From the Web Report (Sept. 10th)
eBrokers - Weekly Stock Volume Report - Scott Appleby -
mailto:scott@rsco.com
Volumes Update - With only four trading days this week due to the
Labor Day Holiday, total trading volumes were down once again.
Average daily Nasdaq volume for the week September 1-7 was 858
million shares traded, down 1.8% from the previous week's (August
25-31) average daily volume of 873 million. The NetDex also
suffered this week with an average daily volume of 114,000 shares
traded, down 14.5% from last week's average daily volume of 133,000
shares. We believe the holiday weekend had a negative impact on
volumes as people took a break from trading to enjoy their day off.
The eBrokerDex took a small dip to 129 on September 1 and 2,
shortly after we reported last week's ending Index on August 31 of
131. Hos Ltd, an international financial institution providing
global securities execution and settlement services. While E*Trade
currently offers online trading for residents of the UK, Sverige
(Sweden, Finland, Norway, Iceland, and Denmark), Australia, Canada
and France, the acquisition of TIR will further E*Trade's
international capabilties, allowing it to offer its online
customers access to global securities trading. We continue to
believe E*Trade is well positioned as a global leader in the online
brokerage industry.
However, prices went back up toward the end of the week,
closing at 135 on September 7, up 3% from last week. While the
eBrokerDex is still down 28% from the beginning of the quarter, we
once again emphasize our belief that the Brokers' lackluster
performance is a result of the seasonal lull in trading volumes
that occurs each year.
E*Trade Update- This week, E*Trade completed its acquisition of
TIR Holding |
