Happy Anniversary! Today marks 90 years to the day since shares of Hatry Group were suspended by the London Stock Exchange (Sep 20, 1929.) The company collapsed, crashing the London Stock Exchange. The Dow began its 89% crash a month later.
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On September 20, 1929, the London Stock Exchange suspended shares of the Hatry group after its founder, Clarence Hatry, was found to have purchased United Steel Companies with fraudulent collateral. The Hatry group collapsed, costing investors billions and sending the London Stock Exchange into a tailspin. This news put US investors on edge.
Stocks are fairly quiet this morning, with VIX off another 3.5% overnight — just enough to push futures up to resistance as algos remain hyper-focused on VIX and USDJPY.
Interesting that yesterday’s monkey hammering was enough to push SPX but not ES to higher highs…
However, there was a reason SPX needed to reach 3021.99.
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