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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: James F. Hopkins who wrote (58629)7/12/2003 11:33:18 PM
From: lurqer  Read Replies (1) of 65232
 
the other day "program trading was 50% of the volume"

With few setbacks, the machines continue to be a larger and larger share of the market. While to some extent they may cancel each other out, I doubt that is totally true. Until you posed the problem, I hadn't considered what interaction might occur between the machines and a highly manipulated market.

CAN MAKE FOR EVEN MORE VOLATILE TRADING

and

If we do a dump with rates this low,
the result will be worse than any we have
seen so far

Could be just my predilection, but I don't believe a manipulated market is as stable as one that hasn’t been "juiced". I can envision several scenarios in which machines could amplify any instability. Greenspan is juggling bottles of nitro. Doesn't mean you should never go long, but it does put a premium on staying nimble.

JMO

lurqer
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