Forum Archive Index - February 2000

["hugh webber" <hugh.webber@clear.net.nz>]

I've no quarrel with the day traders, in fact as I've said before,
I admire their professionalism, dedication, background knowledge
and analytical approach. I'm quite happy to see shares (incl mine)
punished or exalted by day trading as I know its for hard analytical
logical reasons and if it goes the wrong way for me I also know its
a short term result while I picked for long term reasons.
The day traders fill a useful economic niche in providing extra liquidity,
smoothing price fluctuations and making a more informed market.
Its the bods who operate on wetting the finger and holding it up to the
wind, who chase every rumour even when its illogical, who create fads
instead of analysis who get on my wick.
If someone can quote a good reason, set of facts, ratios, comparisons
with similar situations, great but if its on the basis that someone's taxi
driver
thought so and so would be a good tech then we're back to 1931.
Who was it who said when the shoeshine boy is telling you what stocks to
buy 
and what he's got then its time to get out. Ok, we don't have shoeshine
boys
but I guess when barbers and taxi drivers are into telling you what tech
stocks
to buy then its time to start feeling uneasy.

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