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When I was a lot younger, I traded just about anything. A good friend of
mine went to Chicago to work in the potato pits. He used to tell me stories
of the traders meeting in the bathrooms, turning on all the water spigots
and flushing all of the toilets and then discussing what they were going to
do that day. I sure learned to avoid all thin markets. This was at least
thirty some years ago. I think the guys in the potato pits eventually got
caught playing around and got fined, banned, etc., if I remember correctly.
Regards
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]
On Behalf Of Michael Robb
Sent: Friday, June 19, 1998 3:12 PM
To: metastock@xxxxxxxxxxxxx
Subject: Specialists hit stops
Jim Greening:
I met a AMEX floor trader some years ago who made the statement "sellers are
there to be taken out".
To some extent they see the market before we traders do because of their
book that shows stop orders. They do not have your best interests at heart,
unless you consider the efficiency of providing the other side of the trade
you have demanded.
Mike
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