Crossposted at Daily Kos
hat tip to Inky99 who covered this first in his diary Stock market “Rally” is bogus, volume in market “ficticious”. I thought this subject was so pertinent it need to be expanded on.
From Bloomberg News, Joe Saluzzi, on July 6th, 2009
Saluzzi: ” The volume that you see during the day right now, somedays as high as 12 million across all three exchange, is ficticious. It’s not real, okay. I’m gonna say that 60-70% of this volume that you see coming across, it’s volume, but it’s done by what is called high frequency traders. These are machines. The biggest machine wins the game.”
More on how we are totally screwed one way or the other below the fold.