CP - I think you hit the nail on the head: "OLD TIMES." It seems nearly impossible for many investors (or at least me) to interpret market signals under the new back box paradigm. I wonder if the new obsession with "liquidity" is not harmful to the long term investor. I also question the market maker exemption to short selling. When you couple that with algo trading, there are virtually unlimited shares to play with. I am beginning to suspect that algo trading had a lot to do with driving the price and volume in March, and that there may have been no other underlying reason for that level of activity. There have been comments about supply and demand. But is any of that relevant when the supply curve becomes skewed to nearly infinity?