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Technology Stocks : Semi Equipment Analysis
SOXX 346.30-4.1%4:00 PM EST

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To: Gottfried who wrote (15175)5/15/2004 1:51:19 PM
From: Donald Wennerstrom  Read Replies (4) of 95814
 
Gottfried, That is very interesting data, but I don't know exactly what it means in terms of sustained price movement, one way or the other.

<<Some 53.7% of program trading was executed by firms for their clients, while 40.6% was done for their own accounts, or principal trading. An additional 5.7% was designated as customer facilitation, in which firms use principal positions to facilitate customer trades.>>

I have never seen this type of data before, but the 40.6 percent for principle trading seems high to me - I would have expected less.

One thing for sure, program trading has a big influence on the market - an influence that most individual investors probably don't understand very well.

Don
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