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Technology Stocks : Seagate Technology
STX 277.65-3.6%Dec 17 4:00 PM EST
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To: William Epstein who wrote (5406)8/6/1998 9:16:00 PM
From: Flan  Read Replies (1) of 7841
 
Will - There is no conspiracy here!!! - You seem to think that the specialists are manipulating the stock - Don't know how much you know about their jobs but here is a little info - big volume days like we have seen the last couple of days is not due to them. Remember the NYSE is far superior to the nasdaq because of the specialists. Most of the time they are simply matching buyers and sellers and small orders are actually filled away from them via computer system. If their is a broker with an equivelent bid/ask on the floor rules dictate that they execute those orders first. Their job is to maintain liquidity and as specialists they must stand willing to buy/sell if their are no buyers or sellers present. Remember that it is there firms money at stake when they take a position and as such they typically will not take large positions in stocks and hold on to those positions for extended periods of time as you cited - there is just too much capital at risk and when they step up and put their capital at risk by standing on a bid or initiating a short position as you cited they have the ability to be run over just like anyone else. And their long/short positions create buying and selling support thereby dampening volatility. If you are looking for a conspiracy - investigate thinnly traded nasdaq stocks with only two or three maket makers - then you will see some manipulation but no way on Segates MM trade day..
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