Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Tommaso who wrote (4845)	9/1/1997 6:11:00 PM
From: Joseph G.	of 94695

Tommaso, The discussion started when Konrad claimed that it is impossible to "manipulate" stock prices for a simple (in his mind) reason that if a "manipulated" (that is market) price deviated from the "real value" (his imagination) price, some misterious arbitraguers (later identified as possibly SOES "bandits") will all jump on the stock and bring the price to the "real" price. I tried to note that there is only one price in reality, and different people may think that "real value" price is different, and this is what makes people trade. However, Konrad said that it would be a "conspiracy theory" if price deviated from "real value", and then sidetracked into discussion of spreads for small lot trades. He further disputes that it is one of the responcibilities of market makers to support prices, within reason, and that regulators do not care if stock prices drop much. As "the proof" he offers a passage that describes how last trade prices are desseminated on NYSE. Why? Joe

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