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Non-Tech : Interactive Brokers / Timberhill
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To: David Loomis who wrote (2446)1/17/2002 5:32:57 PM
From: Dan Duchardt  Read Replies (3) of 9012
 
Hi Dave,

shows death spike of 1/3/01 in nqh1.

Yes, but ... seems to me a whole different sort of animal when there is a discontinuity in the market triggered by some economic event. As huge and deadly as that jump may have been, I would not call it a spike. What happened this week, though on a smaller scale, was truly a spike with no accompanying change in market direction or sentiment. Whether intended or accidental, it was a short term event with no economic basis that served no other purpose than to transfer large amounts of money from the unfortunate who held positions that favored the prevailing downward trend into the hands of others who were, in a sense, on the "wrong side" of things.

It's only my opinion, and it don't count for much, but I consider it a defect in the market structure that permits such anomalies to occur.

Dan
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