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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: excardog who wrote (326)	10/29/2000 1:09:53 AM
From: $Mogul	Respond to of 74559

Instinet CEO Again Criticizes Nasdaq's SuperMontage Plan (See Article below) The SI community needs to realize that we must speak out with our strong voice on NOT allowing this Super Montage to just pass through, letting the NASD just do as the please. The small investor/trader is facing extinction here, and many don't even underdtand this at all. Instinet CEO Again Criticizes Nasdaq's SuperMontage Plan By GASTON F. CERON Of DOW JONES NEWSWIRES (This story was originally published late Wednesday.) NEW YORK -- Douglas Atkin, the securities industry executive who is the loudest critic of the Nasdaq Stock Market's planned upgrade to its stock-trading system, repeated his arguments against the system before a group of academics and industry executives Wednesday. Atkin, president and chief executive of Instinet Corp., an electronic communications network run by Reuters Group PLC (RTRSY), derided the planned system, known as SuperMontage, as "a papered-over solution" to Nasdaq's problems that falls short of the "fundamental change" that it needs. He spoke during and after a speech at a securities conference held at Pace University here. Nasdaq President Richard Ketchum also spoke at the Pace conference and defended SuperMontage in a separate speech, saying that it will benefit investors by providing a more detailed view of the stock market. ECNs such as Instinet work by matching investors' orders to buy and sell stock. Their advocates say ECNs are more advanced than the process now used to bring together most buyers and sellers of stocks, which ECNs say depends heavily on human interaction and is rife with conflicts of interest and inefficiencies. ECNs operate primarily in Nasdaq stocks. SuperMontage is a major part of the changes that Nasdaq is undergoing, which include the stock market's quest for registered stock-exchange status and its transformation into a shareholder-owned, for-profit company. Atkin, repeating arguments that have been previously made against SuperMontage, said that Nasdaq has designed it with the intention of competing with ECNs and helping traditional market makers grab back the market share that they have lost to these trading systems in recent years. SuperMontage would hurt competition among trading venues, Atkin and others have argued. Atkin also faulted SuperMontage for not adequately incorporating "price-time priority" into its features. Having price-time priority would mean that orders to buy a stock at a given price would be executed in the order received. Atkin said Nasdaq is "the only major market in the world that still allows the fourth person in line in the market's order book to trade ahead of the person first in line." Nasdaq's Ketchum, meanwhile, said that SuperMontage will provide a view of the supply and demand for a given stock at prices beyond just the best available, a point that Nasdaq has stressed in its defense of SuperMontage. He also noted that Nasdaq has already addressed one of the main concerns that ECNs had about SuperMontage, which dealt with how their stock quotes would be displayed on the system. The compromise Nasdaq agreed to - and which won it the support of one ECN, Bloomberg L.P.'s Bloomberg Tradebook - will give market participants the choice of seeing the quotes with or without certain access fees that ECNs levy. Atkin encouraged securities firms to voice their thoughts on SuperMontage and to back "fundamental change in fairness and competition." Instinet, he said, continues to talk with the SEC about SuperMontage. A spokesman for the SEC, which will ultimately decide SuperMontage's fate, declined to comment on the agency's timetable for action on the plan. -By Gaston F. Ceron, Dow Jones Newswires, 201-938-5234 gaston.ceron@dowjones.com

To: excardog who wrote (326)	10/29/2000 3:09:00 PM
From: Square_Dealings	Read Replies (1) \| Respond to of 74559

<<oil, dollar, gold>> I know "gold is dead" but it may be worth keeping an eye on these stocks as a play or hedge against a falling dollar/rising euro. Several of the mining stocks had good volume on Friday and closed up as gold touched on a 21 year low and came back to near unchanged. The amazing strength of the dollar combined with end of quarter tax selling has put tremendous pressure on gold and gold mining shares. Despite the low price of gold some mining companies posted decent profits this quarter (PDG ABX). I think theres a decent chance that the euro has bottomed (US corporations need for it to rise) and that some pressure could come off the gold stocks. The Euro got a white candle today and a hanging man on the weekly chart stockcharts.com The dollar got a black stick and a doji on the weekly chart stockcharts.com NEM showed a sharp spike up in OBV and money flow friday. I like NEM PDG ABX HGMCY GOLD as potential low risk bottom plays with tight stops. M.

To: excardog who wrote (326)	10/29/2000 4:30:25 PM
From: Patrick Slevin	Respond to of 74559

I would think that maintaining Oil at high levels would drive alternative energy source experimentation to greater lengths. This would be a good thing. I think the inflation of oil prices is artificial. There are two oil ministers who have a political interest in hurting the U.S., and as a result they drive the price. It's an economic issue anyway. These mooks are interested in getting very wealthy at the expense of the democracies of the world. However high energy prices should be economically unstableing and therefore the result should be pain for all of us even the mooks. The eventual upshot of a gigantic rise in the price of energy should foreshadow alternative energy sources. With higher Crude it may take ten years to accomplish serious alternative energy sources. However once it does come to pass, oil may be as worthless as the sand in a MidEast desert.