Posted by Larry Doyle on March 9th, 2012 8:58 AM |
“The problem here is, when the public becomes aware of the nature of the game, they may choose not to play. This is the problem not only for Goldman but for Wall Street as a whole if people choose not to play.”
I made that statement in the midst of an interview two years ago with CNBC’s Mark Haines (may he rest in eternal peace) about Goldman Sachs. (For those interested you can access that interview here. My comments about Goldman specifically and this topic begin around the 3 minute mark.)
What have trading volumes done on the NYSE over the last two years? (more…)
Posted by Larry Doyle on August 19th, 2010 12:14 PM |
I spent yesterday afternoon in New York City meeting with a variety of people. Without violating any confidences, there were a number of common themes that came from all my conversations. The themes included:
1. The financial system remains very fragile.
2. The economy remains in very tough shape.
3. Trading volumes in both equity and fixed income markets remain depressed. Equity volumes from just this past May are down by over 30%. I have heard of summer doldrums, but these figures are a lot more than that.
4. Investors do not want to sell what they currently own because they do not know what they might purchase to replace it. Investors do not want to allocate more capital because they are concerned about market valuations in general. (more…)
Posted by Larry Doyle on November 6th, 2009 1:18 PM |
What does it all mean?
Observing the market’s muted reaction to the Unemployment Report this morning makes me think of a phrase not popular on Wall Street. That phrase, ‘neither a buyer nor seller be’ sends a mixed message bordering on indifference as to market activity.
Why are so many market participants not involved or less caring of the daily price action? I would put forth the following reasons:
1. Overriding concern with trying to get their own financial house in order.
2. A general level of disbelief in the integrity of certain market structures (for example, high frequency trading activities).
3. ‘Don’t fight the Fed’ meaning when the Federal Reserve is actively involved in the market, as they are now, it is never prudent to take the other side of the Fed’s trades.
4. Limited trust in the financial regulatory oversight of Wall Street.
5. Limited trust in the statistics being put forth from Washington. For example, questioning the integrity of the 640k figure of jobs saved or created by the Obama administration.
Add it all up and what is an individual to do?
Neither a buyer nor seller be….
What do you think?