Riding The Waves of HFT / TA / Other Market Timers
Has anyone done research regarding what percentage of the overall market action comes from High Frequency Trading, Technical Analysis based algorithms, or other Market Timing trading strategies?
I realize most here have the majority of their assets allocated to buy & hold index strategies. But I'm wondering at the end of the day how much of the market (which is the return we'll get) is driven by fundamentals vs these other strategies?
These other strategies seem to be self-fulfilling prophecies for the short term and their "accuracy / self-fulfillment" increases as more people "buy" into them.