Monday, December 24, 2012

Wall Street This Week Is Basically a Bunch of Robots

The children were nestled all snug in their beds, while HFT algo-bots checked on the spreads.

Seriously people, most people even peripherally involved in Wall Street trading are already ensconced in their holiday prep, and the rest will take off at 1 p.m. today, when the stock exchanges close. But don't let that fool you. Money never sleeps, and it sure as hell doesn't drink eggnog and watch A Christmas Story around the fireplace. And there's a lot to trade this week — most notable, the fiscal cliff negotiations, which could swing the Dow hundreds of points in either direction, depending on whether Congressional Republicans can get their acts together.

Which makes it all the more worrisome that traders are deputizing their computerized trading algorithms to take over for them during the holidays....

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