Did anyone notice? This drop in the stock market started the moment it was announced that two NYSE seats sold for $1.3 mil, down around 30% from the previous trade. Makes me wonder if there is a strong message here about the market. Slim
Has nothing to do with the "market". Has everything to do with the fact that the seats may be worthless when the NYSE moves to full computerization. And there's nothing wrong with the market. This weakness is a completely expected and natural pullback from a very strong run.
I think if the NYSE moves away from the specialist system..the market will turn over...quickly....Panic might set in...investors do not like the UNKNOWN... Although I doubt. they will get completely away from the specialist...way to many powerful people don't want a change just my opinion M
I agree witrh Lindq. Seats are not often leading indicators. I know this from 20 years of owning a PCX seat. They tend to react after an event (like the NYSE Grasso problem) not before. Our seats stayed high until multiiple trading hit all option exchanges, even though we knew it was coming. Yet the seats dropped only after the fact. You would think that traders who own seats would be very prescient about future events related to seats. But the facts don't bare this out. K89