In summary, for every guy that is feeding an order out slowly - so as to avoid "market impact" - there is another guy buying frantically at-the-market - in exactly the size of the postponed order - to front-run the market-impact idiot.


If some people didn't believe in "market impact" then big orders would hit the market all at once, and it would be over - eliminating 99% of day-trading opportunities overnight.


It's just silly!


But as long as they keep postponing, we'll keep accelerating!


Like I said in an earlier post, the reason market orders work is only because, and so long as, some idiot is using a limit order. You figure out situations where too many people are inclined to use limits, you go to the market and front-run them, you win.


eLROY