Richard Ney and the Wall Street Gang Message Board

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Pastimes : Richard Ney and the Wall Street Gang

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To: Colin Cody who wrote (450)	7/18/1999 5:32:00 PM
From: chartseer	Read Replies (1) of 492

As a former employee of the NYSE whose job on occasion was to print the sales on the tape and change the quote in the IBM stock I can tell you without a doubt if orders are pouring in to buy the specialist can only supply stock. There are also floor brokers from other firms who are in the crowd every day with both bids and offers. Not all orders go through the specialist. When the stock is active there are many floor brokers trading with each other. The specialist cannot hold up buy orders to hit sell stop orders to obtain stock to supply higher. The specialist can only buy for his own account if there are no public orders at that price in his book. The IBM crowd was quite hectic and brokers had to react quickly or miss their market. chartseer

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