Nearly everyone on Wall Street is wondering how hedge funds and large banks like Goldman Sachs are making so much money so soon after the financial system nearly collapsed. High-frequency trading is one answer.
And when a former Goldman Sachs programmer was accused this month of stealing secret computer codes -- software that a federal prosecutor said could "manipulate markets in unfair ways" -- it only added to the mystery. Goldman acknowledges that it profits from high-frequency trading,
but disputes that it has an unfair advantage.
Yet high-frequency specialists clearly have an edge over typical traders, let alone ordinary investors. The Securities and Exchange Commission says it is examining certain aspects of the strategy.
"This is where all the money is getting made," said William H. Donaldson, former chairman and chief executive of the New York Stock Exchange and today an adviser to a big hedge fund. "If an individual investor doesn't have the means to keep up, they're at a huge disadvantage."
the examples in the article seem to show that the HFT basically amplifies and deepens a trend, and that can explain why the waterfall last year was so deep, and the rebound so far has been so strong.
so, when the trend changes again, bears can enjoy a much longer time as well.
but, before that, bears need to be double or triple patient.
the examples in the article seem to show that the HFT basically amplifies and deepens a trend, and that can explain why the waterfall last year was so deep, and the rebound so far has been so strong.
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layschips 发表于 2009-7-24 13:06
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发表于 2009-7-24 11:24 AM
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发表于 2009-7-24 12:01 PM
