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End of the quarter

Wednesday, 30 September 2009 12:04

Today signals the end of the third quarter and like the previous quarter the broad markets have had a big run up and there seems to be no reason for the train to stop just yet. I am an intraday trader so I am not that concerned with the bigger picture but as a Wall Street veteran for 20 years it may be more about intellectual curiosity.

I would really like to see the end of the quarter signify an end to the light volume that has plagued this market for some time. I also think a pullback would be very healthy for the long term growth of the major averages. We have basically created a long pole straight up and that can easily come crashing down, unlike a solid pyramid with a good foundation.

The fee based managers and brokers have had an excellent run in their assets and their paychecks will be larger than the previous quarter, so I see no reason for any sort of window dressing to occur today. My gut is that we will see another low volume day, not much direction, just riding the wave of the past six months.