George, Thanks for the humor, I am sure that all of us needed a bit of that today. I agree, we need to get away from the MM manipulation. The specialist system used on both the NYSE and AMEX are a lot more fair and less open to manipulation in my own experience. I will bet your $$ to donuts, that the shares NITE had coming were known about earlier in the day. The large buy order this AM allowed the MM's to run our price well up, at which point I would bet that they shorted us all of the way down to where we closed and then took in the shares our seller wanted to move, thereby covering their short position. I do not have the exact numbers, but if we could assume that the MM's went short 150,000 shares today and covered with a .50 spread, that would net them about $75,000 for example. The sad part is that this money came out of our investor base, never to return. If not for the manipulation, our early AM buyer could have saved himself $75,000,, which could have purchased an extra 30,000+ shares, which would have helped to absorb NITE's shares and we would have closed higher. With rules that make this type of activity legal, it's no wonder that some MM's use them to their advantage and our detriment. Any place is better than the OTC IMO. Hang in there George, good things are coming although I am not at all confident that this latest MM price crushing is over yet.
James |
