?
Out of work.
http://www.bloomberg.com/apps/news?p...d=aMIX3xXmjVHEQuote:
Imploding markets have changed that. Almost 1,500 hedge funds went out of business last year, according to Hedge Fund Research Inc., a Chicago-based research outfit.
I'm a little surprised we didn't get a bounce today (although the day's not over). I figured Friday's sell-off was a bit of an exaggeration because of the low volume trading, but no rebound today is a bit concerning.
Of course it is the last day of the month, and the days after Thanksgiving week can be weaker than normal, but still, the bulls were given a little buying opportunity and they don't seem to be intereted yet.
Like Bullitt stated...
Out of work...
The TARP bailouts really did not help those who caused the problems. Those folks - and, regretfully, many others - were blown out of the financial field. Hopefully, some of the good ones are busy building new financial business ventures. We may see some creative destruction out of this mess.
TARP kept our basic financial structure afloat. It did nothing to support the failures. Where are the leadership of Bear Sterns, Merril Lynch, AIG, BofA, etc.. Actually, Kalefornea is looking for them. We need someone to market our crappy bonds...
Transports look to be trying to close near the highs of the day. Small caps strong too. It's all good. That resistance on the S&P is giving it some trouble today, however.
Suspicious late sell-off. Did someone get the word on the jobs report due out tomorrow? Hmmm.
It seems to happen almost every Thursday afternoon before a Friday jobs report - up or down.