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Technology Stocks : Seagate Technology
STX 292.00+5.2%Dec 18 4:00 PM EST
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To: William Epstein who wrote (5417)8/7/1998 2:17:00 PM
From: Flan  Read Replies (2) of 7841
 
Well Will - everyone who loses money in the stock market or sees wild swings in their stocks cries manipulation and abuse. Whereas that might be true in some thinly traded nasdaq stocks that is just not true especially on the NYSE. My uncles are specialists and have had seats for 30 years so I understand how they operate and I know how they make money. In terms of profitability they make more money on interday volatility that is not skewed in one direction, in other words if a stock gyrates up and down vs moving straight up or straight down. They have to follow very strict rules in terms of buying/selling for their own accounts and it is much more restrictive than you seem to think it is. Your assumptions about specialists moving a stock up for days on end (you cited SEG recent runup to $29) and then dumping the stock ie shorting it all the way down could not be further from the truth - strategies they utilize to make money are completely different and that kind of scenario just does not happen. And your statement about there being only two independent specialist firms is completely wrong many have investment partners but the partners own a controlling interest in the firms - any capital investment are largely related to the firms need to meet capital requirements that are imposed by the NYSE. Not trying to be harsh but your statements about their activities and strategies were just flat out wrong!
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