TAKFAI, Regarding the SEC and government investigations, if I thought that these "investigatons" were prompted by an interest in the well-being of investors who want to self-manage their money, I would say "go for it".
However, I believe that these investigations are being driven by high-rolling, private interest groups that want to return to the "Old Order". The driving force is very large investors and very large, old-line brokerages. Because of the opening of the markets, new technologies and new, low-cost on-line brokerages, stock commissions are lower and overall business is down for these old-line brokerages. The old guard is being suffering. These investigations are their last-gasp chance at gaining back their old glory (fat chance).
Several articles about day-trading, especially those in the Wall Street Journal and other New York-based periodicals, have been VERY negative. They talk about how many non-professional investors loose their life savings, "day trading". The interesting thing about these articles is the message. Although the articles mention the financial hype-artists, the underlying message seems to be that "day trading" is bad.
Also, the investigative commissions are staffed with senior members of major, old-line brokerages. This is like asking IBM to be part of a team investigating Microsoft.
Frankly, I believe that we, as responsible citizens, should write our U.S. Government representatives and make they aware of this situation. Tell them that the investigative team needs to be investigated.
That's one man's opinion.
Regards,
Dan. |
