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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Katie Kommando who wrote (30982)	2/26/2000 2:00:00 AM
From: Jim Bishop	Respond to of 150070

Nope: chart.bigcharts.com And here's another index I wouldn't short, if a shorter, I would be.. web17.stockwatch.com\VI0000-20000225-20000225.gif

To: Katie Kommando who wrote (30982)	2/26/2000 2:08:00 AM
From: Katie Kommando	Read Replies (1) \| Respond to of 150070

NASD Plans Enhanced Surveillance To Detect 'Spoofing' by Traders Dow Jones Newswires WASHINGTON -- Securities regulators are planning enhanced surveillance to detect so-called spoofing scams, in which traders post false orders to manipulate stock prices. The regulatory arm of the National Association of Securities Dealers is developing an auto-detection system that would alert regulators to potential instances of spoofing, said Mary Schapiro, the chief enforcement officer. "Spoofing may, with the right set of facts, constitutes market manipulation because it is premised on disseminating misleading price information to the marketplace in an attempt to artificially impact the market," she said. Spoofing involves the placement and immediate cancellation on Nasdaq of large quotes by traders in an attempt to trigger a market movement that the trader then uses to his advantage by establishing or liquidating a position. Ms. Schapiro mentioned the enforcement plans in a Feb. 7 letter to Rep. John Dingell (D, Mich.), the ranking minority member of the House Commerce Committee, that was released Friday by the congressman. Ms. Shapiro, president of NASD Regulation Inc., told Mr. Dingell that the agency "is enhancing its existing surveillance breaks to better detect instances where flash quotes have triggered a market movement." She said her agency is developing a system that will generate alerts if there are large quotes or orders for brief periods of time followed by movement in the stock and questionable activity by the order poster. A trader, for example, may flash a large buy order on an electronic communications network, or ECN, for a matter of seconds, cancel the order, and then sell his stock to market participants who raised their bids in response. "We expect an initial version of this surveillance program to be implemented within the next four to six weeks," Ms. Shapiro added. Annette Nazareth, director of market regulation at the Securities and Exchange Commission, said the agency has taken enforcement action in the past against such market manipulation. Ms. Nazareth, in a memo released by Mr. Dingell, said there have been "several suspicious instances of rapid order changes and quotation fluctuations." "While other inquiries are currently underway, these matters cannot be described in detail in a memorandum that may be made public," she said. Separately, the Justice Department said it isn't aware of any criminal prosecutions stemming from spoofing, but assured Mr. Dingell that it is "aggressively investigating and prosecuting market manipulation frauds, as well as broker bribery and offering misrepresentation cases. "Last year, for example, more than 90 market professionals were charged in federal indictments in connection with manipulation schemes," the Justice Department said.