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Buzz & Banter



I'm surprised, frankly quite so, by the impulsive nature of this afternoon's decline in stocks. I'm urged to ask: "Is this all they've got?" Someone more cynical than I would have thought that the long-only mutual fund camp would have been more aggressive and successful in bidding up their holdings, in particular the high beta-names of the Nasdaq.

After all, it was one of the best three months in years for performance and we were a lot closer to support levels that resistance levels for most indices after a historic run. Breadth is still even/positive and volume looks like it will be 1.1-1.2B on the NYSE by day's end. A possible conclusion given the above breadth and volume: maybe they have collectively run out of money to put to work and created a bid vacuum. Either way, the weakness this afternoon surprises.

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