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Microcap & Penny Stocks : DCTC / FTEL / FNET
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To: Jeff Bauman who wrote (1396)10/8/1996 5:11:00 PM
From: chester lee   of 1624
 
Market makes (affectionately known as market manipulators) are in business for themselves. These are rich powerful companies or individals who make ALL the money between the bid and ask. On the NYSE, their role is to 1) Maintain AN ORDERLY fashion to trading by facilitating transactions between buyer and seller, 2) acting as buyer when there are too many sellers and act as seller when there are too many buyers. 3) be honest and professional by executing trades in a timely manner by date/time and size.

For Bullet board stocks, MM are manipulators (some are) because they can get away with it. Current NASD/SEC rules are insufficient to protect the small investor. i.e. on the NYSE, you can only short on an uptick (shorting on a downtick is like kicking someone that is down... easy way to force a company stock price lower) for BBS stocks, MM can short anytime they want and can execute trades (actually swaps) between their buddy MM's (for a few shares) and lower the bid price without affecting the ask price. What a scam. SEC makes their money by charging small fees to brokerages. FTEL get NOTHING from the transaction of stocks on the open market.
I hope this helps. Email me if you want more info on this subject. or, search the FTEL threads. I wrote a long peice on this subject many months ago.

Chester
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