Can a market be defined. No, a market is more a notion than a fact. Many, maybe most, think they know exactly what a market is. Ten people will give you eleven opinions.
Today's spot dairy trading on the Chicago Mercantile Exchange (CME) is a case in point. Block Cheddar fell $0.135 to close at $1.88, a drop of 7 per cent. April Class III futures fell -$0.75.
If there was any evidence of new players running on the the trading floor with new breaking news, it would be one thing. But, it appears to be the usual gang of thugs.
Without significantly different players, what can be said, positively, about the quality of information the main players hold?