For the day the SPX/DOW were -0.20%, and the NDX/NAZ were mixed. Bonds lost 3 ticks, Crude dropped $3.15, Gold slipped $8, and the USD was higher. Tomorrow: the ADP index at 8am; ISM manufacturing, Construction spending and Auto sales at 10am. The market opened a few points higher today. Dropped to SPX 1970, then rallied to 1985 before heading lower again. After a week of choppy downward activity we have now had two days of sideways choppy activity.
The stock market has been acting oddly of late. The strange feeling is that it has been very volatile ever since the S&P 500 hit a record high on September 19 — the day of the Alibaba Group IPO. Since then, it really hasn’t responded all that favorably to good news. Market breadth has narrowed, former leadership stocks have come under increased selling pressure, the 50-day moving average for the S&P 500 has been violated on the downside, and there has been a stronger inclination to sell into strength rather than buy into weakness.
Biotechs took some profits today, but TKMR is up 20% in after market trading after the first U.S. case of ebola was reported today in Dallas Texas.
The balance of AGIO stopped today for an 11 point profit.
The next time you complain about a bad stock execution or stress the perils of high frequency trading, take a look at how things used to work. I think we all have it pretty good. Sad to say, but I do remember the Quotron.
Check out these cool pictures of the “olden” days on Wall Street.
See you in the morning.