[dynoman]

Ok I’ll play, I use eTrade but that probably isn’t the “market” - would what you call a “market” be the NYSE?

Now, define “efficient” as you think it applies to the market for IBM stock.

[Toddsterpatriot]

Ok I’ll play, I use eTrade but that probably isn’t the “market” - would what you call a “market” be the NYSE?

Yes, the NYSE is a market. Full of speculators. Back to my original question, if you were buying (or selling) IBM in your eTrade account, which of the following markets would you prefer?

Market 1, no speculators 104.50-108.50 20x20
Market 2, many speculators 106.45-106.55 300x300

Now, define “efficient” as you think it applies to the market for IBM stock.

A deep market with narrow spreads. You understand what that means?