It's NFP Day, Do You Know Where Your Vapor Melt Up Volume Is?
Non-Farm Payroll day has traditionally been one of the top three most volatile and highest volume days each month. No more. If the primary scourge for the banking community has been the total collapse in market participation, leading to a drop in flow and commission revenues, then Q1 earnings will be a bloodbath. Today alone ES volume is 25% below average, and this is on the week's traditionally most active day. So once again we wonder out loud: is anyone left trading stocks at all, or has everyone now shifted to the far less manipulated FX, bond and commodity markets? And, following up with our second question: when will CDS trading for retail finally be approved? Obviously nobody wants to trade equities any more, and Goldman will be more than delighted to skim pennies off the top as OTC goes global.
And NYSE volume. This is beyond ridiculous.
- advertisements -