Remember how 9:30 AM was kind of a big deal in financial markets? You know, that’s when trading officially opens at places like the New York Stock Exchange and on the NASDAQ.Take today: We’ve probably seen all the interesting market action already. Futures have whipped form positive to WAY positive to negative and back to positive already today, as gyrations in European called the shots.
If we were going to wake up for anything right now, to see which way the day is going, it’d be for the open of European bond trading, to see if Ireland and Spain are blowing out or narrowing (today they’re narrowing sharply).
Or if you’re on a different timezone, you may want to start your day when Shanghai opens, since that is likely to tell you all you need to know.
Bottom line: When you consider the supremacy of various macro markets (currency, commodities) and regional markets that really matter (Asia, European bonds, etc.) the opening of US equities trading is a total non-event.
The opening bell: RIP.
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