"The markets for equities of all kinds had evolved to a platform for hackers...[High-frequency traders] are the ultimate hackers. They’re running software programs that have one goal, and that’s to exploit the trading systems as early and often as possible...
When software programs are trying to outsmart other software programs and hack the world's trading platforms, that is a recipe for disaster."
Mark Cuban, June 27, 2012
"We would rather be ruined than changed;
We would rather die in our dread
Than climb the cross of the moment
And let our illusions die."
W. H. Auden, Age of Anxiety
Today was the first of the month, when the inflows from mom and pop's 401k and IRA savings are offered up on the altar of Wall Street. I think we are just about ready for the rinse. The VIX is back to near complacent levels, given our geopolitical context.
But there is a Non-Farm Payrolls report on Friday, so don't get too worked up about it just yet. The Fed likes to watch the stock market, and there is always talk of Robert Rubin's and the ESF's favorite confidence toy, the SP futures.
Have a pleasant evening.
