The stock market is undergoing revolutionary change: new players, new technologies, new information flows, and new macroeconomic conditions. These changes are radically impacting investors, whether they realize it or not. Now, Wall Street insider Michael J. Panzner shows you how to profit from the changes—instead of being victimized by them. Discover how falling transaction costs and a barrage of data are transforming investment patterns, and how stocks are increasingly being bought and sold like commodities. Understand the impact of electronic trading, instant messaging, and hedge funds on intraday volatility and short-term direction. Learn how booms and busts have altered investor behavior and risk preferences, why today's market is increasingly emotional, and why many traditional market indicators simply don't work anymore. From the growing role of derivatives to the increasing unpredictability of seasonal and cyclical patterns, this book takes you "under the hood" of today's equity markets...so you can choose investments that win. Why stock market investing is more treacherous than ever before Why many of yesterday's key indicators and market patterns simply don't work anymore Breakthrough opportunities for radically new markets Finding new strategies for today's completely new investing environment Expecting the unexpected: what to do when the rules change Uncovering what's really going on under the surface Everything's faster—and more chaotic How e-trading, instant messaging, and hedge funds are increasing volatility What's next on the horizon Emerging influences that may transform investing yet again