Monday, July 30, 2007

Virtual Office, -$559. Dow, +92.84, 13358.31.

Denarii, $494 on 20 contracts traded.
Me, $154 on 34,200 shares traded.
OBAT, $120 on 4800 shares traded.
Bubs, -$179 on 2000 shares traded.
Evolution, -$1148 on 44,200 shares traded.

Well, it was pretty much a chopfest out there today. The futures held on to some support around the 1460 area and the market rallied. However, most of the juice of the rally came during the low-volume hours of the day, from 12-2pm.

While Maria Bartiromo was squealing all day about a "major bounceback" and Bob "the village idiot" Pisani kept salivating about the "heavy volume" I think they have it all wrong.

Art Cashin, perhaps the only CNBC regular who has a real head for the stock market (as ironic as that sounds) in a segment with Pisani and Ratigan said, "I would have liked to see more volume today. Volume that would have equalled that of the sell-off on Friday." Pisani immediately chirped up, "Yeah, but that was record volume on Friday..." without noticing that on Friday he was talking about how the financials were holding up... I mean, you can't have it both ways.

The fact of the matter is that the market sold off hard on record volume on Friday and bounced weakly today. I highly doubt the market is out of the woods. But we'll see. Perhaps Bob Pisani is correct...

1 comment:

Jeff said...

I won I won I finally won. I know MT does not give you his futures numbers but he kicked ass in them again for about the 5th day in a row and would have easily beat me.