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Strategies & Market Trends : A Simple List of General Do's & Dont's of Trading:
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To: Arthur Tang who wrote (728)11/21/2000 8:45:53 AM
From: Arthur Tang  Read Replies (1) of 769
 
The difference between NYSE, AMEX, and Nasdaq is not only the qualification of the companies applying for these exchanges, but the wealth and experiences of the people in charge at the exchanges.

Having said that, there are only 680 firms in the market making business. They are all small compared to the large brokerages. So, the perspective has to be known to yourself when you invest.

NYSE deals with the large brokerages. So even if they are in an auction system, the large deals are still in quote offers. The deal then happens later. If you try to buy back without the specialist's set prices; you have to have a runner at the window offering to buy and sell all transactions to control prices. I have learned this, and you should too. It effects your analysis of stock value on the big board. Some things that charting will not teach you.

AMEX used to be a few high flyers. Their limited resources are poured into a few large volume stocks. Most stock do not move much. You might blame it on lack of manpower or lack of cash pools.

Nasdaq has more market makers, but most are small timers. Lately, with the event of internet brokerages, most of the largest market makers are but daytraders working against the new investors(they don't even have their own clearing house).

There are no stock valuations on offers. If the Nasdaq stock holds its values, it is because some bull pans(market makers) in the larger brokerages hold up the value with their cash and stock pools. The large brokerages do business with institutions which include mutual funds.

If you invest based on any theme at all, the market that these exchanges maintain must be learned to project technical analysis based on the leading market maker(a firm) on that stock, their character, wealth and influence(what their customers will do for them).
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