This might be one of the toughest days all year to do business on Wall Street.
ummer Fridays are always tough for investment bankers and traders who want to get work done. There are just two many people who leave work early. Or don’t show up at all.
But today there are even more distractions. The Yankees are playing the Cubs early in the afternoon. The weekend promises to be rainy—which has some running to the beach of golf course a day early.
And, of course, there’s the US Open starting today.
"I came in trying to figure out how to do some work. Find some inquiries to work. And the first three people I looked up had ‘out of office’ on their Bloombergs," a trader who works at a well-known Wall Street firm said.
Television sets on some trading floors have been switched from CNBC to the Open. (My sources asked me not to name which ones for fear that ‘the man’ would make them switch it back.)
Many people just don’t go into their offices at all. Which can create some positives for those who are working.
"At least it is easy to find a parking spot at the station and a seat on the train," another trader said.
A brief and very unscientific survey of my Wall Street sources revealed that many of them aren’t at their desks today.
"Is trading harder when no one else is around?" I asked one hedge fund guy who has had a very good year.
"What is ‘trading?’" he replied. "I’m at the beach."
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