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Was the Market Really Open?

Daily Rap 06-22-2017

The indices were slightly higher through midday, led in the morning by the S&P and Dow, while the Nasdaq was nowhere. In the afternoon, the market drifted back to about flat on the day.

Away from stocks, green paper was quiet, oil gained a percent, fixed income was very slightly higher, as were the metals, though the miners were even stronger than the underlying metals once again.

Eyes On the Price It continues to be the case that there isn't much to say about the stock market. We just have to let events unfold and see whether the June 9 FANG highs will be taken out. Pretty much everything else at the moment is more or less noise.

Last year's posts for Ask Fleck

Q: Bill:

Have you observed at all, over the decades, that time has been compressed at all when it comes to the markets?

I have discussed with colleagues that stock moves appear to happen over shorter time frames, perhaps due to algos. This seems to be more true for downdrafts/bouncebacks. I cannot give concrete examples other than empirical observation by a daily market watcher.

If you do agree with this (far out?) theory, how would you be able to act swiftly in bear raids (from the short side)? Holy whiplash! (or does predictable human nature act as a regulator to not mess with the speed of the "time-stock continuum"?)

Best to you

Fleck: No, I have not noticed that. FWIW, just because stocks tank doesn't mean it was a "bear raid."
(posted: 6/21/2017)

Q: Do you know the purpose of "bypass orders" on TSX ?

The only definition I have found is confusing. Do you ever look at delayed market depth in evaluating positions? There is a surge in buy orders on one of my junior miners from an average of 2 to 1 to 7 to 1. I suspect that it may indicate that the last community agreement they needed for fulfillment of financing and a road to one of their mines maybe announced.

Fleck: I'm not sure what the term means. I have not encountered it.
(posted: 6/21/2017)

Q: The stock market is at new highs

"May bankruptcy filings rise 5 percent"

May Bankruptcy Filings Rise 5%

Sometimes, you just got to wonder......

Fleck: The economy is booming :)
(posted: 6/21/2017)

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The bottom's in...