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Meltup "Abysmal Volume" Summer Approaches, Even As Americans Now Openly Shun Stocks

Tyler Durden's picture




 

As algos now focus exclusively on gaming the EURJPY and other funding currency pairs, the stock market is completely dead and trades purely as a correlation and hedging pair. With under two hours into the trading day, we are already at 40% below average volume: don't be surprised to see a 5%, 15% or 50% market up move if we drop to below 50% of cumulative.

In other news, the LA Times reports that Americans, for the most part, have now officially said goodbye to stocks. With a broken market such as what is evident every single day, who can blame them. Bernanke has officially failed to lead the lemmings into a risky asset reflation, as primary dealers, HFT algos and mutual funds will need to take profits occasionally, and every time this happens we will see another, ever flashier crash.

The amount Americans have in basic savings accounts at banks and thrifts rose to a record $5.06 trillion at the end of May, a jump of $209 billion since the start of the year.

But even as bond portfolios now hold a record $2.4 trillion, individuals and institutions still sit with $2.8 trillion in money market mutual funds that pay next to nothing. The average annualized fund yield is a barely detectable 0.04%.

The world's richest people, too, are hoarding cash. You might imagine that they got wealthy by taking risks, not by playing it safe with their money. But they're playing it safe now: The annual Boston Consulting Group report on the world's millionaires, issued this week, estimated that those households (there are 11.2 million of them) overall hold 48% of their financial assets in cash accounts, up from 44% in 2007.

We all know where to affix the blame for this state of affairs. In the wake of the world's worst financial crisis since the Great Depression, and the devastation it wrought on stocks and real estate values, fear has triumphed over greed. For many investors, capital preservation now trumps all else.

Some large portion of the population that was comfortable in 2007 having, say 60% of their money in stocks, 30% in bonds and 10% in cash now has significantly lowered the amount allocated to stocks. Watching the market drop 50% in six months left a lot of people, particularly older folks, with a new attitude toward risk — as in, "I want to take a lot less of it."

Even as share prices rebounded over the last year, many individual investors refused to buy in, preferring instead to shift more money to bonds and to bank savings. And just as some investors began to show renewed interest in stock mutual funds this spring, they were blindsided by the May sell-off and its accompanying wild volatility, including the absurd "flash crash" of May 6.

Over the last six weeks anyone looking for excuses to be more cautious with their money has seen the list grow ever longer: Europe's government-debt mess, the Gulf of Mexico oil spill, the threat of war between North and South Korea, and the much-weaker-than-expected gain in U.S. private-sector jobs last month, which raised fresh doubts about the economic recovery.

To have a shot at earning any kind of decent return on your money you'll have to move into stocks, bonds, real estate or something else more complicated and, obviously, riskier. Think of it in that light and the cash hoard seems incredibly bullish for the markets.

There's another possibility: Cash accounts will mushroom further because we'll find that, rather than being irrationally worried about the future, many people playing it ultra-safe have called it correctly — foreseeing an economy that sinks again, taking most riskier investments with it.

As such, whether Atari raises the market to 10000, 36000 or 36,000,000, it won't matter one bit: with nobody believing in the sham that is the market, companies will be unable to raise equity capital at ludicrous valuations, and volatility will hit unprecedented levels as implied correlations across all assets soon reach 100%. Very soon the market will no longer exist, except for being a computerized ping pong game proxy, in which a few computers just leech the liquidity rebates off whatever public exchange remains in a few years.

 

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Tue, 06/15/2010 - 11:16 | 414606 Turd Ferguson
Turd Ferguson's picture

+1

Thanks, Tyler, for posting this.

The great melt-up has resumed. All the shorts at Euro 1.1850 got fucked and everyone (including myself) who got progressively more short the S&P over the past month are gonna get fucked, too. Fundamentals be damned. SP 1350 here we come!

Tue, 06/15/2010 - 12:15 | 414777 Noah Vail
Noah Vail's picture

You put youir chips on the mafia's table, you're bound to loose them. The problem with gamblers is that they're addicted to gambling. They always think they can beat the house in rigged game. Just red meat for the jackals.

Tue, 06/15/2010 - 13:54 | 415022 Rider
Rider's picture

Dear Mr Turd Fergsh.

Do not let those PPT punks intimidate you, do not give up hope yet. 1015 S&P would be an usual target for a counter trend correction and then resume the downward trend.

Tue, 06/15/2010 - 11:25 | 414611 Rogerwilco
Rogerwilco's picture

"Gentleman, you have come sixty days too late. The depression is over."

May 1, 1930 -- President Herbert Hoover 

 

Tue, 06/15/2010 - 12:25 | 414811 Bananamerican
Bananamerican's picture

"Bernanke has officially failed to lead the lemmings into a risky asset reflation, as primary dealers, HFT algos and mutual funds will need to take profits occasionally, and every time this happens we will see another, ever flashier crash."

I frickin' love this!

It makes me feel a sort of exhilarated rage.

Tue, 06/15/2010 - 12:40 | 414860 Hulk
Hulk's picture

 

"All safe deposit boxes in banks or financial institutions have been sealed...and may only be opened in the presence of an agent of the IRS." - President F.D. Roosevelt, 1933

Tue, 06/15/2010 - 14:10 | 415070 Muir
Muir's picture

Ahhhh.... Is that so?!

 

It's not in the Executive Order 6102

http://www.presidency.ucsb.edu/ws/index.php?pid=14611

or

You may also want to check wiki

http://en.wikipedia.org/wiki/Executive_Order_6102

"According to a folk rumor on the internet President Roosevelt ordered all the safe deposit boxes in the country seized and searched for gold by an I.R.S. official...."

 

---

You've been had.

Tue, 06/15/2010 - 15:33 | 415288 Hulk
Hulk's picture

It sounded good at the time....

Wed, 06/16/2010 - 00:29 | 416506 Hephasteus
Hephasteus's picture

Watch out. You're being mind screwed.

Tue, 06/15/2010 - 11:26 | 414612 Caviar Emptor
Caviar Emptor's picture

 


The amount Americans have in basic savings accounts at banks and thrifts rose to a record

Caution is the paramount argument. Being less rich due to losses is another. But there's a third argument: the anticipation of deflation. Cash has a positive yield for the first time in living memory. you can see the seeds of deflationary economics setting in. Very similar to the Japan scenario of the last 2 decades where household savings remain stubbornly high, coming out only for Samurai Bonds and shunning credit. 

Tue, 06/15/2010 - 15:33 | 415289 Leo Kolivakis
Leo Kolivakis's picture

Hate when they junk my orignal post. I warned all of you of a summer meltup. Solars will sizzle!!!

Tue, 06/15/2010 - 11:33 | 414631 Cistercian
Cistercian's picture

 But it isn't real Leo.It is totally false.

  The system is approaching detonation and you are celebrating out loud algo manipulation?

 

 PS. Katla eruption by Aug 2nd.That should help things along!

Tue, 06/15/2010 - 11:39 | 414646 Leo Kolivakis
Leo Kolivakis's picture

Holy Toledo! Nasa warns solar flares headed earth's way:

http://www.telegraph.co.uk/science/space/7819201/Nasa-warns-solar-flares-from-huge-space-storm-will-cause-devastation.html

Be careful not to get burned! LOL!

Tue, 06/15/2010 - 11:46 | 414679 Internet Tough Guy
Internet Tough Guy's picture

Getting burned would be playing pink sheet tech stocks like it's 1999. You are living in the past.

Tue, 06/15/2010 - 12:09 | 414763 John Law
John Law's picture

No one will be using electrical devices in 2013 any way because of the collapse, so it doesn't really matter.

Tue, 06/15/2010 - 11:40 | 414652 Internet Tough Guy
Internet Tough Guy's picture

Leo misses the point again. Do you think you will sell to Skynet Leo? I'm betting skynet is faster than you.

Tue, 06/15/2010 - 12:27 | 414820 Rider
Rider's picture

Leo,

You are really smart, do not dissapoint your readers by following the algos, help us sell us your 2000 mind set.

Tue, 06/15/2010 - 12:32 | 414836 Leo Kolivakis
Leo Kolivakis's picture

Just keep riding that liquidity wave!

Tue, 06/15/2010 - 12:34 | 414841 Turd Ferguson
Turd Ferguson's picture

Me likes the way her left tit is falling out.

Tue, 06/15/2010 - 12:47 | 414888 Problem Is
Problem Is's picture

That Does Not Appear To Be a Canadian Asset, Leo...
Looks like a California asset to me... And certainly not in a pension portfolio...

Tue, 06/15/2010 - 13:49 | 415002 Yippie21
Yippie21's picture

Has to be some fat angry women on here voting "Junk" on this liquidity visual...  I'm actually inspired by this.. thanks Leo!

Tue, 06/15/2010 - 14:29 | 415121 Leo Kolivakis
Leo Kolivakis's picture

Feminazis abound! I am going to ask Tyler to give Robo and I immunity to junk status...the nerve of these ugly women!!! LOL!

Tue, 06/15/2010 - 17:24 | 415584 SteveNYC
SteveNYC's picture

Great picture, no junk here.

Tue, 06/15/2010 - 12:45 | 414882 Bananamerican
Bananamerican's picture

Junking pretty girls is SO WRONG on SO MANY LEVELS!

Tue, 06/15/2010 - 13:38 | 414974 FourWude
FourWude's picture

You've being us that the "fundamentals" are getting better. Exactly how does that correlate with the belief that we're in a "melt-up"? Either one or the other as I see it.

 

You sir are yet again jumping around like Roubini, saying whatever you will to get your face plasted on the front pages.

Tue, 06/15/2010 - 11:27 | 414618 John Law
John Law's picture

The EUR/USD has been bid hard the last 8 hours. It's back to it's 2008 lows. Be interesting to see if it makes it through. If it makes it though then it could go higher for a while longer.

That would put the S&P over its 200DSMA and probably through that massive gap down in the 1115 area. But it should find huge resistence at the 1150 area, which would complete a massive head and shoulders. And would bring the EUR/USD out of oversold on the weekly. This would align every thing for a big move down to around  850-860 on the SPX and sub 1.15 on EUR/USD.

Tue, 06/15/2010 - 12:22 | 414801 Cursive
Cursive's picture

This.

Tue, 06/15/2010 - 11:28 | 414620 b_thunder
b_thunder's picture

so what?  the banks will find a way to use the money from deposits to speculate in the markets, and likely will take markets higher.

and when market collapses in a way that will make the 2008 "crash" seem like a non-event, the FDIC will be called upon to bail out the depositors.  To do that, the $10Trillion QE will trash the value of the USD, resulting in "safe" bank depositors getting shafted once more. 

By then, the bank executives, traders, hedgies that used borrowed from banks funds to speculate will be living offshore where there's no income tax, rather than sit in manhattan and greenwich whre taxes on "the rich" will be back to post-war 90%.

 

Tue, 06/15/2010 - 11:39 | 414621 plocequ1
plocequ1's picture

Don't fight The machine. A bad machine is a bad machine, Unless the bad machine dosent know it's a bad machine. The factory knows. That's why they sent them here. Tyler, Charts mean nothing anymore. The answer to the mysterious rise in the Stock market lies within the shrouded world of The Factory. However, your charts are very pretty. They are nice to look at after I inhale a joint.

Tue, 06/15/2010 - 11:30 | 414622 almost_have_a_name
almost_have_a_name's picture

Is it ironic, or disturbing, that City has banner adds all over this site ?

Anyone, .... ?

 

Tue, 06/15/2010 - 12:04 | 414739 Cognitive Dissonance
Cognitive Dissonance's picture

Why would it be disturbing? ZH has no control over the ads.

ZH sells the space to a wholesaler, which then sells to whomever will pay. It's outsourced, as it is with the majority of web sites that sell ad space. This is principally a financial web site. Not surprising to see bank ads.

Tue, 06/15/2010 - 12:16 | 414781 almost_have_a_name
almost_have_a_name's picture

True enough from a ZH perspective, but why would City (or their ad managers)

float a banner here ?

 

Besides, I thought Tyler was a soap tycoon.

Tue, 06/15/2010 - 11:31 | 414625 RobotTrader
RobotTrader's picture

Amanda is looking extra juicy this morning, wearing bright red again...

LOL...

Tue, 06/15/2010 - 11:34 | 414632 Turd Ferguson
Turd Ferguson's picture

I'd like to see her in one of those white bikinis above...

Tue, 06/15/2010 - 11:34 | 414633 Leo Kolivakis
Leo Kolivakis's picture

ROFLMAO!!!!!!!!!!!!!!!!

Tue, 06/15/2010 - 12:27 | 414821 Mark McGoldrick
Mark McGoldrick's picture

Be careful, Robo.  There's an angry butch feminist slithering around here.  She/He junks every post that can be seen as offensive to ugly women.  

For the past week, every post of mine has been junked, even the most innocuous ones. My avatar? Then I noticed that every post of yours where you post pictures of women are junked, no matter how innocuous the post itself.

Perhaps as a peace offering, you could post some coupons to an Ace Hardware Store - those places are like catnip for butches.  Ever been to one on a Saturday afternoon? They're swarming with butch lesbians looking for power tools.  

Tue, 06/15/2010 - 12:32 | 414838 Bananamerican
Bananamerican's picture

AAA

Tue, 06/15/2010 - 12:37 | 414851 Mark McGoldrick
Mark McGoldrick's picture

Yep!  There we go..there's my junk, within minutes.

 

Tue, 06/15/2010 - 14:30 | 415128 Leo Kolivakis
Leo Kolivakis's picture

Feminazis abound! I am going to ask Tyler to give Robo and I immunity to junk status...the nerve of these ugly women!!! LOL!

Tue, 06/15/2010 - 17:26 | 415590 SteveNYC
SteveNYC's picture

Bring on the bitches.....bitchez!

Tue, 06/15/2010 - 12:55 | 414912 Problem Is
Problem Is's picture

I Would Junk CNBC Bimbo Anchorettes Too
Especially that bitch Cramer the Clown... CNBC is simply using the blonde bimbo + cleavage = male ratings beer commercial formula...

But I would not junk Mr. RT for making fun of said Bimbos...

Tue, 06/15/2010 - 13:46 | 414996 Brett in Manhattan
Brett in Manhattan's picture

This is me watching Amanda Drury on CNBC:

http://www.youtube.com/watch?v=JObTMW3RVf4

Tue, 06/15/2010 - 11:31 | 414626 papaswamp
papaswamp's picture

Though alot of time BI has some goofy articles and bizarre conclusions, the 2 graphs in this article shows what happens when the stimu-feed starts to run out...the false economy begins to choke.

http://www.businessinsider.com/rosenberg-are-these-two-charts-showing-a-...

Tue, 06/15/2010 - 11:42 | 414660 jbc77
jbc77's picture

It melts up until it can't melt up anymore. Eventually a central banker, helicopter Ben, or or someone totally unknown to us is going to make a mistake. We won't see it coming. An event will occur either naturally or by force which will detonate the markets.

The manipulation will reach it's apex, it's point of no return has already passed, when it's no longer effective in girating the markets upwards.

Tue, 06/15/2010 - 11:49 | 414689 Hulk
Hulk's picture

Spot on. We won't see this punch coming and will wake up face down on the mat...

Tue, 06/15/2010 - 11:59 | 414726 crosey
crosey's picture

Mom?  Is that you Mom?

Tue, 06/15/2010 - 12:45 | 414878 Hulk
Hulk's picture

LOL, mom prepared us well for this one...

Tue, 06/15/2010 - 17:28 | 415591 SteveNYC
SteveNYC's picture

Crikey, you are right. In boxing, it's always the punches you don't see coming that get you out of there. Not nice.

Tue, 06/15/2010 - 11:42 | 414661 William F. Dulle
William F. Dulle's picture

Going into the stock market now is like that restaurant owner going into business with Paulie in Goodfellas. Risk, indeed.

Tue, 06/15/2010 - 11:57 | 414714 Leo Kolivakis
Leo Kolivakis's picture

Gorge while you can, but stay alert and don't be surprised if some sectors go parabolic this summer.

Tue, 06/15/2010 - 14:19 | 415091 Muir
Muir's picture

You could be right Leo.

But you should also point out the reason for this: simple repricing due to dollar versus other currencies.

Tue, 06/15/2010 - 11:43 | 414665 crosey
crosey's picture

In other news, the LA Times reports that Americans, for the most part, have now officially said goodbye to stocks.

 

Trust is GONE.  Period.  End of story.  That's a mega-problem that will take a long time to remedy, if the remedy (human integrity) can ever be found.  This may be a generational cure requiring all of the thieves to die off first.  Would be nice if Scotty could just beam them all to a remote, primative world.

Tue, 06/15/2010 - 12:36 | 414844 Bananamerican
Bananamerican's picture

AAA

 

Integrity.

Yup.

Tis the cure....

Someone's culture needs to "die off" first....

or be re-born

Tue, 06/15/2010 - 14:48 | 415186 crosey
crosey's picture

I love America and the unequaled freedom to succeed and to fail.  I love self-determination and free will.  But you're right in that our culture has tipped over to the 7 deadly sins:

Pride

Anger

Greed

Gluttony

Lust

Envy

Sloth

So, by our own hands, we fabricate our destruction.  I hope we don't have to learn this lesson the hard way.  But, history is replete with hard lessons.

Are there really too few of us to see this, and take action?

Tue, 06/15/2010 - 11:46 | 414680 -Michelle-
-Michelle-'s picture

"In the wake of the world's worst financial crisis since the Great Depression, and the devastation it wrought on stocks and real estate values, fear has triumphed over greed."

No, common sense has triumphed over marketing.

Tue, 06/15/2010 - 12:24 | 414810 Cursive
Cursive's picture


No, common sense has triumphed over marketing.

+1

Tue, 06/15/2010 - 11:47 | 414685 economicmorphine
economicmorphine's picture

Well, this sort of proves that Joe Sixpack isn't the bagholder which sort of begs the following 2 questions:

1.  Who is the bagholder?

2.  How much is the bailout going to set me back?

Note to Wall Street, and I don't think I'm alone on this:  I would rather see hangings in the public square than give you folks another dime.  Just saying.

Tue, 06/15/2010 - 11:51 | 414697 Ned Zeppelin
Ned Zeppelin's picture

Joe Sixpack's pension funds, IRAs and 401ks are holding the bag.

Tue, 06/15/2010 - 14:12 | 415078 longjohnshorts
longjohnshorts's picture

+ 100. And, yes, it's gonna cost us -- because the outcry of lost retirement assets would most the pols to replace them.

Tue, 06/15/2010 - 11:49 | 414690 Ned Zeppelin
Ned Zeppelin's picture

Pay little or no attention to the equities market, as it will provide no useful  data on where we are or where we are headed.  If you must, play as you would in the casino that it is, using money set aside for recreational pursuits, and not as "investing." The daily ups or downs are nothing more than quantum jitters and the occasional more dramatic spasms of a market which is acutely sick and on heavy doses of medication, attended to by doctors with degrees from unaccredited schools in the Carribean.   

Tue, 06/15/2010 - 11:59 | 414722 Mikebrah
Mikebrah's picture

10:56am (CT)

We have liftoff!

Tue, 06/15/2010 - 12:06 | 414752 Turd Ferguson
Turd Ferguson's picture

Yep, here we go. Taking it thru the 200-day this time. Not fucking around anymore. No chance the Fed will allow market fundamentals AND technicals to interrupt their Grand Plan.

Tue, 06/15/2010 - 12:08 | 414758 nedwardkelly
nedwardkelly's picture

Problem is that most people don't actually control their own money... "Most americans shun stocks" - who are we talking about? Some average joe with $20k in a trading account is sitting cash? He's not all that average.

How many average joes have 'gone to cash' in their 401k accounts? Or how many pension funds etc? Very few. I'd bet the only people 'shunning stocks' are the small percentage of people that actually trade some stocks here and there in a non retirement account. For most ignorance is bliss.

My 401k provider doesn't even offer an option to 'shun stocks'. The closest I can get to cash is Merrill Lynchs 'retirement preservation trust' which is full to the gills with confidence inspiring MBS.

Tue, 06/15/2010 - 12:42 | 414864 Bananamerican
Bananamerican's picture

+ a few million

...bagholders.

That whole 401k "retirement" scam system they set up back in the day sure was "one shitty deal" to quote the squidder

Tue, 06/15/2010 - 12:11 | 414768 HarryWanger
HarryWanger's picture

Best Buy missed by a mile, housing is obviously falling into a double dip but we're determined to get to that 200 dma if it takes every computer on Wall St. to get us there dammit!

Tue, 06/15/2010 - 12:18 | 414791 firstdivision
firstdivision's picture

Harry,  I am astounded to see you join the true ZH side.  It brings such a smile to my face that you have seen the light.  Now if only Leo would open his eyes.

Tue, 06/15/2010 - 12:39 | 414854 Cursive
Cursive's picture

Careful, you may only be a lab rat to HW.  Yes, his tone and outlook have changed, but that doesn't mean his ulterior motive has.

Tue, 06/15/2010 - 12:47 | 414889 Hulk
Hulk's picture

That leopard changed his spots overnight

Tue, 06/15/2010 - 12:12 | 414771 n2dark
n2dark's picture

close to 100% correlation =  it's not a question of if but when a massive crash will hit

 

Tue, 06/15/2010 - 12:15 | 414774 Diogenes
Diogenes's picture

Let's see if I get this. The public is out of the stock market and so are the hedge funds and everyone else except the big pension funds and the big banks.

The reason the market is high is that the government gives the big banks billions of dollars at 0 interest, the banks buy stocks, then their computer algos make 100 million dollars per month flash trading and chiselling pennies per share off everyone else's trades. Except there are no other trades, the algos are chiselling all that money off each other?

Tue, 06/15/2010 - 12:32 | 414839 EscapeKey
EscapeKey's picture

No, they chisel it off the PPT's coerced interventions in the markets.

Tue, 06/15/2010 - 12:28 | 414795 firstdivision
firstdivision's picture

Hold on to your seats everyone, and please keep all hands and feet in the vehicle at all times while we shoot past the 200DMA. 

 

I have a feeling that we may break it, but come crashing back down for a late day sell off with the crappy numbers that came out today.  HF will start unwinding more equity trades today and hoarding cash.

 

*edit*  Shit looks like the rocket ship is aborting, someone hit the green shoot button...aaaaarrrrggghhhh!

Tue, 06/15/2010 - 12:28 | 414825 Turd Ferguson
Turd Ferguson's picture

Yes. Don't set your buy stops too close. 

They'll fuck everyone on a steep move up to about 1110-1115. Get most everyone to cover their shorts and then the bottom drops out again. Just like the euro chart from last week to present, only inverted.

Tue, 06/15/2010 - 12:31 | 414835 n2dark
n2dark's picture

looks like hal is getting mixed signals

aborting the mission at this point would be dangerous

Tue, 06/15/2010 - 13:21 | 414944 firstdivision
firstdivision's picture

I went long on TNA this morning, selling out of the position at about 2pm.

Tue, 06/15/2010 - 12:29 | 414827 Tomified
Tomified's picture

It's simple. They are spending billions to preserve the illusion of trillions.

Tue, 06/15/2010 - 12:52 | 414904 Ted K
Ted K's picture

I'm just here for RobotTrader posts. Is RobotTrader a female???  I think only a lesbian could have such great taste in women.  I'm still drooling from Friday's posts.  The Ukrainian escort and the stewardesses, my god.

Tue, 06/15/2010 - 13:18 | 414922 firstdivision
firstdivision's picture

LIFT OFF!!!!

sidebar:  My coworkers keep giving me funny looks when I make a sound like a rocket ship everytime I look as the ES.

 

*this takeoff calls for me running up and down the aisles with my arms spread.  Glad the pilot finally figured out which way was up.

Tue, 06/15/2010 - 13:22 | 414946 mudduck
mudduck's picture

Good time to go short I think. SP 500 still down over 100 since April, even with no volume melt-ups, 3am to opening futures ramp jobs, half billion buck GS SP buys outside of their darkpools, fed and msm cheerleading, options ex games, and not even bearish pundits are saying short em now. I think these guys are workin their asses off to float this market, but its like treading water with a 10 lbs weight, take a 5 minute breather and your're screwed. Anyhow, of course it can keep going up but risk for reward wise its not going to go up 100 points in 15 minutes, but it sure has the potential to go down like that.

Tue, 06/15/2010 - 13:28 | 414952 firstdivision
firstdivision's picture

Did someone forget to turn on the servers?  We broke the 200DMA but then reversed.  Try typing in the command "To The Moon Alice"!

Tue, 06/15/2010 - 14:08 | 415064 sumo
sumo's picture

Melt-up servers, ENGAGED.

Goldman is doing some IPOs this week, including CBOE.  Some mighty fat fees are at stake. Squiddy is pumping the market to ensure success. Plus it's option expiration week = price weirdness.

 

http://www.google.com/hostednews/ap/article/ALeqM5hIDsohAWX2_JPyHhQu7Mj1...

...

CBOE is scheduled to start trading on Tuesday. If its shares don't do well, that could wreak havoc on the other IPOs coming to market this week.

"You can bet that if CBOE doesn't work, the other(s) are history. There'll be a firestorm," said Sweet.

...

 

Tue, 06/15/2010 - 14:32 | 415129 TonyV
TonyV's picture

It seems that retail investor's activity hit multi year lows in June:

http://www.marketwatch.com/story/online-brokers-see-drop-off-in-trading-note-2010-06-15

Do NOT follow this link or you will be banned from the site!