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Richard Ney should have remained an actor. Mrs. Miniver was the only
work he has done that rated comment.
Dorothy Carter wrote:
I agree
specialists are not all knowing and they are not always the other
side of the trade... However If I can see a set up which has the
earmark of them selling longs and setting up their book short....... They
are smart money....people
who have studied this activity for yrs.. ie Richard Ney would indicate
that the circumstances and timing of these QQQ blks are most probably as
I suggested... specialist selling longs he was forced to buy on the way
down and then setting up shorts to ride on the way down....... They
are a profit center.... not just there to take the other side of the trade.
If their only purpose was to provided an orderly market.. the minimum that
they have to take 100 shs before they can lower the price of
the next trade would have long ago been changed to at least 1000 shs in
this market place where even 1000 shs is by many standards an odd lot.
In order to call a block desk at a brokerage house many require 5000 shs
or more... So. I post this info from my experience...
and it does take some time to get a feel for it.. use it if you find it
worthwhile .... JJJ
<blockquote
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----- Original Message -----
<div
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira Tunik
To: realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, October 13, 2001 2:03
AM
Subject: Re: [RT] HEAVY BLK ACTIVITY
ON QQQ'S YESTERDAY... I may have posted this yesterday..
There seems to be this belief that the specialist is all knowing
and all seeing and can tell better then anyone else where the market is
going. There also seems to be the assumption that the specialist
can take in hundreds of thousands of shares with an inexhaustible bank.
These are false assumptions. The edge that the specialist has
is that he has the book and knows where the orders are. He doesn't
know that they will still be there if price gets to those levels because
the order can be canceled. He is supposed to make an orderly market,
when he can. When not, there are gaps down or up, or a halt in trading
until orders can be matched. The other edge that the specialist has
is that he can participate in large block trades. Say a mutual fund
wants to sell 500,000 shares of xxx stock. The existing price is
$55. He can search for the other side of that trade or he can look
down in his book, add up all the shares to buy below the current price
until they add up to the 500,000 shares for sale. He may tell the
seller that he wants to participate in the buy up to 35,000 shares. This
is agreed upon. The specialist then sells the first 35,000 shares
in his book and takes all of the shares for sale up to the 500,000.
The cross might be at $54 or at $49 which price has been agreed upon before
hand. But there will be a orderly march down there as the specialist knocks
down the shares he is about to buy back. I doubt that any specialist
is going to take in a couple million shares of QQQ in the hopes of a rally
because he can't move the market for more then a couple of minutes when
the market is very thin. Especially in the QQQ which are used buy
every hedge fund or hedger as a vehicle. There was one exception
that I heard of. That was in 1987 when many of the specialists were
broke or negative and the government told the banks to offer the specialists
unlimited credit so that they could stabilize the markets. It didn't
help a certain bank in Chicago that went belly up because of all those
very smart market makers that went broke. Remember that the market
makers in stocks or options and the specialists are taking the other
side of everyone else's trade. They are not instigating any of the
trades. They are accepting bids or offers and accommodating
the public when there is no one else there.
Dorothy Carter wrote:
There
is no way to know for 100% unless you can see specialist book.. but when
I see this many blks clustered together it feels to me like a major mutual
fund buying and the specialist selling to them... It doesn't look to me
timing wise after a big upmove off of recent lows that we would be seeing
a mutual fund that would be that savy or short term oriented to sell a
long position here... so that tells me it is most probably specialist selling
what he had to buy on way down or setting up shorts that they
ride down again.... There is obviously two sides to each blk and the
specialist is the smart $$$So if I'm reading this correctly.... it is distribution
by specialists who had to buy on way down starting on Sept 17th and
lower.. also these levels are back to Apr lows.. so if some institution
bot at Apr lows rode them up then got caught on way down would have sold
Sept 10th or Sept 17th and the specialist most probably took other side...
I can tell you that there were even more blks on QQQs, SPY, MDY etc on
Sept 17 -19th... so I'd guess as market improved and got everyone bulled
up that specialilst is unloading...
<blockquote
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----- Original Message -----
<div
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira Tunik
To: realtraders@xxxxxxxxxxxxxxx
Sent: Friday, October 12, 2001 5:18
PM
Subject: Re: [RT] HEAVY BLK ACTIVITY
ON QQQ'S YESTERDAY... I may have posted this yesterday..
Looks like short covering to me. How much of took place on
up ticks and how much on down ticks. that would tell a different
story.
Dorothy Carter wrote:
BELOW
SEE SERIES OF BLOCK TRADES ON QQQs yesterday.... THIS IS HEAVY..
NOT NORMALBLK ACTIVITY....opn QQQs --------------------------------------------------------------------------------
7:48 RT U.S. stocks seen
little changed to slightly higher at open
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 400,000 Shrs At 34.36
10/11 DJ PRESS RELEASE: AMEX
To Trade Nasdaq-100 Index Options
10/11 DJ =DJ Options Report:
Amex To Trade Nasdaq Index Options
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 1,000,000 Shrs At 34.16
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 466,000 Shrs At 34.30
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 350,000 Shrs At 34.35
10/11 DJ DJ MARKET TALK:
Nothing Good Lasts Forever
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 750,000 Shrs At 34.48
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 350,000 Shrs At 33.85
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 644,800 Shrs At 33.77
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.87
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.97
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 375,000 Shrs At 34.15
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 775,000 Shrs At 34.14
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.90
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 600,000 Shrs At 33.95
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.97
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.69
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 400,000 Shrs At 33.80
10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 527,900 Shrs At 33.20
10/10 RT U.S. stocks press
higher on upbeat forecasts
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