Stocks had a big pop in the morning from the drop in unemployment, even though the actual number of jobs added were a bit below expectations.
Traders took profits in the afternoon. AAPL weighed on the tech sector all day.
Very quiet day and traders were complaining that the volumes on most exchanges are down from their heyday. Is there anything but traders left in these markets? Mom and pop seem to be keeping their money closer to home, much to Wall Street's dismay.
The CEO of Morgan Stanley said that Wall Street employs too many people at too high a rate of pay. Amen to that, but he's about five years to late in realizing it.
How many times have we said here that we can foresee a day when the traders will be back to tossing paper airplanes at each other in the pits? I suppose HFT and their wash trades is the electronic equivalent of that.
I suspect that increasingly the money centers of London and NY and Chicago will begin to lose their influence over world commodity prices.
You can cheat some of the people all of the time, and all of the people some of the time...
Monday is a bank holiday in the States. Columbus Day.
Have a pleasant evening and weekend.
