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Strategies & Market Trends : Dave Gore's Trades That Make Sense -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (11089)	8/9/2002 5:43:58 PM
From: mishedlo	Read Replies (1) \| Respond to of 16631

My play of the day and I did it was ELX puts at the close yesterday. NOT ENOUGH DAMN IT! But...... Although ELX opened way down, they did not open the options up for at least 10 minutes. I was furious. But it dropped in that timeframe, I would have taken my profits at the open and been done with it. Then when they did open up bid wa 7.50 ask was 8. Fine with me cause I paid 2.2 Tried to sell at 7.50. No sell Tried to sell at 7.40. No sell Tries to sell at 7.10. No sell (the bid was still 7.5). Since....... They turned off "auto execute" or something like that and EVERY FN order had to be routed to a specialist. This took another 10 minutes or so. By the time the specialist got it the bid was 7.1. I took it. NEVER seen anything like this horsesh*t ever before. All I can figure out is some "specialist" was taking the cut off each trade (shorting the stock in his acct, immediately covering, for the difference between what I got for the put and its intrinsic value). No doubt tons of people were assigned early today with the crooks taking a piece of each pie. It's the crooked way. Expect no less and you will not be disappointed. UFB!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! M

To: Dave Gore who wrote (11089)	8/9/2002 8:35:38 PM
From: SirRealist	Read Replies (1) \| Respond to of 16631

It's a good lesson Dave. For myself, I simply avoid such stocks completely because sometimes the rumors are true. However, the only way such things can be policed is if the SEC can determine that a rumor monger is actually an analyst, broker or equity professional, in which case, jail sounds like a good remedy. For traders to profit that way may be sleazy and unethical, but because of free speech laws, should not be illegal. Even though, when the mkt is uncertain and volume drops, such games could be terribly effective. The only solution to that is for traders to read cautions like yours and for companies to respond quickly to kill the stories. Sadly, the bad apples in corporateland have so damaged the truth that it's hard to know who's BSing who anymore.