It has had an awesome bull run. Now, it is worth fading. It is worth legging some short stock in the mid 60's against some long Feb 60 calls (just in case any merger deal were to pop up) looking for a pullback to 50. I think that there has been alot of hype about E*Trade, but the most important story I read is that have fallen to number 3 lately, when they were number 2!
January 29, 1999
Online Trading Rose 34%
In 4th Period, Report Says
By a WALL STREET JOURNAL Staff Reporter
NEW YORK -- Even as regulators voice new concerns about online
stock trading, a report shows the volume of securities trades placed on the
Internet soared 34% in the fourth quarter.
It was the largest one-quarter gain since the report's author, analyst Bill
Burnham of Credit Suisse First Boston Corp., started tracking Web
trading two years ago. Online trades account for 14% of all stock trades,
he estimated.
Firms that cater to active traders, who often trade volatile Internet stocks,
saw the most growth. While Nasdaq Stock Market fourth-quarter trading
volume rose 14%, Mr. Burnham said, volume of stocks in First Boston's
"electronic-commerce universe" surged 47%.
Charles Schwab Corp.'s market share dipped by three percentage points;
the San Francisco company still controls the largest chunk of the
online-trading market, with 27.4% of daily trades.
Waterhouse Investor Services, a unit of Toronto-Dominion Bank, passed
E*Trade Group Inc. to move into the No. 2 slot, with 12.4% of trades;
E*Trade ranked third with 11.8%.
|
