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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk
SOXL 61.55-3.4%4:00 PM EST
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To: roguedolphin who wrote (69138)10/25/2011 7:27:22 PM
From: da_cheif™2 Recommendations  Read Replies (1) of 208037
 
"The story is told that after he had been deported to Italy, Lucky Luciano granted an interview in which he described a visit to the floor of the New York Stock Exchange. When the operations of floor specialists had been explained to him, he said, 'A terrible thing happened. I realized I'd joined the wrong mob'" (1Ney, 8).

It was with these words that Richard Ney began his first of three books on the nature of the New York Stock Exchange. Ney wrote over 40 years ago, a time when a 750 Dow was high and today's volumes were beyond imagining. Some of his material is dated, and must be read in the light in which it was written. But the main premise of his books is still true: that the specialist exists not to ensure the free and orderly trade of stock in a particular company, but to fatten upon the innocence and ignorance of the small investor.

The New York Stock Exchange is not an auction market (2Ney, 86), though many investors still hold onto that image. It is a rigged market. Volume is an effect of price. Prices are controlled absolutely by the specialists, the 'market makers' in individual stocks. It was this discovery that led Mr. Ney to eventually give us small investors a priceless gift: enlightenment.
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