Monday, June 01, 2009

More Games In The Market

Now I haven't actually looked into any detail yet but today at lunch we were talking about the action in the S&P 500 ETF or the Spyders. Between the last 15 minutes of trading on Friday and the first 45 minutes of trading today, we came pretty close to setting a record for the number of shares traded. About 100 million in an hour. It looks today's action was probably driven by an enormous number of futures contracts being bought. But by whom?

Now, I'm not exactly sure why anyone would be buying with what is likely near record-setting voracity at the open today. Other than today is the day GM was filing bankruptcy and maybe the powers that be wanted the American people the believe the markets had confidence in the decision. Something stinks in Oceania.
posted by TimingLogic at 2:19 PM