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Yuki,
IMHO fast desktop processors & programs like AB do for trading what
3rd and then 4th generation programming languages did for
programming. Unfortunately a lot of the time this just amounts to
more people making stupid decisions faster, especially after they've
all read the same theoretical texts.
--- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxxx> wrote:
> Hi Fred,
>
> Monday, October 20, 2003, 6:38:20 AM, you wrote:
>
> F> Market behavior will continually change after that ...
>
> F> Change ? from what ? into what ? I guess this is the part I
don't
> F> follow. To me there is nothing new in market behavior now that
> F> didn't exist last month, last year, last decade, last century,
but
> F> clearly those that take a short sighted view of history and the
> F> market action that made up that history will clearly never see
it.
> F> It's a forest and trees thing ...
>
> In terms of human behavior, nothing has changed, and nothing is
> likely to change anytime soon. But there have been not-so-subtle
> changes in market behavior. I would cite as one example, the
> explosion in program trading. We all know this bogeyman has been
> around for a while (remember, it was the scapegoat in 1987, when it
> was just a small sliver of the total pie), but I wonder just how
many
> people understand what a market driver this has come to be, dwarfing
> its influence of just a few years ago.
>
> About a decade ago, programs accounted for about 15 percent of total
> volume. Today, programs are accounting for more than 40 percent of
> total volume (more than 500 million shares a day in the US, or
nearly
> the entire average daily volume of just a decade ago) and the
> percentage of volume attributable to programs seems only to rise.
So
> there is one instance in which I would suggest that market behavior
> has changed. However, I largely subscribe to the spirit of what you
> are saying.
>
> Yuki
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