The market rallied sharply from 3:15 to the close today on rumors that Ambac (ABK) would be rescued. For those interested, we put together a table of the best and worst performers in the S&P 100 in the final 45 minutes of the trading day. This enables investors to see which stocks led the market higher and which ones held the market back. As shown, MER was the best performing stock in the S&P 100 from 3:15 to the close, gaining 4.82%. MER was followed by WB, JPM, MS, RF and COF. Not surprisingly, the 13 best performing stocks in the final 45 minutes were financials. The only stock in the 100-stock index that failed to go higher during the market rally was MSFT (-14 bps).
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Wow,great analysis. This will help identify what to do the next time there is a 2% rise in the market within a 15 minute time frame.
Posted by: xxx | February 23, 2008 at 09:09 PM
May I suggest another study? We need an analysis of the number of brokerage houses colluding to induce a movement during the last half hour Friday PM trading. Do a cross reference to the number of martinis consumed at the late lunch hour and most importantly, the amount of tax-payers (government) money lend out at super-low rates to these institutions to provide the movement liquidation. ;-)
Posted by: Pecked to Death by Ducks | February 24, 2008 at 04:33 PM
Can brokerage house collude in holding "buy" orders until near the close and turn them all loose at once? Something happened here that doesn't meet the eye. Let them play all their cards, one at a time if they wish, it will not improve the health of the economy which is "sick unto death".....I will stick it out... let the "C" wave begin ...
Posted by: All in the same bed | February 24, 2008 at 07:05 PM
Oops...I should have used the term "financial institutions" instead of "brokerage houses".
Posted by: Pecked to Death by Ducks | February 25, 2008 at 08:30 AM