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Technology Stocks : Excite [XCIT], an exciting stock to own in 1999! -- Ignore unavailable to you. Want to Upgrade?

To: ViperChick Secret Agent 006.9 who wrote (1402)	4/20/1998 9:48:00 PM
From: Helios	Read Replies (1) \| Respond to of 3183

Lisa concerning your reference to the Gould and Kleidon paper. First it's nice to see that there are at least a one person on SI who is willing to look at academic research into the markets. Since I am not that person I hope you don't mind a few questions concerning volume. You just pointed out that much 59% of the volume on the Nasdaq is market maker churning (that in itself is incredible and confirmation that it is risky, to say the least, to trade on the behavior of the market vs. fundamentals), do you know how the investor portion breaks down with respect to day traders, short term traders (< 1 month) and long term traders. How much is computer generated? Presumably the great majority of stock is held by long term investors but for the most part it is the short term traders that determine the day to day fluctuations in stock prices. One always read explanations of why a stock moving i.e. `It's the momentum players piling into the stock' but what is that based on. Has anyone ever taken one day of trading on one stock and gone back and literally asked everyone who bought and sold on that day what their motivation was? How do they classify themselves? I have been doing a lot of reading on investing in the markets and it amazes me how all the books contradict each other. There is an incredible amount of Voodoo, tea leaf reading, and other superstitions brought to bear so your reference to an actual research article caught my attention, thanks.