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than more, a good thing in light of the industry s current troubles. One could argue that well-intended regulatory strictures have in fact done damage. Consider the case of WorldCom once again. The company s original plan in the late 1990s was to challenge local service providers all over the world by creating a broadband voice and data IP network through acquisitions and mergers. The regulators, concerned by WorldCom s aggressive plans, felt that the intended company looked too much like a monopoly. They forced the divestiture of MCI s internet company to Cable & Wireless and rejected the proposed merger with Sprint because of fears that they would control 80 percent of the long-distance market. This decision was made while long-distance revenues were plummeting due to the influence of such disruptive technologies as multichannel optical transport and IP. The result is two badly weakened companies that have not yet recovered and may not. Ironically, they could now be prime acquisition targets for the ILECs. (Although, at the time of this writing, competitors are calling for the dismemberment of MCI over arguments that their reentry into the market would give them an unfair competitive advantage, particularly in light of their unethical behavior). Another example is AT&T itself. There was a huge expectation that AT&T would be a big winner in the local broadband access game following its acquisitions of cable properties for its plans to deliver high-speed Internet and interactive services. Many analysts expected a market cross-invasion between the ILECs and cable providers, but it has only



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Restricting trades to long positions greatly improved the performance of the volatility breakout in-sample, and improved it to some extent out-of-sample. Breakout models do better on the long side than on the short one. The ADX trend filter had a smaller benefit in-sample and provided no benefit out-ofsample. Restricting trading to currencies produced lessened in-sample performance, but dramatic improvements out-of-sample. The gain was so great that the model actually profited out-of-sample, which cannot be said for any of the other combinations tested! The currencies were not affected by the rising efficiency other markets had to simple breakout systems, perhaps because the currency markets are huge and driven by powerful fundamental forces. The poorer in-sample performance can be explained by the reduced number of markets traded.





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Downloaded from Digital Engineering Library @ McGraw-Hill (www.digitalengineeringlibrary.com) Copyright 2004 The McGraw-Hill Companies. All rights reserved. Any use is subject to the Terms of Use as given at the website.

<UserControl x:Class="XAMLTour.RoutedEventExample" xmlns="http://schemas.microsoft.com/winfx/2006/xaml/presentation" xmlns:x="http://schemas.microsoft.com/winfx/2006/xaml" xmlns:d="http://schemas.microsoft.com/expression/blend/2008" xmlns:mc="http://schemas.openxmlformats.org/markup-compatibility/2006" mc:Ignorable="d" d:DesignHeight="300" d:DesignWidth="400"> <Grid Background="Gray" MouseLeftButtonDown="Grid_MouseLeftButtonDown" Width="350" Height="250" > <Canvas Height="200" Width="300" MouseLeftButtonDown= "Canvas_MouseLeftButtonDown" Background="Black" Margin="25"> <StackPanel Height="150" Width="250" MouseLeftButtonDown= "StackPanel_MouseLeftButtonDown" Background="Yellow" Canvas.Top="25" Canvas.Left="25"> <TextBlock Text= "'MouseLeftButtonDown' bubble up order" /> <TextBlock x:Name="eventOrder" /> </StackPanel> </Canvas> </Grid> </UserControl> In the previous code snippet, we placed a Canvas control inside the main container Grid. Inside the Canvas control we placed a StackPanel control. To differentiate them, we have set their Background property to Gray, Black, and Yellow, respectively. For these three controls, we also defined the MouseLeftButtonDown event handler in the code-behind. When the mouse button is pressed, the click event starts at the lowest control that is aware of the event. For example, when the StackPanel is clicked, the event starts there. Look at Figure 2-10 to visualize the mouse down event bubbling up the nested controls.

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just begun to happen. Cable providers concentrated on adding Internet service and additional channels; telephone companies concentrated on penetrating the long-distance market. Furthermore, when talk of open access and loop unbundling began to be targeted at the cable industry in 2000, AT&T s hopes of a competitive advantage through cable ownership were dashed; they sold their cable properties to Comcast. There were also expectations that ILECs would work hard to penetrate each other s markets, but this never happened, either. Who better than the ILECs knows that network ownership is the most critical factor for success in the local access game If you control the network, you control the customers. More importantly, if you don t have that control, don t get into the game. In the metro market, which is highly dependent on high-speed access technologies such as DSL (and, to a lesser degree, cable and wireless), these regulatory decisions represent pivot points in the evolution of the metro domain. If the FCC chooses to reduce the regulatory pressure on the incumbents, customers will invest in bandwidth at the edge, driving traffic into the metro which will, in turn, drive traffic into the network core.

Net profit and annual return were averaged for each market over all tests. The calculated numbers contained no surprises. Positive returns were seen in both samples for the Deutschemark, Swiss Franc, Japanese Yen, and Canadian Dollar, and for Light Crude and Heating Oil. Trading a basket of all six currencies, all three oils, or both, would have been profitable in both samples. Although no other market group demonstrated consistent profitability, some individual markets did. In order of minimum net profit, Coffee, Live Hogs, and Random Lumber had positive retarns. The S&P 500, NYFE, Comex Gold, Corn, and the wheats had positive outof-sample returns with in-sample losses. The index markets profitability may have resulted from the strong trends that developed out-of-sample. Positive insample returns, associated with out-of-sample losses, were somewhat more

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