Reports of their demise have been greatly exaggerated. They tango and tangle
with trading desks to rule when it comes to driving markets and making money.
Check out these numbers from Institutional Investor Alpha magazine:
“You’re just jealous, Dave!” Oh yeah, no doubt about it! But,
these guys in the top 10 (with the top 25 announced tomorrow) control billions
in assets while trading the snot out of markets. They and the WS trading desks
are
Da Boyz Club. Many day-trade futures and stocks driving prices any
which way they want. Most don’t give a rip about fundamentals or tiresome
punditry since it’s just about making money and winning baby! And,
“Holy
performance fees Batman!” many of them have done just that.
So,
let’s give them a hand as they giggle all the way to the bank or the Cayman
Islands while naïve innocents like the rest of us toil in thoughtful, or even
meaningless, BS.
I press-on in this altruistic quest (silly boy!) to
provide you dear reader with thoughts on the day’s action. And, action there was
with investors buoyed early by an increase in durable goods, retail sales,
housing starts and inflation data to keep the March Madness Rally moving along.
A poor Treasury auction result led to selling until Da Boyz launched their
“stick save” into the close as markets fell beneath clear support. They have the
fire power to protect their positions and prevent any breakdown no matter the
cost.
Volume was steady and breadth positive meaning we’re still
overbought.
That was an incredible last five minute price spike
wasn’t it? Who has the power to make such a move I wonder? Surely Da Boyz can do
that and even our manipulative Treasury and Fed. But, we’ll never know.
Da Boyz Club is an impressive group. I should just give this effort up
and throw myself prostrate at the feet of James Simons and friends pleading to
join the game and pledge their club. I’m just not enough of a hard ass probably.
Tomorrow we get more Fed speak with Dennis Lockhart and then Turbo-Tim
gets a short. There is a little thing called the GDP and Jobless Claims but that
will be set aside as “old news” in this environment. The bulls have grabbed the
tape and won’t let go especially with the end of month near.
Let’s see
what happens.
Disclaimer: Among other issues the ETF Digest
maintains positions in: GLD, DGP, DBP, DBB, DBC and USL.
