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To: William Epstein who wrote (5406)	8/6/1998 8:20:00 PM
From: Stitch	Read Replies (1) \| Respond to of 7841

William, Many thanks for your post. I am very mindful of the specialist's rally that took SEG to 29+. My first reentry to the DD sector was SEG at 27. I have since averaged down but learned a bit in that one. I agree that we need to watch this one closely if you intend to trade up and down but I am still looking at a longer haul. It will be a rocky road IMO. You have any opinions on short term peak for SEG? best, Stitch

To: William Epstein who wrote (5406)	8/6/1998 9:16:00 PM
From: Flan	Read Replies (1) \| Respond to of 7841

Will - There is no conspiracy here!!! - You seem to think that the specialists are manipulating the stock - Don't know how much you know about their jobs but here is a little info - big volume days like we have seen the last couple of days is not due to them. Remember the NYSE is far superior to the nasdaq because of the specialists. Most of the time they are simply matching buyers and sellers and small orders are actually filled away from them via computer system. If their is a broker with an equivelent bid/ask on the floor rules dictate that they execute those orders first. Their job is to maintain liquidity and as specialists they must stand willing to buy/sell if their are no buyers or sellers present. Remember that it is there firms money at stake when they take a position and as such they typically will not take large positions in stocks and hold on to those positions for extended periods of time as you cited - there is just too much capital at risk and when they step up and put their capital at risk by standing on a bid or initiating a short position as you cited they have the ability to be run over just like anyone else. And their long/short positions create buying and selling support thereby dampening volatility. If you are looking for a conspiracy - investigate thinnly traded nasdaq stocks with only two or three maket makers - then you will see some manipulation but no way on Segates MM trade day..

To: William Epstein who wrote (5406)	8/6/1998 11:41:00 PM
From: lam	Respond to of 7841

THE IDEA OF A "SPECIALIST LED RALLY" IS THE MOST ABSURD AND IGNORANT THING THAT i HAVE EVER HEARD.fOR ONE, A SPECIALIST ON THE FLOOR OF AN EXCHANGE IS MORE RESTRICTED IN HIS ABILITY TO SELL A STOCK SHORT THAN EVEN THE GENERAL PUBLIC; THEY GET SHORT ONLY ON UP TICKS WHEN THERE ARE NO OTHER SELLERS TO FILL BUY ORDERS. bY DEFINITION, THE SPECIALIST IS ONLY GETTING SHORT ON THE WAY UP!!! IN ADDITION, TO THINK THAT A SINGLE SPECIALIST HAS EITHER THE CAPITAL, ABILITY OR DESIRE TO CONTROL THE PRICE OF ANY GIVEN STOCK IN SUCH A GRAND FASHION IS REDICULOUS, BIG MONEY MANAGERS AND FUND MANAGERS WOULD EAT THEM ALIVE