To: Lucky Charm who wrote (5141 ) 7/9/1998 12:11:00 PM From: thomas oakley Read Replies (1) | Respond to of 43774
I am not downplaying the news(which I think is great) but the stock market is run not only by news but also by good old supply and demand. I was just saying that that(droping below the gap up)is a negative indicator in the s & d area. by the way did anyone see this news. This could be great for us--maybe we will finaly get some fair play from the mm's Thursday July 9 5:30 AM EDT SEC prepares Wall Street charges - WSJ NEW YORK (Reuters) - The Securities and Exchange Commission has told Wall Street securities firms it is preparing civil charges against more than 100 traders and nearly three dozen firms in connection with alleged price manipulation on the Nasdaq Stock Market, the Wall Street Journal reported Thursday. In conjunction with that move, the nearly three dozen Wall Street securities firms have begun preliminary discussions with the SEC as part of an effort to reach an industry-wide settlement over disciplinary cases stemming from trading violations on Nasdaq, people familiar with the situation told the Journal. The SEC's case is an outgrowth of a two-year investigation that the SEC and Justice Department launched in 1994 into Nasdaq dealers. The probe yielded thousands of hours of taped conversations between Nasdaq traders upon which the SEC has built its cases, according to the newspaper. The settlement talks, if successful, are likely to result in Wall Street paying its first set of fines to settle regulators' allegations of trading violations on the Nasdaq market. Among the firms that the SEC has held settlement discussions with are Merrill Lynch & Co., the biggest U.S. brokerage firm; Morgan Stanley Dean Witter & Co.; PaineWebber Inc.; UBS Securities Inc., a unit of Union Bank of Switzerland, and Charles Schwab & Co.'s Mayer & Schweitzer Inc. unit, the paper reported.