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Strategies & Market Trends : Analysis Class for Beginners
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To: Arthur Tang who wrote (714)2/24/1998 1:10:00 PM
From: Arthur Tang  Read Replies (1) of 1471
 
Market making and Richard Ney's concept of investing?

Richard Ney was a movie star. He was successful in investing after the 1929 crash. His books had a rebellious nature to Wall street's way of proven market making. However, Ney used the knowledge and made money. Back in the 1970's I paid $300 for his advice. He called me one day to buy 1000 shares of Proctor Gamble. Two weeks later he called again to see if I had bought it. When I said no, he hung up and I never heard from him again. In those days Proctor Gamble is what we called a rolling stock today. Periodically it cycles through support and resistance. A sure way to make money every two weeks. But you have to buy 1000 shares to make any money.

Careful reading of Ney's books will tell you the specialist way of working the market. If you get sucked into thinking market makers are evil, then you will not make any money on Wall street. Knowing Ney's disclosure, helps you to predict the way market moves. 1 minute interval intraday chart will help you see each trade and understand even more of the way market works. You always buy and sell to specialist or market makers; so you have to know what they will do next.

I had the pleasure in addition to Ney's disclosure; but actually heard how a specialist estimates the price movements based on the effect of volume of his stock, with my father in the specialists office when he answered his phone. Ney knew a specialist has his own account and trading account, therefore the stock will have every opportunity of moving up.

Hope we all have the opportunity to work with the market makers and not against them. Every one will make some money if the company performs well.
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