July 27 (Bloomberg) -- High-speed trading in the U.S. stock market may face its biggest threat after Senator Charles Schumer proposed prohibiting so-called flash orders. Schumer, the third-ranking Senate Democrat, urged the Securities and Exchange Commission to ban the practice in which some equity exchanges hold orders to buy and sell shares for a split second before publishing them on competing platforms. Nasdaq OMX Group Inc., Bats Global Markets and Direct Edge Holdings LLC, which handle more than two-thirds of the shares traded in the U.S., offer flash orders to their customers. Schumerâs July 24 letter raises the stakes in a debate over whether computer-driven trading by hedge funds and Wall Street firms gives them an unfair advantage over other investors. While flash trades make up less than 4 percent of U.S. stock volume, theyâve drawn criticism from the Securities Industry and Financial Markets Association, Wall Streetâs main lobbying group, and New York-based NYSE Euronext. âItâs an arms race driven by technology,â said Sang Lee, managing partner at financial-services consultant Aite Group LLC in Boston. âSomeone like Chuck Schumer getting involved in the process will create a deeper conversation about where the whole market is headed.â http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aZwoslIGa5JQ
Come on nazz, Kostin from GS has already "decided" 1070 is THE target. Funny enough, it's then 1.38 Fibonacci extension of March lows at 665.75 and June' s high of 957.50. I suppose Mr. Kostin just walked out of his office, walked the corridor to the office of one of the new fresh-from-university inhouse analysts who coincidentely was studying his next private trade on a Bloomberg terminal...
1) A 50% rally of the S&P-500 creates an upside objective of 1000, a "round" number. 2) A 62% (fibonacci) rally produces a target of 1077, approximately equal to your 1070. 3) I have used "zero-point-three-eight" for retracements but not for advances.