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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (141961)	1/7/2002 1:32:02 AM
From: ahhaha	Read Replies (2) \| Respond to of 436258

FWIW you forgot this part: "We analyze transaction data for the largest 1000 stocks for the 2 year period 1994-1995. I've been analyzing every trade data since the '60s and I claim that their sample is representative. Did you get the point of the article? I think it is relevant to anyone's trading. .. Yes, if you're the specialist and you're long you let it go up on nothing. This comment is too insubstantial for me to assess. Makes sense to me, I would think any stock MM or specialist knows this. Knows what? My point is that... so what? Your point is that you don't have a point. Does it help you make money?? Amateurs like to parade around the value of Redibook, L2, and other paraphernalia. Does it help them to make money? I can answer that. It helps them to lose it faster than they would otherwise, drop out, and then get a day job. So it does help them to make money. For small jib jobbers may be helpful, and anyone who's been trading on the floors see it but even they rarely 'get in on it'... it's almost exclusively a specialist & MM game. The specialist and MM are only machines. They love to crow about how skilled they are, yet they aren't any more skilled than any other. The market controls them completely. Not the other way around. Neither of these really understands the machine because if they did, they would freeze with uncertainty. They all learn the necessity of not knowing the details. Their angle is turnover and size of line. In a cannery there is one job that entails picking up jar lids out of a supplying server and moving them to a dealing server. One is paid on the number of lids moved. So all day long some poor sucker is furiously moving lids from one pile to the other and makes no effort to know how the servers work. You can make $500/day doing this by moving lids and not thinking about it. Others see the Ferrari and Roli the guy has and are envious. Others think he's a true pro and can deal with the best of them but they don't ask and he wouldn't give if he knew, the details. .. those who control the flow... In spite of all my efforts over the years in this pathetic place to dispel the over abundance of cheap amateur ignorance, I have failed to convey that no one is in charge. Haven't you figured out that all they want you to do is be envious of what they fear? and even then you have to be in a position to lay off risk when the freight train [xsigma event] hits. This is of some interest: You don't lay off risk like that, that is, by reacting to an event. You had better already have the implied risk laid off, for between the cup and lip you'll find the cost of getting the lay rises to the point where you would be wrong to take it. That's how the "pros" discover the other "pros". Specifically, you have to already be there and that's what investment is all about. Otherwise, you'll get gapped all the way out. These guys that work for the O'connors brothers are headed for gambler's ruin. It's just like the guys turning the QQQ. They look real good for awhile and then they disappear. No one knows and no one is allowed to know what happened to them. Gradually it drifts back through Sam's Bar and Grill that they got kicked upstairs. What that means is that they lost so much money that their bosses had to hide that fact by sweeping the whole issue under the rug. Silence has to be bought and kept inside. That is the secret of the Wall Street Temple. Not the pack of lies you get from amateurs and pros alike which is centered on the assumption that some guys are clever enough to beat the game and take money out of markets.