16 April 2015

SP 500 and NDX Futures Daily Charts - Looting Will Continue Until Exhaustion or Collapse

I imagine you did not hear too much today about the much larger than expected number of new unemployment claims.

Today the Street was celebrating the IPOs of Party City, Etsy, and the highly ironically named 'Virtu.'

Etsy reminds one of the internet boom stocks, sans gerbil cannons.  That it opened for trade at nearly twice the IPO price of $16.  It is a 'story' stock with no profit but a 'platform with users,' and it could be purchased with the most deeply devalued currency around, the overpriced stock of some other internet wonder.
Virtu is an HFT trading firm that experiences a losing day about every five years or so. Anyone who can look at that record and still say they believe in 'a level playing field' and 'free and honest markets' is either willfully ignorant of markets, or a moral black hole.

Have a pleasant evening.