Why is Wednesday (8/15) important?

I had a couple of interesting observations passed on this morning after speaking with several clients in the bay area that follow the markets (real estate and wall street). First, there is particular interest on Wall Street this Wednesday. It is the last day that that investors have (given the 45-day notice to withdraw funds requirement) to notify hedge funds of their intent to withdraw funds by the end of the third quarter. Below is an portion of the article emailed:

Unnerved by heavy losses at some of the $1.75 trillion industry's most famous offerings, including AQR Capital Management, Highbridge Capital Management, D.E. Shaw and Goldman Sachs (GS.N: Quote, Profile, Research), many people want out before things get worse.

But exiting can be a difficult process in an industry where managers routinely lock up money for months, if not years, and often require 45 days' advance notice before returning it.

To pull out at the end of the third quarter, investors will have to notify their managers by August 15.

"Everyone always waits until the last second to get out, and (Wednesday) is the last second," said Mike Hennessy, managing director at hedge fund of funds Morgan Creek Capital.

Another trader friend follows the market much closer than I and clued me into a video series that tracks the S&P as well as a precursor for the market in general (Goldman Sachs). The recent problems with the GS Hedge Funds is one of the stocks that he tracks with the market, a disciple of the video author's company, inthemoneystocks.com.