Interesting paper on wash trades, ie. 'churn and burn'.
Looks like it's quite profitable. The big days in specs are sometimes run up and managed by instos. Keeping the volume ticking over will always draw in traders.
What does it look like when instos are running a big day? Well, I reckon it's often a low volatility 45 degree line, often a double or triple top on the intradays charts over successive days. Any thoughts on this?
