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Burning the European Oil

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Probably my favorite story from the weekend was Eric Dash's New York Times piece about the European-ization of US trading hours.

Basically, thanks to the never-ending—and ever changing—story of Europe's turmoil, market watchers find themselves waking up in the middle of the night to check the latest news in Europe. On most days, if you sleep in—meaning wake up as late as, say, 6 am—you've already missed a rumor about Spanish banks, a denial of that rumor, plus two contradictory statements from anonymous"German lawmakers."

“Who would have thought we would have to be looking at Italian sovereign debt yields to figure out what Morgan Stanley’s stock will do?” bank analyst Mike Mayo says.

It may even be hurting some people's marriages:

...Craig Gorman, a partner at First New York Securities, routinely monitors his trading positions in the middle of the night. He turns on CNBC and fires up the Bloomberg terminal with six screens at the foot of his bed. “With the TV and all my monitors on, it gets a little bright in there,” he said. “My wife is not thrilled about it.”

It's even worse for the poor guys based on the West Coast. I have no idea when they get to sleep.

And, as one of Dash's sources says, there's no end in sight.

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