Goldman Sachs

For a good example of just how worthless of a tool for investors (and useful for persuading follow on offering "participation") the Goldman Sachs Conviction Buy list is, look no further than the recent performance of REIT CBL & Associates, coupled with the recommendations on the stock by Goldman Sachs REIT analyst Jonathan Habermann.

It is good that Goldman at least acknowledges the issue of perceived "dark pool"/Sigma X impropriety. I hope Mr. Ed Canaday can now respond in a comparable fashion to the Zero Hedge queries about Program Trading/SLP issues presented here over the past 2 months: after all such disclosures would go a long way toward increasing "transparency, confidence in our industry, and the understanding of our complex market structure."

Latest NYSE Program Trading data out. After a major ramp up the week before, total program trading dropped again to 28.3% of total NYSE volume, but still higher than the 52 week average. The 15 most active member firms traded 1.8 billion shares for principal accounts, compared to 1.9 in the prior week. The top principal trader as always is Goldman Sachs, with 795.7 million shares, higher than the 741.7 million from last week.

Latest NYSE Program Trading data out. After a major ramp up the week before, total program trading dropped again to 28.3% of total NYSE volume, but still higher than the 52 week average. The 15 most active member firms traded 1.8 billion shares for principal accounts, compared to 1.9 in the prior week. The top principal trader as always is Goldman Sachs, with 795.7 million shares, higher than the 741.7 million from last week.

Latest NYSE Program Trading data out. Program trading last week ramped up by 27% from 26.5% the week before, to 33.7% of all NYSE buy+sell volume, and much higher than the 52 week average of 25.3%. The 15 most active member firms traded 1.9 billion shares for principal accounts, compared to 1.6 in the prior week.

Latest NYSE Program Trading data out. Program trading last week ramped up by 27% from 26.5% the week before, to 33.7% of all NYSE buy+sell volume, and much higher than the 52 week average of 25.3%. The 15 most active member firms traded 1.9 billion shares for principal accounts, compared to 1.6 in the prior week.

Latest NYSE Program Trading data out. Program trading last week ramped up by 27% from 26.5% the week before, to 33.7% of all NYSE buy+sell volume, and much higher than the 52 week average of 25.3%. The 15 most active member firms traded 1.9 billion shares for principal accounts, compared to 1.6 in the prior week.

And now for some midday Schrodinger wave function collapse:

"If a volume explosion hits the GSCI index, does it exist if nobody witnesses it?"

It is quite obvious that nobody at all was aware of any impact pieces out of Goldman that would herald summer of 2008 crude price targets... The chart below shows the insignificant volume pop in the GSCI.

And now for some midday Schrodinger wave function collapse:

"If a volume explosion hits the GSCI index, does it exist if nobody witnesses it?"

It is quite obvious that nobody at all was aware of any impact pieces out of Goldman that would herald summer of 2008 crude price targets... The chart below shows the insignificant volume pop in the GSCI.

And now for some midday Schrodinger wave function collapse:

"If a volume explosion hits the GSCI index, does it exist if nobody witnesses it?"

It is quite obvious that nobody at all was aware of any impact pieces out of Goldman that would herald summer of 2008 crude price targets... The chart below shows the insignificant volume pop in the GSCI.

In the week ended May 22, NYSE program trading dropped to a statistically significant low of 2.9 billion shares, down from 3.3 billion the week before, and from a 3.8 billion prior 52 week average. As for specific actors, no surprise, Goldman leading the government's SLP team with a 7:1 ratio of principal to facilitation/agency.

In the week ended May 22, NYSE program trading dropped to a statistically significant low of 2.9 billion shares, down from 3.3 billion the week before, and from a 3.8 billion prior 52 week average. As for specific actors, no surprise, Goldman leading the government's SLP team with a 7:1 ratio of principal to facilitation/agency.

In the week ended May 22, NYSE program trading dropped to a statistically significant low of 2.9 billion shares, down from 3.3 billion the week before, and from a 3.8 billion prior 52 week average. As for specific actors, no surprise, Goldman leading the government's SLP team with a 7:1 ratio of principal to facilitation/agency.

In what is sure to prove a disappointment to EMT and SLP purists, Goldman this week managed to trade a mere 859 million principal PT shares, or just under 6x its combined facilitiation and agency volume. What is this - amateur hour at the New York Plaza? What is more peculiar is the dramatic drop in overall NYSE Program trading: from 3,741 million shares in the prior week to 3,265 million in the most recent week.

In what is sure to prove a disappointment to EMT and SLP purists, Goldman this week managed to trade a mere 859 million principal PT shares, or just under 6x its combined facilitiation and agency volume. What is this - amateur hour at the New York Plaza? What is more peculiar is the dramatic drop in overall NYSE Program trading: from 3,741 million shares in the prior week to 3,265 million in the most recent week.