Rick Bensignor of Execution LLC provides a good glimpse of today's market action. As he says "The market is up 2.75% percent and sell-side trading desks are completely dead. You've got computers doing all this buying." And people wonder why Zero Hedge is so infatuated with Program Trading (usually SLP, but in this case the market neutrals, who had a knock out day today). Rick also gives some good market color on the consumer confidence spin, and how one lagging indicator today manages to push the market up over 2%, while another is promptly forgotten, when in fact both are totally irrelevant. Just a continuing case of the market focusing on positive noise and not on anything relevant.
Fast Forward to 2:15 minutes for Rick's spiel. (for an external link, click here)
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