• Oct
  • 24
  • 2008
  • 5:11 PM

'...It's People Who Get It Done'

By: Ray Pellecchia
File Under: NYSE

A colleague pointed out that the commentators in this CNBC segment say some nice things about how smoothly stocks opened here this morning, given the futures activity that preceded it. The relevant part starts at 1:15 into the segment. Among other things, Sue Herera says:

When you have to get a market and a stock open and you're locked limit down, it's people who get it done.

I think that's true in general, and I am second to none in my appreciation for the value of people in the trading process. But although the open did appear relatively smooth, traders I spoke with said it was nothing exceptional; that the volume was very light; that the expected wave of activity never arrived. People were ready, like a batter intently waiting for a fastball and prepared to react instantly. Instead, a change-up came floating in. It was oddly quiet throughout the open.

One other note: We welcome having journalists report from the trading floor, getting a first-hand look at the market and passing their insights along to their audience. The comments on CNBC are but one example of that. The NYSE press staff has imposed a lot on our members in the last couple of months, bringing hundreds of still and video camera people and reporters into their workplace, and they've been very good about it. It's not always easy, needing to get an order done right away and needing to navigate through a video camera guy, sound guy, producer and reporter to get to your destination. But with the help of the members' effort and patience, the story of the trading floor is being told, and the staff is grateful for that.

Comments

very good article and very true. now if every american starts buying 1 or 5 general motors stock at 2 or 3 usd what will happen to gm and economy

by PARAG KULKARNI. INDIA on November 20, 2008 10:09 AM

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