No need for two hostile replies to my post, ac. That you felt the need to repeat yourself says more about you than it does about me.
BTW: Sarcasm (or wit if that's what you were attempting) isn't your strong suit. Next time you want to go on the offensive, pick another tactic.
couldn't agree with you more on all your points
again, pappy you are the benjamin graham textbook investor. So glad to hear that such a trading philosopy can be applied in a practical way, as in daytrading.
<< that tens of thousands of people who were burned in 2000 learned the wrong lesson. They have convinced themselves that any high-flying internet company is living on borrowed time, rather than that their own greed can lead them to think they can make a fast buck with simplistic thinking. >>
some day they will forget and the money will flow back in the stock market, for another slaughtering. At the moment, they are coontent with playing with real estate. Psychology , greed rules the markets in the short run. FA wins out in the end. IMHO
maybe you need to follow the discussion more closely
you are just rehasing old stuff
<<I live in NYC and these are the people I hang around with. (mm's and traders)>>
I WANT TO BE YOUR FRIEND
I'm not mainly a day trader. Most of my money is conservatively invested long term in DIA, IWM, NTGR, and PEET -- and I sell covered calls to improve my returns in what I have seen for years as a slowly expanding economy.
With Google I have been day trading for fun and profit using my once-terrible, much improved, sense of company fundamentals -- along with what I have convinced myself to be a good sense of the psychology of GOOG investors. I'm a statistician, too, so I pay a lot of attention to the relationship between volatility and odds of returns on options -- particularly credit spreads.
I have mainly taken long positions since December for a variety of reasons including stellar earnings and the sense (oft confirmed by visitors to this board) that tens of thousands of people who were burned in 2000 learned the wrong lesson. They have convinced themselves that any high-flying internet company is living on borrowed time, rather than that their own greed can lead them to think they can make a fast buck with simplistic thinking.
I have gotten out and even reversed positions when I feel that there has been an over-reaction to news or in anticipation of insider trades during times of very low volume. Both longs and shorts in this stock are eager to see things in black and white terms, and it leads to unrealistic swings in both directions, IMO. That will change over time, no doubt -- but I've bee successful/lucky beyond my wildest dreams over the past few months taking advantage of that fact.
You're right. It's nothing to worry about at all, and what I described has always been the way of open markets. There is no set price. The price is what buyers are willing to pay. So if a market maker pushed the price up and he still has buyers, so be it. If the stock then hits a ceiling, and there are no more buyers, the mm will short it.
All legal, all logical, goes on all day long.
Although if you're ever interested, the whole process is actually pretty interesting.
Anyway, no one's "fleecing" anyone. The price of a stock is what buyers are willing to pay. If they buy too high and the price goes back down, oh well....
<<Pap and ac and maybe you, too need to do a little reading. >>
It really isn't a concern. I can make money despite
them so I don't care. I'm not the trader they are
fleecing in this market and since I'm not the SEC I
won't even bother with them.
I learned something some years ago that has
served me very well over the years. Never worry
about what you can't control. If you do you will
cloud your thoughts with anger and lose your
thinking and your peace. If your only focus is about
what you can control you lower your workload and
your stress level and you can actually go about
solving problems. The MMs have their Maker to
answer to one day and so do I. I won't be punished
or rewarded based on what they did in this life and
vice versa so why worry about it?
Paranoid? Uh, no. Pap and ac can believe what they like. I live in NYC and these are the people I hang around with. (mm's and traders)
Pap and ac can choose to not believe that either. Who cares?
Listen. Market makers are not ticket takers at the movie theatre. They have to make a living too. Not only that, there's nothing at all illegal about the way they make their money. Pap and ac and maybe you, too need to do a little reading.