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Microcap & Penny Stocks : Rat dog micro-cap picks... -- Ignore unavailable to you. Want to Upgrade?

To: bwanadon who wrote (5269)	7/2/2001 1:27:54 PM
From: Bucky Katt	Read Replies (4) \| Respond to of 48461

Excerpt about Fridays nasdaq melt from tne WSJ> I have lost confidence with nasdaq, almost totally.. In one of the most significant technical setbacks in the electronic stock market's 30-year history, two of Nasdaq's main trading platforms were abruptly disabled Friday for about two hours. The shutdown was spurred by a single computer-command error at Nasdaq's Trumbull, Conn., office and was particularly ill-timed, because it fell on the last trading day of the second quarter. Many institutional investors were making large trades in order to shift their portfolios' holdings, both to affect end-of-quarter performance results and, in some cases, to align their holdings with the Russell 2000 Index of small-capitalization stocks, the composition of which officially changed Monday. ______________________________________________________ The effects of the shutdown on Nasdaq's platforms, the routing system SelectNet and the small-order execution system known as SOES, were manifold. Perhaps the most significant effect was that prices for certain Nasdaq stocks jumped by double-digit percentage points late in the session. One such stock was Remington Oil & Gas, which opened at $14.07 and closed at $19, a 33.8% change, much of that after the glitch. On many Nasdaq trading desks, the mood Friday was one of consternation. "I can't think of any time where an event like the Russell [rebalancing] occurred and the market was unable to give closing prices," said Matt Johnson, head of cash trading for Lehman Brothers. "Broker-dealers are the ones who suffer in a situation like this, because we take the risk," he added, referring to the way in which many Nasdaq traders make markets by providing their own capital to make buy and sell orders match. (((That guy is full of SHT, we take the risk..))) "There's a fair amount of lost opportunity out there. Across the marketplace, there were millions [of dollars] lost." No SHT, this guy is a real genius!!!!! A Nasdaq official said that as a result of the market's own information-gathering efforts, as well as calls from investors and market makers, Nasdaq's StockWatch market-surveillance team spent the weekend assessing whether closing prices that appeared to have soared above or below their normal market values should be adjusted, both to set stock-price records straight and to ensure investors' trades were executed at valid prices. NASD Regulation, the Nasdaq's own regulator, said, "Clearly, we are going to look at trading around this period." Yep, and I am filing 7 arbitration actions. ________________________________________________________ End of rant. ASTM, STEM up on what, Sunday news shows? Who cares, nice traders... And this should give everyone a chill> baynews9.com