Stocks finished a volatile session mixed as traders jockeyed for positions on this quadruple-witching Friday and techs rallied. Today is the once-a-quarter event known as "quadruple witching," which is the simultaneous expiration of stock index futures, stock index options, stock futures, and stock options. It happens on the third Friday of the third month of every quarter. Read and listen to what experts had to say...
S&P to Decline Toward 850
The volume is bearish for the S&P 500 index, according to Bill McLaren, independent trader, adding that volumes in August generally drop. "It looks to me like there's just a lack of interest at this price level," he said. He sees the index declining to 850.
Consumer Financial Protection Agency a ‘Flaw’
There’s a lot to be commended in this reform bill but in our view, implementing the new Consumer Financial Protection Agency is a flaw, said Camden Fine of the Independent Community Bankers of America.
“The problem with a consumer projection agency is that their objectives are different from the safety and soundness force and they clash and they are going to catch the banker in the middle,” he said.
Bright Spots in Consumer Spending
The consumer is climbing out of the bunker, according to Adrianne Shapira, a retail analyst at Goldman Sachs. “Payroll numbers, jobless claims are trending toward a better place. In terms of the magnitude, the increase are declining, which is what we need to see,” she said.