William
I didn't mean to offend you with the Richard Ney tag. I have read your posts for quite some time. Although I am not a devotee of TA, I have read many authors on the subject. For Edwards and Magee to Prechter to Weinstein and dozens more. The only author that focused so intensely on the specialist in a fashion similar to you was Richard Ney. Many times I said to myself, this guy is a Richard Ney disciple. The a few times you gave reference to him.
I have given my thoughts on Ney. I think he was too paranoid and I didn't think his form of TA was as sophisticated as other authors I had read. Particularly I didn't feel that his thesis (specialist manipulation) led to his technical analysis in any meaningful way. I could pick holes in his thinking all day. For instance he said to avoid Nasdaq stocks. As you know, Nasdaq stocks have market makers. Liquid Nasdaq stocks (instead of a single specialist) might have 10 or more market making firms. If Ney was so convinced that specialists were crooked, wouldn't a little good old fashioned competition improve the situation?
I understand that you think Ney is dated, and doesn't form a large part of your philosophy. However, I don't believe that there is much to be gained in looking at the specialist. On the other hand, I often use baseball analogies to the stock market. In baseball, there are great singles hitters, great fielders, great fastball pitchers, great homerun hitters, and so forth. Many different methods work in the market too. If yours works for you and mine for me, that's great. No need to reconcile the views.
I did feel that there was a lot of undercurrent that people weren't expressing some of their fundamental views on SEG as the conversation on this thread was nearly always technical. I feel like you are welcome on the other thread. I also feel like you ought to continue to publish your thoughts over here if that is what you want to do.
A question I have for you is as closely as you follow the ups and downs of SEG, you never seem to trade it. If you detect some short term trend, why not go with your theories?
also...much of Wall Street Gang is about how specialists get around uptick rule |
