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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: ahhaha who wrote (141801)	1/7/2002 12:14:25 AM
From: LLCF	Read Replies (1) of 436258

FWIW you forgot this part: "We analyze transaction data for the largest 1000 stocks for the 2 year period 1994-1995... Yes, if you're the specialist and you're long you let it go up on nothing. Makes sense to me, I would think any stock MM or specialist knows this. My point is that... so what? Does it help you make money?? For small jib jobbers may be helpful, and anyone who's been trading on the floors see it but even they rarely 'get in on it'... it's almost exclusively a specialist & MM game... those who control the flow... and even then you have to be in a position to lay off risk when the freight train [xsigma event] hits. This is of some interest: amazon.com "Struve,is the O'Connor partner in charge of risk. The company plays the derivatives markets with leveraged portfolio's... get the numbers wrong, and you go out of business. Struve keeps O'Connors numbers between his ears and became a partner at O'Connor right after attending MIT where he was Fisher Black's student and assistant. He downplays what he did for Black, "nothing more than a few odd jobs" he growels. Struve, generally speechless delivers some remarks that his partners interpret as wild enthusiasm after the presentation by prediction company. "We believe there are edges that can be collected because the market is not quite efficient" he comments. "You have to work hard and do your homework and be in the right place at the right time. There's no magic system. All the technical stuff about moving averages and trend lines is a lot of garbage. But there are statistical anomalies that are evident in the broad band of data. The anomalies are hard to find and take advantage of, but with the right microscope and the right hedging you might be able to do it. You peole are on the right track. It looks good." There are two things you need to make a good trader Struve advises, "you have to understand the math and you need street smarts. You don't want to be the guy with thick glasses who is reading the data sheet just when the freight train is about to roll over you." Interesting to note that from what I can gather, these guys trade only the largest most liquid stuff. DAK

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