Here’s a slice of life for you: if you want to know which way the market is headed, ask someone who works at SharedBook.
On Tuesday morning, just when it looked like the Dow was going to do a cannonball off the high board, a few of us earlybirds were heading into our office. And we saw TV truck after TV truck with satellite dishes extended and at the ready, and reporters with camera crews doing stand-ups in many languages.
You see, our offices, at 14 Wall Street, are across the street from the New York Stock Exchange! And if there’s something going on in the market, a key indicator is always the crush of media, armed with technology, ready to report, breathlessly, and interview anyone who seems remotely connected with the trading floor. We’ll see Jim Cramer, from CNBC, and Maria Bartiromo from time to time, and it’s fun, in a way, being so close to what is now so important to the global economy and our collective sense of well-being. And the side benefit is that we always know when something big is up with the Dow. (Of course, you could always go to wsj.com – but where’s the fun in that?)
We have a feeling, given the media’s penchant for reporting only the bad news, that our new “Satellite Truck Concentration Indicator” is mostly a tell on a severe downtick, but we’ll keep an eye out. It may be some time, though, before we’ll see if the crush returns for a new Dow record high …!