Program trading and waves

A

andread

There is something I read on the WSJ I can't quite understand:

Shares recovered a bit, but fell again in the afternoon, which Todd Clark, director of trading at Nollenberger Capital Partners, said was probably due to program trading because it seemed to be "coming in waves."

What would the relation between "coming in waves" and program trading be? Any idea?
 
Quote from dtrader98:

Large buy program ...
Large sell program....
Large buy program...
Large sell program...

Getting seasick.
More...
:)
you mean that a program would sell/buy big amounts of whatever asset in a short time?
Doesn't look very efficient to me. I would expect a program to look at the VWAP.
Well, it's an explanation. Thank you
 
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