there are tidbits in here that may be of use. excerpts:
''So many traders with very short-term time horizons have made the market a lot more Nintendo-ish.''...Individuals Move Markets ...
''Individuals are now taking the thrust that institutions used to have in moving markets,'' said E.E. ''Buzzy'' Geduld, president of Herzog Heine Geduld Inc. ... Day traders generate 60 percent of Knight/Trimark's trading volume ... Investors using the Internet now do about 440,000 trades daily, or one in seven U.S. stock transactions. There are now 6.4 million online brokerage accounts, according to research firm International Data Corp., which expects that figure to double by the end of next year. ... Even the New York Stock Exchange is bending to the trend, proposing a 19-hour trading day aimed partly at small investors who have little access to after-hours trading. The NYSE may also buy an electronic network to trade Nasdaq technology stocks. ... I don't study companies, balance sheets or income statements,'' he said.
He just wants to buy a stock, wait for it to rise, and then sell it to someone else before the price slips again. ''It's a game of musical chairs,'' Dollis said. ... Island ECN
Electronic trading systems such as Island ECN will execute trades in any stocks, no matter how rapidly they move. They match buyers and sellers without using traditional market makers.
Island, which is owned by Datek Online Holdings, uses a room full of PCs to match buy and sell orders, resulting in 250,000 trades a day made outside of any exchange. Its reported daily volume of 95 million shares is equal to almost 10 percent of the Nasdaq's billion-share daily average. ... Day traders say they move too fast to get burned. ...It may take a profound decline in the market to find out just how much power these amateurs really have
bloomberg.com
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