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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: NoName who wrote (116)10/18/1996 5:08:00 PM
From: Gene Cullen   of 308
 
No Name I am finished trying to educate you as to the workings of an auction market in the specialist system. You obviously have a pre-determined notion that specialists are the bad guys and it is useless trying to convince you otherwise. Your notion that the specialist always know the bottoms and tops of their stocks shows that you have some respect, but to believe that they are always correct is ludicrous. And your second premise that they can bid up stocks on the floor of the NYSE and then sell to the unknowing public is just wrong. Specialists have rules on creating a tick in a stock. The rule is they may not. Simply put the specialist can not tick a stock up or down for his own account ever! He may not purchase or sell stock for his own account in front of a public order that is on his book. If it is as easy to make the money you think they make I never would have left.
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