Quick Question re: the Stock Market

Quick question for those following the stock market today...

Does any of this activity even remotely resemble rational buyers and sellers pursuing their own interests in a logical fashion?  Or am I simply looking at computers trading against other computers ad infinitum?

Nice way to start the week:

  • Ford surprise profit vs CIT not-surprise bankruptcy
  • Explosive volume in the triple long/ triple short bank ETFs (FAS 50 mil shares +, FAZ 140 mil shares +)
  • Spreads on the SPY in excess of 6 or 7 cents throughout much of the day
  • Advance/ Decline all over the map
  • Reversal and then reversal of reversal driven by a handful of mega cap stocks, totally program-driven in my opinion

We're up 50 on the Dow as of this post, but anyone going home thinking this was a productive/ constructive/ rational day for the stock market is dreaming. 

Wish I was a bartender in the Caribbean today.


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  • Joshua Brown

    The Reformed Broker is a blog about Wall Street, the economy, politics and anything else. Joshua Brown has been managing money for high net worth clients, charitable foundations, corporations and retirement plans. (More »)

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