With reference to using today's published numbers in your model .Don't you
believe that the effect of program trading is negligible due to the fact that
over a period of time the buy program volume cancels out the sell program
volume?
I do believe this and I do use volume in my models. As long as you are of
the mind that either volume proceeds price or one needs volume to extend moves
then I am of the opinion that you will still be using the volume numbers we have
available to us.