SEC Chairman Takes On Day Traders and Online Brokerages

from the common-sense dept

SEC Chairman Arther Levitt spoke about the dangers of today's market where day traders are trading completely without fundamentals, and online brokerages are encouraging them. This is something I've believed strongly for a long time, but I doubt that speaking about it will make much of a difference. Most day traders will probably react with denial, and keep on going. The only thing that will cure day traders is a crash.