Market watch National Edition

JULY - In an environment such as this, all sorts of things that would, in more skeptical time, be scoffed at gain a fleeting respectability. You want to sell truck tires online -- no sweat. Even day traders seemed to gain in status. One of that group was quoted as saying that trading in and out of s...

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Bibliographic Details
Published inNational post (Toronto)
Main Author Tom McClellan, Dennis Butler, Gregory R. Spear, Marc Pado and Basil Chapman
Format Newspaper Article
LanguageEnglish
Published Don Mills, Ont Postmedia Network Inc 31.07.2000
Subjects
Tires
JULY 21
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Summary:JULY - In an environment such as this, all sorts of things that would, in more skeptical time, be scoffed at gain a fleeting respectability. You want to sell truck tires online -- no sweat. Even day traders seemed to gain in status. One of that group was quoted as saying that trading in and out of stocks dozens of times a day had become a "real profession." Really? What kind of business loses money overall and creates no lasting value except the commissions paid to the hucksters who promote it (who, if they are smart, do not engage in the activity themselves)? Perhaps they do serve a useful function, akin to that of the so-called "locals" trading in the commodity pits in Chicago: small traders for their own accounts who take on risk and provide liquidity, enabling the markets to function smoothly. Somehow "providing liquidity" to permit operators with far greater resources to move their positions more easily does not seem like an attractive business to us.
ISSN:1486-8008