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To: William Epstein who wrote (5419)8/7/1998 12:46:00 PM
From: Robert Douglas  Read Replies (2) | Respond to of 7841
 
William,

You give some very damning words about specialists on the New York Stock Exchange. In my opinion they deserve every bit of it. It seems that the specialist firms always fall back on that old line that they are "making an orderly market". What a joke! Remember how they virtually disappeared in the crash of 87? For that matter they have disappeared in every decline I can think of. Why, when the technology exists, aren't they replaced with a completely electronic system where every bid, ask and its' size is available to anyone?

Robert



To: William Epstein who wrote (5419)8/7/1998 12:56:00 PM
From: Bruce Russell  Read Replies (1) | Respond to of 7841
 
Ep:

Keep posting about specialists. I believe you are exactly on target.

Understanding their motives and capabilities are necessary for our survival in the market.

Bruce