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Strategies & Market Trends : Technical Analysis - Beginners
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To: TA2K who wrote (9763)3/6/1999 9:54:00 AM
From: Robert Graham   of 12039
 
Several changes have occurred in the markets. There are now derivatives, program trading, a much larger presence of hedge funds in the market, and an unprecedented number of electronic day traders. All add up to more volatility in the market. If I were to "blame" it on one item, it would be the derivatives, both futures and options, and more specifically how these instruments can be aggressively used by institutions in the market place.

Now we recently have a new phenomenon that contributes to the 3:00 PM extention of the intraday trend. These are mutual funds selling or buying futures on a daily basis to insulate themselves from the impact that day traders have on their holdings. A good question is why do these funds allow their clients to day trade? A testament to the inexperienced fund manager who chooses this method to attract money into their fund.

Bob Graham
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