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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Dan Clark who wrote (6714)	1/30/2000 3:38:00 PM
From: LPS5	Respond to of 18137

Dan, If the SRO's (NYSE/NASD) or big firms are trying to roll back the clock to the 70's and 80's, they're going to fail, plain n' simple. I put my faith and confidence in the SEC, as they have - at least on issues I've watched closely - almost always jumped in at the last minute to keep things (even those which at that point seemed foregone conclusions) balanced and equitable - at least as far as I saw it. <g> The SEC deregulated commissions in 1976; they blocked any number of what would have been radical, playing-field-tilting SOES alterations throughout the 90's; they are forcing the equities (and options, btw) exchanges to compete in ways they seem not to want to and probably wouldn't until forced (i.e., Rule 390). They put in motion the rules that would lead to the development of ECN's, are pushing for decimal quoting, cracked down on penny stock fraud, and generally have made the world safer for individual investors than it was previously. I'm hoping that the SEC sees the broad brushstrokes with which the "pattern daytrading" measure is painted. In my humble opinion, the definitions are far too all-encompassing. I do think, at the very least, that there should be a grandfather clause incorporated into it. If they see it as such, great. If not, we regroup, and as Alan pointed out - and as I and many others have been doing for some time now - move toward a more position trading-oriented strategy (Sorry, I hate the term "swing trading." Positions are traded, swing is danced). LPS5