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Pastimes : Richard Ney and the Wall Street Gang -- Ignore unavailable to you. Want to Upgrade?

To: BenYeung who wrote (49)	12/14/1997 8:17:00 PM
From: ccryder	Read Replies (1) \| Respond to of 492

Looking at the JBIL 1 minute chart, it does look like some covering occurred. I will buy a few more June calls. That should be plenty of time for a good bounce. I wish access to the one minute charts during trading was better. I can't believe I had about a double in UTEK Feb 20s and let it get away from me. Actually I was on a cruise when that happend. No phone except at $15 per minute. I have learned something on timing and that is patience. Also, one has to work at all the ways to trade stocks such as options and shorts. I would not want to short JBIL without having a call to protect on the upside. Regarding Ney, yes I do have some problems. The position that fundamentals don't matter for instance. They do matter if for no other reason than they matter to the herd. Fundamentals are one set of tools by which the herd can be manipulated. News is another tool. The ability to read the intent of the specialists is a key that I have been looking for in developing my own understanding of the market. I am a control engineer and I have attempted to view the market as a control system. I have spent some time thinking about how the parts of the market fit into a model of a control system. I did not realize the strength of role the specialist has in the market. I viewed him as merely the executor of market orders. I did not realise his ability to influence the buyers and sellers or how much he operated for his own accounts. Now I would cast him as a crucial part of the logic in the control system. The degree of success of the specialist is something I want to think more about. The argument that if he had all that control and was even mostly successful, then he and his buddies would own all the stocks. Even that counter argument has a BIG problem in that he and his buddies don't WANT to own all the stocks, they just want all the money. Did you get my e-mail to you? Have an exciting, if not rewarding, Monday.