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

To: ccryder who wrote (71)	12/21/1997 6:27:00 PM
From: BenYeung	Respond to of 492

By the way, I am sure most of you have noticed this already. Most corrections start as a "profit taking"--sharp drop in the morning or probably in the days after, but quickly rally up, then proceed lower. Then all of a sudden at the lower level, "interest rate fears" "earnings slowdown"... took stocks much lower. If necessary, "foreign market collapse", will be used to plummet US stock market. Point of the story---insiders dont want you to sell early when things looked good. They want to you sell at the lowest when things look really bad. Good luck tomorrow. I predict a big move...probably to the downside. If I am wrong, GREAT. If I am right, sit tight.

To: ccryder who wrote (71)	12/22/1997 5:56:00 AM
From: BenYeung	Read Replies (1) \| Respond to of 492

New discovery, guys. I just found a book published in 1995 by some man called Gene Marcerl (not sure about spelling of last name). The book is called "Inside Wall Street: The Dark Side of...." Apparently I could not remember the name of the book too well either. But I remember what I read pretty well. The book is written by a writer of various NY publications such as Business Week. This book gives support to Ney's sayings and prove that they are not from the smokes. He said that analyst have the inside knowledge of the company, just as specialists have the inside knowledge of where the stock will go (given by the limit and stop orders in his/her book, as well as his/her inventory level). He talked about the gray areas of insider trading (J.P. Morgan, the ever great investment banker, had a direct phone line to Andrew Carnegie, the Chairman of US Steel. Neither were caught for insider trading), analyst upgrade/downgrade, and most of all, how specialists/market maker play with the market. First of all, he stated that the business articles about how the specialists have to take the risk of opening up their accounts to buy stocks at low prices when supply outstrip demand and vice versa are total bullcrap. Specialists are THE MARKET, and they dont take any risks. Its Wall Street's smoke window to cover up the truth of the market. Think logically now. If being the specialists are such risky business, who in the world would enter that business just to make a profit from the spread. Seriously, if they have the power to command prices, how could they lose??? Then he went on about how specialists "paint the tape." NYSE has a rule that if there are no open bids, specialists cannot artificially jack up the stock price. However, specialists have an investment account, not to mention insiders, who buys to move the stock upwards. AND!!! there is no clear limits on how high that price can go. They can buy for their own accounts and push up the stock price a quarter, a dollar or as much as they wished. Nasdaq MMs, on the other hand, have NO RULES regarding price fixing. They can raise/lower bid and ask prices and increase the spread as much as they want. NYSE and AMEX specialists frequently says that "all MMs should be hanged" due to their freedom of price fixing...but I am not sure if those specialists are all honest either. This book and another one by Christopher Elias called "Fleecing the Lambs" that I have talked about in JBIL thread, supports that Ney is not bullsh*ting about the exchanges' doings. I am eager to hear from you all regarding this new info.