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pelagius
09-11-2007, 07:30 PM
Shameless self-promotion: I am quoted in an article in this week's Investment News:

http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20070910/FREE/70910009

Not that I am saying anything particularly interesting, but after my recent shutouts in the Wall Street Journal and Reuters (my coauthor kept getting the quotes, she's much more quotable than me) I will take what I can get.
MikeWaters
09-11-2007, 07:33 PM
Ha, Mr. Brooks took a shot at you.

I'm siding with the people that don't like the removal of the uptick rule.
BYU71
09-11-2007, 07:35 PM
Hedge funds, program trading, etc. should have a seperate market they can go play in.

The old saying they provide liquidity to the market is bull crap. They provide excess's to the market.
pelagius
09-11-2007, 07:36 PM
I'm siding with the people that don't like the removal of the uptick rule.

But only because you are anti-pelagian and not because you are worried about the tiny increase in 5-minute volatility and the 0.18 cent increase in quoted spreads.
MikeWaters
09-11-2007, 07:39 PM
But only because you are anti-pelagian and not because you are worried about the tiny increase in 5-minute volatility and the 0.18 cent increase in quoted spreads.

I have no idea what you just said.
pelagius
09-11-2007, 07:44 PM
I have no idea what you just said.

I will make it worse. The uptick distorts order flow and forces short-sellers to shadow the ask because the specialist will change marketable orders to limit orders. This leads to a thickening on the offer side of spread and an artificial narrowing of the spread. Thus removing the uptick rule leads to a slight increase in very short-term volatility and widening of the spread.

Sorry couldn't help myself. The preceding should have been the quote in the article. That would have been fun.
Indy Coug
09-11-2007, 07:48 PM
I will make it worse. The uptick distorts order flow and forces short-sellers to shadow the ask because the specialist will change marketable orders to limit orders. These leads to a thickening on the offer side of spread and an artificial narrowing of the spread. Thus removing the uptick rule leads to a slight increase in very short-term volatility and widening of the spread.

Sorry couldn't help myself. The preceding should have been the quote in the article. That would have been fun.

Do you kiss your mother with that mouth?