Day traders--and there are a number of them with whom we converse here on this board--should all be stricken with temporary paralysis. While I understand the motive (in a desperate moment, I considered it myself), I can't accept the naked avarice it betrays. We are all avaricious. Avarice, as Bernard Mandeville reminded us in 1705, is what makes the system work but....this vice, like all vices, must make friends with virtue if that same system is ever going to allow for improvement, and not just advancement. So--day traders. Stop it now!!! Because the rest of us are "mad as hell and we're not going to take it anymore!"
I am not a day trader nor do I care much what they are doing. They bring liquidity into the stock. They will miss most of the important moves and do not have much effect on the long term value of your shares. They will in fact go away when we quit channel trading to a great extent.