♫ Summer’s here, and the time is right, for watching the Olympics ♫
Okay, it doesn’t quite scan, but it has the advantage of being true. Trading floor TV sets have been retuned from CNBC to the live Olympic coverage, and sighs go up at big moments in the Games, rather than big trading moves (the snapping of Cuban Lazaro Borges’ pole in the pole vault this morning, for example).
This all matters to investors. Trading volumes were already low as investors sat on the sidelines, but the combination of holidays and Olympics means even fewer than usual are focused on the equity markets – and that can be bad news, as the chart shows.