champagne corks are popping, page-17

Rager

I think what you are not taking into consideration is the "churning" activity which is typically used. It is not about selling a holding....it is about trading a holding between brokers and/or various fund vehicles that have the same interests or common ownership/management. This therefore does not involve a large overall reduction in the holding, but trading from one fund to another or to one or another broker. Yes, there might be a small loss on trading, but the strategy is to maintain the trading range to allow overall growth in the holdings.

If you want to see evidence of this simply review a few recent substantial shareholder notices from one of the large instos. You will typically see buys and sells by different brokers on the same day...net sells one day, and net buys the next etc. That activity is clearly done with a strategy in mind. The evidence of managing the market is there in black and white.

The point that I really wanted to make is that newbies could read your post and think that all trading activity is Kosher...and it is patently not!

regards
DF