Stocks & Commodities V.

22:3 (8): Opening Position by Jayanthi Gopalakrishnan

March 2004 • Volume 22, Number 3
OPENING POSITION
The Traders’ Magazine TM

EDITORIAL
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T
Editor in Chief Jack K. Hutson
Editor Jayanthi Gopalakrishnan
Managing Editor Elizabeth M.S. Flynn
here’s no doubt that changes and
Production Manager Karen E. Wasserman innovations in technology have
Art Director Christine Morrison changed the way we go about our day-to-
Graphic Designer Sharon Yamanaka
day activities. These changes, not surpris-
Assistant Editor Jennifer Agee
Technical Writer David Penn
ingly, have also made their mark in the
Staff Writers Dennis D. Peterson, Bruce Faber trading arena, making it easier for indi-
Webmaster Han J. Kim viduals to participate in the markets and
Contributing Editors John Ehlers, Kevin Lund,
Anthony W. Warren, Ph.D. giving us all the ability to take control of
Contributing Writers Don Bright, Thomas Bulkowski,
Martin Pring, Adrienne Toghraie, Arthur A. Merrill
our own finances.
During the time the markets displayed
OFFICE OF THE PUBLISHER a bearish trend — between 2000 and early
Publisher Jack K. Hutson
Credit Manager Linda Eades Gardner
2003 — we didn’t hear much in the way of
Industrial Engineer Jason K. Hutson technological developments. But now that the rally appears to be taking off —
Project Engineer Sean M. Moore
Promotions Coordinator Mike Flynn
although I have to admit I expected the broader indexes to fall even further before
Accounting Assistants Jane Leonard, seeing this rally sustain — we may start seeing new technological developments
Paula McKinnon
Controller Mary K. Hutson enter the trading field.
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he introduction of new technology, as you can find out from reading David
National Sales Manager Edward W. Schramm
Classified & Web Sales Chris J. Chrisman Penn’s article in Technical Analysis of STOCKS & COMMODITIES this
Production Coordinator Karen Moore month, “DAT To The Future,” has seen unprecedented growth in online brokerages,
CIRCULATION direct-access trading, the introduction of electronic markets such as the GLOBEX, and
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1 206 938-0570 Fax 1 206 938-1307 24-hour currency trading, to name a few. We have come such a long way that it is
[email protected] difficult to imagine what more we can expect. But there is a lot more, and to get some
Subscription Manager Sean M. Moore
Assistant Subscription Manager Sheila Peterson
idea what, we spoke with David Norman, director of electronic market development
Subscription Sales Agnes Dimaano, Camille Ball, at Illinois Institute of Technology. After reading the interview, you’ll realize that the
Heidi Peterson
world of trading has a lot of catching up to do.
WEBSITE But with more and more information comes complexity. And one of those
http://www.traders.com
Staff members may be e-mailed through the Internet complexities arises in the reliability of data — volume data, for example. In James
using first initial plus last name plus @traders.com
Kellndorfer’s article, “Will The Real XAU Volume Please Stand Up?” the author
Authorization to photocopy items for internal or personal states that volume data doesn’t necessarily provide an accurate picture. But that
use, or the internal or personal use of specific clients, is
granted by Technical Analysis, Inc. for users registered with doesn’t mean you can’t depend on your data provider. From this article you will find
the Copyright Clearance Center (CCC) Transactional Report-
ing Service, provided that the base fee of $1.00 per copy, plus
out that there are ways around any existing unreliability — this is just an example
50¢ per page is paid directly to CCC, 222 Rosewood Drive, of something to be mindful of. With more technology there’ll be more options, and
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those organizations that have been granted a photocopy with more options, there will always be more complexities.
license by CCC, a separate system of payment has been
arranged. The fee code for users of the Transactional So brace yourself for new technological innovations. There’s a lot in store, and
Reporting Service is: 0738-3355/2004 $1.00 + .50. plenty to come that you may never have expected.
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Technical Analysis of STOCKS & COMMODITIES™, The
Traders’ Magazine™, is prepared from information be-
lieved to be reliable but not guaranteed by us without
further verification, and does not purport to be complete.
Opinions expressed are subject to revision without notifi-
cation. We are not offering to buy or sell securities or
Jayanthi Gopalakrishnan,
commodities discussed. Technical Analysis Inc., one or Editor
more of its officers, and authors may have a position in the
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