Dont you dare start making false stamements like this guy::
Posted by: TokyoJoe
Gregory J. Sterner
4008 Randall Lane
Carrollton, TX 75007
March 9, 1999
Ms. Kellie Blattner
SEC Mid West Regional Office
Suite 1400
Chicago, IL 60661
Dear Ms. Blattner,
It has come to my attention that the SEC is conducting an investigation into the trading activities of one Mr. Joe Park.
I have been a follower of Mr. Park's internet group since early 1998. Over the years I had traded in Commodities and Stocks via full service brokerage houses; much to my dismay once I discovered on-line trading.
After joining Mr. Park's on-line group in November 1998 plus joining the Silicon Investor on-line chat service I began to become deeply involved in on-line investing.
I have found Mr. Park's e-mails and postings on various on-line chat rooms of the utmost value to me. From the beginning, Mr. Park made it exceedingly clear that even though he gave out information on stocks that I should review, I and I alone was responsible for any decision on my part to purchase or sell a stock.
Often, via his e-mails, he would admonish the inexperienced investor and beginner not to trade in a fast moving stock since the inexperienced investor and beginner did not know enough to be able to successfully trade in a fast moving market. Additionally, he would often advise beginners to read the various books that are published on the subject of trading.
Additionally, he would and does remind everyone that each person must decide for themselves if they should trade a stock. He reminds people to watch the market execution prices plus the Bid and Ask before deciding to trade.
Often, I've seen Mr. Park's objectors write that he pumps and dumps stock. To that end, what actually is the definition of pump and dump? How high does the price of a stock have to go before it is classified as Pump and Dump? Or how long or short a term does that price have to stay at an inflated level before it is officially defined as artificial. On the other hand, I have seen his most ardent objectors do exactly themselves, the very same effort that they accuse Mr. Park of doing. Therefore, I can only assume that while they are complaining about Mr. Park they are really attempting to draw attention away from themselves while they pursue their own agenda.
Take for example one of Mr. Park's most ardent objectors on the Silicon Investor chat rooms, an individual that specializes in Shorting stocks. He rallies his supporters and claims that that stock should be shorted at a level which he has defined in his post on the Silicon Investor chat threads. Is this price fixing, possibly collusion, or even front running by setting a price that all of his followers will use in a sell short limit order?
"SEVL<----------------SHORT/SELL 30% @ 6 plus ..pre-open"
This statement can be found on the internet at :
Message 8200381
Additionally, this situation appears to be selling short at pre-market before most traders have an opportunity to trade. Does he trade first while others have to trade later after the market opens?
He then encourages his minions to short the stock thus driving it's price down. He encourages his supporters, by again posting on the chat threads, to "buy to cover" their short position at a given price level. Again, is this price fixing, or even collusion? Thus, in mass, they have created an artificially de-valued position for the stock.
"ARTE<-------Cover at 2 3/8...I sold them at 3.9"
This statement can be found on the internet at :
Message 8245178
In many instances he also post statements that accuses others of wrong doing as exampled by these statements:
"SEVL<-----Complete manipulation by the Comapny and crims on Yahoo"
This statement can be found on the internet at :
Message 8205462
Another one of his statements includes:
"SEVL<------------I want a full blown investigation by NASDAQ and the SEC into the ECN manipulation ( all these bogus bids put out just below the bid which keep it artioficially inflated )"
This statement can be found on the internet at:
Message 8223052
As you can see, this individual readily invokes the name of the SEC in order to intimidate investors into believing that he is working directly with the SEC to investigate trading activities on the internet. A review of his many post on Silicon Investor examples a long case history of such activity.
Why is it that this person is allowed to continue to run his operation like this with impunity. He does exactly what he accuses his foe's of doing and no investigative agency dares touch him or his minions? Why?
Now, returning to the subject of Mr. Park. I have seen a few people on the internet accuse Mr. Park of various transgressions. However, in each case, the individuals never were able to produce documenting evidence of their accusations when ask by the other people in the chat room. Each time, they would pick out a single word or phrase, taken totally out of context, and use it as a crusade to complain about Mr. Park's methods or activities.
One of the many mistakes that I have seen of Mr. Park's objectors is that they expect him to be able to dictate the direction of the market and to be able to tell them the precise time to buy or sell a stock. These are truly foolish people.
In all of my trading in the stock market, I have never failed to trade successfully as a result of anything Mr. Park has said or done. Each failure was mine and mine along. In most cases I failed to follow my own established rules on how I should conduct my trading activities. In the other circumstances, I made my own bad judgement decisions.
Overall, while living on the 'Net day after day, I have seen many ort cuts and miss many of the relevant facts. Also, the targeted contributor is required to spend an exorbitant amount of money in l
egal fees. As a result, whether the contributor wins or looses the credibility battle, the warlord has accomplished his goal; "hit'm and make them pay", and, in the process, gain a few defectors to the warlords venue.
On a personal note, on numerous trades, I have successfully contributed to my retirement monies. I have also lost money on trades. However, my skills are improving and with Mr. Parks guidance my success rate is increasing. Also, due to Mr. Park's many notices to beginners to study and paper trade I formulated the idea of creating a Web site that would be an aid to beginning traders.
Over the years, I found that the best way to really learn a subject quickly was to learn the basics in a step by step manner. Therefore, I established a Web site that is dedicated to providing beginners a step by step guide to finding reliable information and educational material on learning how to trade. This site can be found at: rookiedaytrader.com .
In summary, over the years of my experiences I have found that those individuals that make the most noise in complaint are the ones that are really attempting to focus the attention away from themselves and onto people such as Mr. Park. True, at times his language is colorful, his typing atrocious, and his methods gruff, however, they do not detract from the core focus of his efforts; provide his constituents with timely stock and market information.
Should you have any questions, please feel free to call me at (214) 769-5386.
Regards,
Gregory J Sterner
gsterner@trlx.com
rookiedaytrader.com
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