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They do run the market in stocks and here is an example. A large mutual
fund comes in with an order to sell, we will use 10,000 share block. They
find another firm to take the other side. they go to the specialist and ask
where they can cross the block. the specialist looks in his book and says
at x down a point, but I want 1500 shares of the trade. those 1500 shares
are in his book between the current price and the execution price. Is that
fair to those in the book? Is it fair to the public? Is it done? Yes, all
the time. If they can't accommodate the trade in NY, they wait for the close
and execute the trade on the PSE which closes 15 minutes later. Have a good
week end. Ira.
Don Roos wrote:
> <<I have been a trader for two mutual fund companies and it does not
> work in stocks
> and I doubt very much if it will work in commodities. If you can show
> me
> proof that it does I will listen.>>
>
> We all know of your incredible impeccable credentials, Norman. (How
> could we not know). If I proved it to you, then you would have to quit
> your piranha anonymous group.
>
> Stocks have the specialists at NY who are not allowed to push the market
> like the locals do. They take the opposite side to create liquidity.
> The locals create moves in an effort to pick off all the "suckers" that
> have signed up to trade in "their" pit. To them, if someone leaves a
> stop, it is their "right" to pick it, because such a person "is a loser"
> anyway. (I've heard them talk this way in the background on LOS). But
> this is part of the game, as we know it at this time.
>
> We are all fortunate that Norman didn't buy a seat at 12.5k, or he might
> be likely to brag a little.
>
> Don
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