WallStreet, Machines & New Market Reality

The New York Times, in a fantastic piece today, writes about the changing profile of the Wall Street Trader. The new traders — coders with Ph.D –rely on massive computers, alogrithms and exotic strategies by extracting money using exchange-traded funds. ETFs, to me are a sign that Wall Street is not about people. Instead it is bots trading against bots. Fundamentals don’t really matter anymore – as long as there are events to move the markets, up or down.  [The New York Times]