Traders, Not Investors, Fueling This Stock Rally: NYSE Chief

dfw

Companies:NYSE Euronext
By: CNBC.com | 17 Apr 2009 | 10:16 AM ET
Text Size

Wall Street's stunning six-week rally has been fed more by traders looking to take advantage of quick swings in the market than investors with a long-term view, NYSE Euronext [NYX  22.00    0.25  (+1.15%)   ] CEO Duncan Niederauer told CNBC.
NYSE trader
Oliver P. Quilla for CNBC.com
NYSE trader

Because of that, the rally likely is to run out of steam as low volume eventually comes back to the bite the market, he said.

"It feels to me we're in a trader's market and not an investor's market," Niederauer said in a live interview from the exchange floor.

Markets are likely to near their March lows after an upswing that has sent the major indexes more than 20 percent higher, he said.

"The volume in March hasn't convinced me that it's the kind of volume that you need to see to believe it was the real beginning of a turnaround," he said. "Instincts tell me we're going to retrace one more time and the rally I believe is the summer rally."

Long-term retail investors--with a three- to five-year time line--remain concerned that the rally is merely a bear-market bounce, and uncertainties in corporate health and the economy still pose dangers, he added.

"I think the real-money investors are still watching because I don't think the fundamentals are in place yet where the people feel like they can do good fundamental homework," Niederauer said. "So the feeling I've got talking to a lot of investors is they're still watching and waiting."

xiaozhu

good point.

goodness

这种评论不要当真。可能是别有用心的人断章取义。大家都看MA200，就一定要走一遭。大家也都看SPX475，那也是一定会去的