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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk -- Ignore unavailable to you. Want to Upgrade?

To: bearshark who wrote (16518)	6/17/2004 9:37:51 AM
From: robert b furman	Read Replies (3) \| Respond to of 207795

Hi bearshark, We always hear about "program Trading". Does anybody really know what the actual working definition of pragram trading is. A sector by sector pump and dump. Sector wide scalping Most likely many diverse plans. I'd love toi hear from someone who's really done some actual program trading!! Bob

To: bearshark who wrote (16518)	6/17/2004 7:59:41 PM
From: Chip McVickar	Read Replies (2) \| Respond to of 207795

Hi bearshark, From a pure charting technical point of view, imo.... program trading is not much of an issue. On a fundamental basis.... is it changing the market psyche.... I don't know....? I figure most program trading is swing work.... not position trading.... So it might be accounting for the locked spreads without direction and the quick reversals that we're seeing. Whatcha think of that....? In the end...., maybe even the second string jockies are on Martha's Vinyard for the summer while computer nerds are running the office. <smilea>

To: bearshark who wrote (16518)	6/17/2004 9:00:29 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 207795

>>Prior to the last couple of years, the 25-day issues indicator was fairly accurate. Back then, the program trading amounted to about 35 percent of NYSE volume. Now, it is 10 to 15 percent higher. This is a managed market and adjustments are needed.<< In this light volume... program trading could well be taking the place of the general public, Uncle Joe and Aunt Mary's investment club..... minus "big news"... we can probably expect these type of caustic tight trading patterns to remain for the summer. How program trading is managing to manage the market and the type of charts it's producing is an excellent question and very possibly the most important one for those who face trading in the future....