whales

Wyckoff, “The market is made by the mind of man, and all the fluctuations of the market and all the various stocks should be studied as if they were the result of one man’s operations. Let us call him the Composite Operator, who, in theory, sits behind the scenes and plays a stock to his advantage."

we should consider all market activity as a purposeful operation in which informed interests exert continuing control over stocks and the market. These large interests, such as banks, mutual funds, investment trusts, hedge funds, specialists, and position traders are best thought of as a Composite Operator.

Wyckoff, “imagine a super investor. How would that person handle the situation that is before you? What would that person look like? How would that person feel? What state of mind would your superior investor be in to deal with the situation confronting you?"

Wyckoff felt that an experienced judge of the market should regard the whole story that appears on the tape as though it were the expression of a single mind. He felt that it was an important psychological and tactical advantage to stay in harmony with this omnipotent player. By striving to follow his footsteps, Wyckoff felt we are better prepared to grow our portfolios and net-worth.