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Strategies & Market Trends : ahhaha's ahs -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (450)	11/7/2000 6:42:14 PM
From: Bilow	Read Replies (1) \| Respond to of 24758

Hi Grace A. Zaccardi; At the micro level, prices are more predictable than at the longer term levels. The reason why you can't make money from it is because of the spreads. The most obvious way to check for randomness is to observe the sequence of fills at the bid or ask. If they were random, you wouldn't see the long runs of executions all at either the bid or the ask. For the longer term, the best proof that prices are not random is to look at the tails of the distributions of price changes... -- Carl