The Giants’ Super Bowl victory has been dissected and analyzed more than you can imagine. The same people who didn’t predict a Giants win are now explaining how it happened. But there’s also a ripple effect going on outside of the X’s and O’s.
For example, take a look at how the Giants’ victory helps our economy. It’s not just by the sale of championship apparel. Rather, in the wake of the game Wall Street was very, very quiet today. Many trades were put on hold due to dealers not showing up. And if dealers aren’t showing up, the economy can’t possibly get any worse, can it?
"I knew trading flows from the New York desks would be close to nil. And I was right: There's so much stuff going on with the markets but let's face it, those traders are probably not even at their desks yet," said Greg Salvaggio, a senior currency trader at Tempus Consulting in Washington.New York’s Jeffries & Co. estimated that trading volume was 15 to 20 percent below the daily average. At one point it was as much as 34 percent below the previous 20-day average. But lest you think it’s Wall Street’s fault, think again. New Yorkers have a rationale of their own. It’s Bostonians bringing us down.
"New York will have to literally sober up before we see some trading action out of there," he said.
"Business is very quiet this morning. I think it's more a function of Boston being completely emotionally crushed than it is New York being unable to execute trades -- we're operational," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.Well, one way or the other it was a rather quiet day on Wall Street. And with the Giants victory parade taking place Tuesday, it’s likely to happen again tomorrow.
But here’s something to consider. Perhaps this is the way to fix the economy. So stay away, traders and dealers. Perhaps people’s portfolios won’t continue to decrease if there aren’t any trades to be made. And if the Giants’ Super Bowl victory can lead to a revitalized economy, then maybe I’ve found a new favorite team.