It has been a relatively quiet day on the Second Life exchanges. Over on SLCapEx, Bo Beck Galleries (BBG) had the most volume as an IPO. Dragon Global Diversified (DGD), Innovative Index Fund (NDX) and Zhenya Zoning Real Estate (ZEN) were the other most active stocks.

NDX traded in a very wide range from 1.70 to 4.10. Currently, there is a larger seller at 2.04. People have been asking what stocks make up the NDX, and I haven’t found an answer yet. However, it is fair to guess that NDX trading doesn’t very closely follow the stocks that are supposed to comprise it.

Expecting a slow day today, I spent a little time analyzing the NDX. If the NDX is a useful index, that it would make sense to calculate the beta of other stocks against the NDX, similar to how people calculate the beta of stocks against the SP 500 in U.S. markets. There is just over a months worth of data, which isn’t a lot to work with. However, I downloaded the data and calculated betas of the stocks on the SlCapEx against the NDX. To the extent that there were any detectable betas, they were negative, in a range of -.05 to .02. Not particularly useful.

Then again, given the low volume, and perhaps more importantly, the inability to short the index, or to buy futures or options on the index it isn’t surprising that there were no correlations to speak of. Constructing an index that more closely matched the aggregate of the stocks in the SLCapEx produced some interesting results. Dragon Global Diversified (DGD) has a negative beta. Verballis (VBL) and Yellow Paperclip Corp (YEP) both have very high betas, over 3.

Without the ability to short stocks, this too, isn’t all that useful, however, buying DGD might be the closest you can currently get to hedging your investments on the SlCapEx.

Other stocks trading in a wide range today included SL Tronics Media. (SLTM). It ranged from 2.40 to 4.39. Trading was very light and there was no news. Allenvest Investment Group (AIG) also traded in a wide range today from .30 to .52. There is a big seller with an order to sell nearly 20,000 shares at .53. That is a larger order than the whole volume for the day, and it seemed to have scared off buyers, with the bids dropping from .49 at 7 this morning to a low of .3 by 2 in the afternoon.

Over on the World Stock Exchange (WSE), the big news was their new reporting system getting up and running. Atlantis Land Corporation (ALC), Delicious Demar Enterprises (DDE), Four Deuces Entertainment (FDE), Lemur Invest (LEM) and Second Life Netherlands (SNL) all posted reports. The LEM report looked suspiciously low. DDE posted a report that looked reasonable and also made them look like a good long term buy. Blumont Capital (MBC) reported opening a new office and AMA Production (AMA) reported on communications they have had with Linden Labs about what sort of gaming will be acceptable. However, earlier in the day, WSE placed a temporary halt on AMA trading, pending information from management. As of this evening the halt is still in effect.