From the Daily Reckoning, by Chuck Butler
And now… today’s Pfennig for your thoughts…
Good day, and a Tom terrific Tuesday to you!
I have to really search for things to talk about these last couple days of the year, given that historically nothing, absolutely nothing, say it again, happens in these final trading days of the year.
The “junior boys and girls” are running the trading desks in place of the “real traders”, and so they have instructions to not take any risk. So that means they are not taking positions is assets, and that causes a real decline in volume and when volume is thin, well, let’s just say, that not much happens.
There are those rare occasions when a large trade swings a market and everyone scrambles to cover, and that causes a wild swing in the price of the asset, but those get more rare…
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