Spiders and Cubes are on the move
Today was another wide ranging day for U.S. market indexes. Nasdaq was the hardest hit, losing 3.5 percent while the Dow lost 0.82 percent and the S&P lost 0.53 percent.
Today was relatively calm, so in my search for all of the action I decided to take a look at the top five most active issues: SPY, QQQQ, XLF, C and NCC.
Three of the top five most actives are ETFs. The Spider tracks the S&P 500, Cubes track the Nasdaq 100 and XLF tracks S&P stocks from the banking, diversified financial, insurance and real estate industries.
Spiders and Cubes traded at 1.65 and 1.67 times their average volume, respectively. I think today’s high volume of index ETFs shows that investors are still scared. Not scared to the point of selling out or sitting out, but scared enough to choose an index over individual stocks. However, Citi and NCC traded at 1.98 and 3.87 times their average volume, proving that speculators just won’t quit! NCC is rumored to be looking for a buyer and picked up almost 35 percent today. I didn’t see any headlines specific to NCC, maybe a deal is near or there is speculation of such. In response to the rumors, NCC’s spokeswoman said, “We simply don’t comment on rumors and speculation.” That sounds familiar…
Speaking of volume and speculators…many investors use information on historical prices and volume to predict future price movements. I’d like to know if they are right, so starting next week I am going to begin a series called Techie Tuesdays.
“Techie” is my short form for technical analysis. Every other Tuesday, I will write about one stock and share some tools of the techie trade (i.e. charting, moving averages) to evaluate the stock and track its performance.
Feel free to submit a stock for inclusion by leaving a comment!
Tags: citigroup, cubes, dow, ETF, nasdaq, National City Corp, spidersRelated Stories
POSTED IN: Corporate, Economy, Investment, Market, News
0 opinions for Spiders and Cubes are on the move
No one has left a comment yet. You know what this means, right? You could be first!
Have an opinion? Leave a comment: