any forumer knows how unit trust buys shares? do they buy in huge bulk? or many small lots? 
is 'programmed trading too technologically and mathematically sophisticated for most instituitions'?
do we really 'lack of global macro players'? if bring a butter knife to a gunfight, of coz kenot compete global la   

do unit trust use sharebrokers to sit in front of pc & key in order daily or use technology to break down their huge order into small batches? 
do most hedge fund use technology or they prefer to stay in the stone age 

no idea & use google search to pick up khabar angin, just read for fun & no need get so uptight, coz no fund manager read lyn & dun think they use siput method to invest either

http://www.bloomberg.com/news/2010-10-06/t...ew-cowboys.html

http://www.cross-currents.net/charts.htm

http://hftsecurityrisk.com/

Let’s say you are a mutual fund that wants to buy one million shares of Microsoft (MSFT). This is such a large order that you are worried that you may move the market up with your trade. Therefore, in order to make sure you don’t pay more than you want per share you put in a limit order. Let’s say the stock is trading at $24.95 but you put in a limit order (i.e. the most you are willing to pay) of $25. Many mutual funds use what are known as VWAP (Volume Weighted Average Pricing) trading algorithms to execute these large trades. The problem with these algorithms is that even if they break up the buy orders in smaller batches (i.e. not all one million shares in a single trade) they create patterns that the HFT algorithms can sniff out.

http://inoculatedinvestor.blogspot.com/201...e-stealing.html

Smaller exchanges have to pass along big orders to the big exchanges if it looks like they can't fill them. To avoid this loss, they "flash" these orders to big customers for less than half a second. The hope is that big players will help fill the order, splitting the fees with the small exchange.

But this also gives the insider an advance look at a trading price you and I never see. Mind you, it's a half-second advantage; you and I couldn't do anything with it anyway. But those with HFT systems can. Here's another thing about flash orders that doesn't seem fair. By pinging most of the market every few milliseconds, a good HFT system can sense overall supply and demand for a stock. When it sees a flash order to buy a stock for which it knows there's limited supply, it'll go out and sop up all the available stock ahead of that order. It can then resell the stock quickly for a profit.

"They know about the order and can beat everyone to the stock because they have a faster system," says one hedge fund manager. "They front-run and drive the price up ahead of everyone else.

http://articles.moneycentral.msn.com/Inves...ors.aspx?page=3

A third of all EU and US stock trades in 2006 were driven by automatic programs, or algorithms, according to Boston-based financial services industry research and consulting firm Aite Group. Most strategies referred to as Algorithmic Trading (as well as algorithmic liquidity seeking) fall into the cost-reduction category. Large orders are broken down into several smaller orders and entered into the market over time. This basic strategy is called "iceberging"

http://www.cross-currents.net/charts.htm

http://www.nobletrading.com/algorithms.php

http://www.businessweek.com/news/2010-03-3...-in-stocks.html

http://www.barx.com/equities/algorithmic/index.html

http://corp.bankofamerica.com/public/publi.../ets/agencyalgo