My point was that a split would likely increase retail participation. Those are the guys who plow in and run for the exits. And sometimes they don't have a choice if they're heavily levered.
The easiler you make it for those guys to participate, the more volatile it will be.
Part of the problem is that it is such a large chunk of THE index that people index to. So it's almost like indexers are short gamma - they have to buy when it rises and sell when it falls.
I hear you, and tend to agree. I want that participation. The stock price is too low and it would trade at a better level if it split 5 or 10 to 1. If it split down to $50 I think it would easily level out at 70 and then fuck it, at that level let it swing 10 bucks either way. I'm up 200% anyway. The problem is at 500 people do this and its price stays artificially depressed.