Re: Are there psychological levels in the Dow?
Originally Posted by Simon Willard
For the claim, see http://en.wikipedia.org/wiki/Psychological_level
"When such price is reached by the specific security, commodity or a derivative, the tendency of the financial market participants (traders, market makers, brokers, investors, etc.) is to observe the number and act on their positions (either to buy, sell or hold)."
Fascinating, and a bit disturbing.
"All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind." -- Adam Smith