A friend in Germany wrote this ... especially the second paragraph.
Jay, I really, really hate this limit business. Market participants are in general mature, mentally stable and in real life responsible for their health, wife, children and are driving their car on the right side of the road. If one day all these discourse-participants agree that they'd prefer to buy cartain shares at 50% plus yesterdays closing price while at the same time dumping other shares at half of yesterdays closing price, they should be able to do so. Who pays, if not the traders themselves. Who thinks this is irresponsible and irrational might chose not to participate
in the game and attempt to buy/sell in ranges he thinks suitable. Nobody is forced to enter the market, a market is quite a democratic theatre. Government would't try to impose limits on the selling price of cauliflower or scrambled eggs. If I feel I'd rather not have scrambled
eggs at 30k Yen I might just have the sausage. If I feel I'm losing money selling a pot of scrambled eggs for 0,1 Yen I might sell sth. else instead.
Plus, I hate that Japan is a socialist country and they must have 2 holidays a week. This is the beginning of the 2nd trading week and we've already missed two limit-up days. Without the Jan 3rd break we'd have hit 100k one day earlier with all implications this would have had on SFTBF
stock and without this Monday's holiday we'd already be back in the 150k range again instead of creeping around 80k. I mean, everytime Nasdaq surges we have some darn holiday: "Day of the Elderly", "Schoolgirl's Nickers Day", "Emperor's new clothes Day" plus many more. I guess the next stretch of the downward spiral won't see any national holidays. As I said, it's a nuisance.
It might not make a difference in the long run, but I have a bad feeling for the market short term and I need to cash in in January. It does make a hell of a difference if we're at 80k or at 100k - even more if we end up at 800k in December. |
