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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: bart13 who wrote (87805)	10/20/2007 9:08:25 PM
From: Joe Stocks	Read Replies (1) of 110194

Program trading number for the last couple of weeks is puzzling. A week ago or so I posted here where 'public participation' (I refered to it as retail) volume for September was way down from last year. The last two weeks, since October 1st, retail volume is up and program trading is down. That doesn't seem right Something had to have changed in the way they calculate program trading. The main reason I say that is that program trading for basically ALL firms is suddenly down. When I look at the program trading numbers each week I look at how the top six compare with the others (others being all the other firms reporting program trades). If you look at the volume of the top six you will see that volume starts to drop off strongly after on the others. Last week the top six saw program trading drop 22% from the last week in September. All the others reporting showed total program trading volume down 21.4%. The lesser active firms cut back as much as the big program trading firms. That seems odd to me that slowdown activity was nearly equal on average between the two groups. What is also strange is retail volume spiked 25% at the same time. In addition. program trading was dowm across the board as the firms reporting as principle, agency, and customer facilitation. In my opinion, something isn't right. I have been watching the weekly program stats for years. A change in behavior of this magnitude so quickly doesn't add up. Reported program trades are trades of 15 or more stocks worth over $1 million. Maybe a new program is in place that can split the programs into smaller non-reportable trades. Who knows?

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