Call 201-585-6350 and talk to CNBC regarding the new SEC regs on daytrading. CNBC says they had no idea this is going to happen. This may be the way to get the publicity we need. Be patient looks like a lot of people may try to get through.
I sent CNBC several e-mails during the past few months, to Squawk Box and Power Lunch, regarding the new margin rules, their arbitrary unfairness to "small potato" traders, the potential for quicker financial ruin for those with access to 4:1 margin, and possible market impact in terms of liquidity in an already tepid market environment. As I expected, no mention or reply. -v
What is CNBC going to do? You will hear how good a development this new rule is because it protects the little guy and will discourage people to throw away their savings trying their hand at daytrading. Disgustingly dumb as usual.
Kicking, I've heard from some people that CNBC were suprised at the new rule and didn't care for the idea. Not everyone on CNBC is a complete moron.
It is definitely case that CNBC wouldn't be happy with this rule. The only thing that CNBC worries about is it's advertisers and ratings. If they think that this rule will affect their advertisers and ratings they may try to do something about it. I'm noticing that most online brokerages are trying to underplay the importance and effect of this rule to their bottom line. And even though I do not expect the volume to go significantly down their profits will. If a broker like Datek charges $10 per ticket, where do they make more profit? On a guy who trades 300 shares or the guy who trades 3000 shares. Well, the guy who trades 300 shares will not be there any more. This businesses are suffering as is, this rule will make things even worse. Can you imagine owning a bar and goverment makes a rule that you can sell only one drink per day to any customer who makes less than $50,000 a year.
Here's a little coverage on the subject... let's hope for more. http://www.thestreet.com/markets/taleofthetape/1524730.html
CNBC only wants to chase the easy story.The only guy on there with much experience is Joe Kiernan.At least he was a broker before and understands what clowns the sell side anal-yst are. He spoke at my company a couple years ago.He talked a little "off the recoed"about some of the dumb asses they have on.Some of the guests are only on because they have nothing else to do or a person of substance cancelled on them.
Joe Kernan?!? Give me a break! A rabid dingo could do his job.He's more concerned about his hair than being a journalist. Maria, Joe and the bald guy (what's his name?) have got to go before CNBC can be a source of good info. But that would ofcourse mean that the people behind the scenes who are responsible for such stupid programming would change also. CNBC constantly puts on absolutely idiotic people. I can't for the life of me remember how many times, they put on Freulich or some other dumb ass who's past picks are down 48%. Mean while, there are gems like Doug Kass, Todd Harrison, Bill Fleckenstein, etc who don't get any lime light.
Ron Insana is the bald guy. I heard that Bob Pisani is going to talk "a little bit" about the new rules in an afternoon "trader talk" segment early next week. It should be neutral, giving a comment about each side of the argument, then a "we'll see what effect it has on the market" comment.