Fact or Fiction...
Traders "Furious" Market Didn't Close Higher
In what most traders dubbed an "extremely disappointing" performance, stocks ended Monday's session with modest gains of 1.35%. The day began with a perfect trifecta of disappointing economic statistics, gains in overseas markets, and expectations that Federal Reserve will begin to remove accommodative policy language at its midweek press release.
"Honestly, what more could the market ask for'?" queried one frustrated floor trader. "When the market can't gain at least 2% on disappointing manufacturing and housing data, something is very wrong."
As would be expected, stocks jumped at the open in response to terrible manufacturing and housing data, but refused to maintain that pace over the course of the day. The S&P 500 only managed to pick up 28 points, while the Dow barely gained 228.
"All things considered, today's price action was simply pathetic," Robert Johnson, chief market strategist at Crossroads Securities, which oversees $3 billion, said by phone. "With crude prices getting hammered, the energy sector should have gained twice what it did."
Bart Simpson, former head of the CFTC, admitted he was "furious" that the averages didn't close significantly higher. "We've got this thing rigged well enough that gains of less than 3% shouldn't occur." If equities don't perform better tomorrow, we should "consider halting trading for a period of time until the problem is solved" he added.
Expectations for better gains tomorrow are focused on what is hoped will be disastrous news on Housing Starts and Permits.
