Well hey, the markets still have repeatable patterns that can be identified and taken advantage of for a profit. That is all that matters. Now if we had total chaos and a complete sense of randomness (which is not probable for anyone even a participant that is causing it) then we'd be in trouble, but again, not probable. So if this is as "bad" as it is going to get, then I don't feel "bad" at all . Discretionary with limits & rules is cool.
Program Trade Program trading is defined as a wide range of portfolio trading strategies involving the purchase or sale of 15 or more stocks having a total market value of $1 million or more. One example is index arbitrage. Index arbitrage is defined as the purchase or sale of a basket of stocks in conjunction with the sale or purchase of a derivative product, such as index futures, in order to profit from the price difference between the basket and the derivative product. Other examples of program trading strategies are liquidation of facilitation's, liquidation of EFP stock positions, and portfolio management, which includes portfolio realignment and portfolio liquidations. The NYSE's program trading statistics are aimed at assessing the impact of these transactions on the normal functioning of the market. Daily program trading activity is calculated as the sum of shares bought, sold, and sold short in program trades. The total of these shares divided by total reported volume then provides a percentage which illustrates the relative importance of program trading during the period in question. This method is not the only way to measure program trading. One alternative would be to examine buy programs as a percentage of total purchases; another would be to examine sell programs as percentage of total sales. A third alternative is to calculate program purchases and sales as a percentage of total purchases and sales or twice total volume (TTV).
Wow that's funny, I bet the many ex-Level II traders will agree with you. NOT!!! Come on now, you see the fragmentation of orders left and right. NYSE is next and there will be a wash out of traders who previously relied on specialist & the slow a$$ open book. How's that for speeding up? Way too many traders do a mechanical style that is much better peformed by computers.
Traditional TA technical analysis is over and has been over. Time to find a new racket to to gamble in.
program trading or automated trading is a very broad field. some programs arbitrage, some hedge, some fill large blocks, and some do high frequency patterns. there are many parameters that are set (and continually tweaked) to get these things to go. There are also algorithms that exploit the inefficiencies of the current algos. Lots of money to be made, great business if you can get it.
isn't it obvious that if there is any system that exploits mathematical concepts to buy/sell that it will soon be obsolete?...the markets operate on a math that has not and more than likely will not be discovered by humans...it would be the equivalent of correctly picking lottery numbers everytime...not to say that automated systems don't work...mostly not for any of us...but there will always be a winner and loser if it comes down to just math and it will trade off back and forth with no consistency...which one will you be?