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Pastimes : CNBC -- critique. -- Ignore unavailable to you. Want to Upgrade?

To: Gary M. Reed who wrote (3572)	8/22/1999 8:32:00 PM
From: David Smith	Read Replies (2) \| Respond to of 17683

I totally disagree with you. In my opinion, the focus on "traders" on CNBC is absurd. Traders, whether in the futures pits, on the NYSE, or Nasdaq dealers, are basically glorified order-takers. If you want to talk to traders to get an insight on what's happening at that second in the marketplace, fine, but 1. You would do just as well to watch the market and the futures YOURSELF and interpret what's going on, and 2. The information supplied by traders about what they are doing at any given moment needs to be interpreted as the sentiment of those that actually MOVE the market: the institutional money managers who are giving those very traders their ORDERS. Example: ever watch CNBC's interviews with various specialists like Linda Jay from the NYSE floor? They are morons, robots...can they tell you how their buy/sell book looks at that moment? Yes. But they have NO insight into WHY their book looks like it does. These interviews are so pointless it's laughable. CNBC likes to pass these "traders" off as being the essence behind market movement and sentiment...ie: "traders think this, traders will be watching that today"...when in fact traders do nothing except pick up their phones and execute orders for their clients.