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Quadwitching Ends With a Whimper: Dave's Daily

This was a quiet quadwitching for markets especially given the end of yet another volatile week. There was little in the way of economic data. Earnings news featured a positive report from FedEx (FDX) which stated holiday shopping has provided a large boost to its business. (It's still just once a year right?) Nevertheless the company stated Asian business was slowing which was little noticed. Maybe FedEx and UPS can just buy the remains of the postal system, but then again, why should they?

I'd speculate that uneventful expirations have more to do with the dominance of HFTs (High Frequency Trading) where focus on quadwitching and other expirations aren't as meaningful to the HAL 9000s dominating conditions. It's just a speculation on my part.

Zynga (ZNYG) went public today and the stock briefly rose above the offered price but settled slightly lower. CEO Mark Pincus stated, "Our approach has always been to focus on the long-term." Sure, but he's sure grateful to have cashed-in some of his chips while he could.

Gold reversed course rising and the dollar/euro relationship was little changed. Most commodity prices were higher while bond prices settled higher as well.

Stocks were generally lower across the board, and I admit, there's some confusion with quotes showing some markets higher than where some quote vendors have things. There is a dividend not as yet posted which accounts for the difference as the price is adjusted lower to reflect it

Volume was typical for recent periods and breadth per the WSJ was positive overall.


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