Seinfeld Hits the Market

For more than a decade in the late ‘80’s and throughout the ‘90’s comedian Jerry Seinfeld had a now legendary half hour comedy show that prided itself on being “about nothing,” focusing on the prosaic events of an everyman’s day. Yesterday’s market was a lot like that.

Due to Columbus Day the bond markets were closed. With bonds usually providing a key piece of market direction volume was even more listless than usual and stock prices meandered throughout the session. We can’t read any significance into the session nor will we try.

We are on the cusp of a widely anticipated earnings season. The market has moved mostly higher over the last week and more on rather light volume reflecting investor expectations but also their cautiousness. With Intel (INTC) beginning a three week barrage of earnings reports with their release after the bell a shake out lower wouldn’t surprise us during today’s session.