Dow Roars Past 10000 Again
Ok, another article in wsj.com this afternoon reporting on the big move in the market today. Great, we are all happy that there was a 3% jump in the Dow. But what gets me is the lame analysis we get everyday about why the market moved. Today's was a good example:
Stocks rallied, reversing a three-week slide and pushing the Dow Jones Industrial Average through the 10000 mark as investors grew hopeful for the approaching earnings season.
Are these the same investors that make up 'black box robots' that account for the 40% of the market's volume. These little software roboots sole job is to arbitrage the 70 dark and lit pools that exist in this country for the sole purpose of ripping off private investors that are hopelessly trying to save for their retirement and kid's education.
Can someone please tell me that today's market structure is really better than the single/dual marketplace we had a decade ago? That the brightest math and science minds that our top universities develop rush to New York or Chicago the day after graduation to get jobs building 'tradebots.' Ok, I will get on the bandwagon... this country doesn't produce anything meaningful anymore. And to state the obvious, maybe if more of these 'bright minds' worked on things that were meaningful, we would know why the market went up each day.
So really....why did the market go up today?