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Pastimes : Trading the markets.....
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To: GROUND ZERO™ who wrote (4427)5/22/2001 4:23:48 PM
From: Carolyn  Read Replies (1) of 4583
 
GZ, what do you think of this?

Message 15836827

Sometimes people think that the pros, the MMs, the specialists, conduct counter trend rallies in order to manipulate markets in their favor. This is never the case, but you won't find anyone who would agree. What we have now is a kind of a manipulation, but it all depends on how you view it.

The public is aggressively buying because lots of mouths have told them the bottom is in and they have to get aboard before the train leaves. The MMs don't fight this. They do what their clients want. The clients who have most of the shares are instructing their firms to distribute shares. That means they give the MMs orders to sell above and that means there's far more supply above than there is demand below. Price moves in the direction of the biggest quantity of held orders away. Therefore, public speculation is driving price higher. At the same time when this becomes short term extreme, the sellers get aggressive and go market.

The net effect of this action appears as though the MMs are backing away allowing patzer gambling speculators to run up price. If patzers insist on being stupid, they should be free to do so, but blaming this on MMs is crazy when the fault lies on fellow patzers.

The public is determined to destroy itself. The gross speculation going on now is as though nothing has happened since 3/00. This is as it was in 1930. There was then a lot of buying because even though there was an uneasiness about the recently crashed market and growing economic trouble, the belief among the players was that they had to get aboard before the train left.
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