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Article: In praise of day traders.(debate over the influence of electronic day traders in the ongoing bull market in stocks)(Brief Article)
- Article from:
- The Economist (US)
- Article date:
- May 15, 1999
CopyrightCOPYRIGHT 1999 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The geeks who spend their days dealing in shares online are not all bad
LEAVE your job, log on, click and--hey, presto!--you too can turn into the newest pariah of America's stockmarkets, an electronic day trader. In the 1980s, it was Wall Street's takeover barbarians. Today it is the amateurs in jeans and sneakers who sit in front of a computer and trade 40-50 times in a day. Just as they did with the Gordon Gekko types in the 1980s, Wall Street's great and good are demonising day traders, accusing them of distorting the stockmarket and causing volatility in share prices. Arthur Levitt, chairman of the Securities and Exchange Commission, does not even ...