Good points of view as always. These different perspectives are what 'makes the market'. I think Grove was simply offering his thoughts (which I've found immensly valuable); the same as you - it's ultimatly up to the individual to make the decision that best works for themselves based on this (but you know that). I'm a culprit of attempting to read between the lines - but I also like to backup thoughts with real data and/or conversations direct with Pancon. To be honest...I just want to see retail get the upper hand for once over institutions....carry a bit of a chip on my shoulder... Anyway - here is a month worth of broker data, as the sp accended out of the dip.
Some key observations for me:
- Euroz net selling.
- Morgan Stanley accumulating/building a position.
- Commonwealth (retail) - bit of buying, bit of selling.
- Merrill Lynch up to their usual algorithmic games (400+ buys, 284sells...to accomplish not much - they are likely a marketmaker).
- Approx $6m bought and sold in total.
Would be interesting to look at most recent T20, now that we've been through the rough patch - my guess would be not much has changed.
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