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A correction to one of my statements that is not correct. Cancel "Someone
did a study........out of sequence. This was options,
also: intrados s/b intraday.
NEP
"Norman E. Phair" wrote:
> Don:
>
> Lighten up. Its Friday and you have all weekend to let your hair down. In
> my case I do not have enough to let down.
> Its only money. It seems when I get involved in a subject here, I evoke a
> lot of hostility sometimes. I do NOT disagree with
> your basic premise. See below.
>
> If anybody has enough money they can move a quiet or thin market for the
> short period of time, say intrados. But equilibrium
> will come into play at some point.
>
> To expand on what I am saying: Yes, I know the floor traders will gun for
> the stops, that is part of the game. Do I like it?
> No. If you don't like the game stay out of the kitchen. Unfortunately
> commodities do not have specialists and market makers
> like the stock market does. There was a big investigation a few years back
> by who, I do not remember. The bottom line, in my opinion, is that the
> commodity traders got away with almost murder. The prosecution was unable
> to prove their case, only a few
> floor traders got their hands slapped.
> I do not trade thin commodities i.e. bellies, coffee and the like, this is
> one of the reasons. .
>
> > Again, the basic statement you made is true, I think most people know
> > that. It is common knowledge in the industry.
>
> The NFA would love to make the commodity markets modeled after the stock
> market. They have not figured out a way to do it without disrupting the
> functions that they were set up to accomplish in the first place.
>
> What I said is you can not do it in a big way because if you accumulate a
> large position , you will not be able to sell it. Who will buy it when you
> have pushed the market by your actions? Someone did a study one time and
> determined that up to 30% of the commodity trade prints were out of
> sequence. This is another problem with commodities.
>
> Don, I mentioned that I had been a trader for mutual funds because of the
> statement I made about "not working in stocks." Some people still think
> that the specialists control the market and can do whatever they want. I
> did not want to get a bunch of Richard Ney fans sending me e-mail. No, my
> credentials are not impeccable , yes I have been around so to speak, yes I
> have made many errors in my employment life that I wish I could have done
> differently. No, if I had bought a seat at 12.5K I would not tell you or
> anyone. I do not brag , I will at times list facts to bring home a point.
> I try not to post too many items on this site. I will answer people, and
> that seems to evoke enough controversy to keep me busy answering back to
> them as in now.
>
> I do my share of e-mail to people privately, Most of the time I do not
> send a copy to the group. Yes, i was in the business for over 35 years and
> if I can be of a little assistance to someone on here I will do it
> willingly. I do volunteer work to help people less fortunate. I have
> never said that here. I must answer your statement that insinuates that I
> like to brag. NOTHING COULD BE FURTHER FROM THE TRUTH. You do not know
> me, so please do not make an assumption unless you know all the facts.
>
> The few criticisms I received concerning my letter to Edelina was upsetting
> because people made statements about the tone of the letter when they did
> not have all the facts. They do not know what my conversations were with
> Edelina, or what was said on the over 25 PRIVATE e-mail I had with her.
> I work with a group of people and sometime, someone in the group needs
> TOUGH LOVE. (If anyone need an explanation, send me a private email) I
> made a decision that Edelina had reached this plateau. Yes, I can down
> hard on her. One other member in the group was concerned enough about
> here that he talked to her on the phone. He and I were trying to advert a
> catastrophe. Yes, I care about people , i will only accept criticism if
> it is warranted, but make sure all the facts are in. I will not accept
> criticism from these people because they made statements that the
> language was unwarranted. How can anyone make this statement when they
> do not have all the facts and information. I would hate to see them on a
> jury case. Sorry for adding this subject to your email, but I wrote out a
> lot more last night and slept on it. This is only a small part of it.
>
> I guess I should have kept my mouth shut when I saw how much the floor
> traders P___ Y___O_____. As a result I took the blunt of your anger
> because I think you interpreted what I was saying a little differently
> than what I said, that is my fault, I should have explained it better. Yes,
> I could have made it clearer. When I do a draft I change it many times.
> When people type on the computer I thing they say what comes into their
> head, I know I do, and sometimes after I send it , I wish I had phrased it
> differently.
>
> Hay, I am a nice old man. If you need references let me know.
>
> Norman E.
> o
> <<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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