spot on. Another thing that bothers me this is something that drove me away from my mentor my last full service broker in the first place. I left him for a couple of reason, he was getting old, his son was taking over, I didn't trust the son, they didn't know much about tech stocks. He kept talking me out of buying CSCO in the late 80's. Being an techie, I couldn't take not owning tech knowing at the time what a felt was going to happen. The other, which is more important and applicable to today's market more then ever, is that he failed to see how fast information was beginning to flow. With my 2400 baud modem and C serve I was getting the nearly the same stuff he was. Plus I felt it was silly paying 400 to 500 a trade for 2k lots, when I could do the same trades myself for much cheaper. Well not only is information flowing faster, it' easier then ever to buy stocks now. The field is being level daily. The edge has been decreasing rapidly, and the news is price in almost instantaneously and over shooting both ways, making it very hard to understand direction. All of that is why the market is now much bigger then houses or anyone. The anomalies are happening in an hour instead of in days. Hopefully toning down some of the above is the silver lining in the selling we are seeing. Removing the people in their kitchen trading stocks, and professional day traders, students making trades between classes, should be a good thing. Maybe making it more gentlemanly. Wishful thinking on my part I doubt it will happen.
Greg |
