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Norman , IRA et all: I'm not
defending anything Ney may have said in ref to
stealing or if he understands how CBOE floor
works .. I have found that prices of Blk Trades especially when
happening near closes and opens.. and also when the blk activity picks up
to above normal activity can be useful as pivots .. either
support or resistance. I really don't care if
any of you believe this works or not.. <FONT
color=#008000>it works for me $$$$ <FONT
color=#000000>and I was only posting something that could be
helpful to the list.... JJJ<FONT
face=Verdana> ----- Original Message
-----
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style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Norman
Winski
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, October 13, 2001 2:56
PM
Subject: Re: [RT] HEAVY BLK ACTIVITY ON
QQQ'S YESTERDAY... I may have posted this yesterday..
Ira,
Back in the early 80s when Ney was
actively promoting on the stock market channel, one day he turned his "the
floor people are stealing your money" theory on the CBOE, saying that the
floor traders were conspiring to take the public's money. He went
on to twist the truth by saying that the brokers on the CBOE were taking the
other side of the public's trades. Of course, this is impossible, because
market makers and brokers were strictly separated in function and never the
twain met. It was obvious that he didn't have a clue as to how the CBOE
floor operated. So after blasting the CBOE and falsely characterizing how the
CBOE floor works, the CBOE responded by publicly offering Richard Ney an
all expense paid trip to the CBOE floor, at his convenience, so he
could learn how it really worked.
Mr. Ney declined. I think that says it all.
Cheers,Norman
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira Tunik
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, October 13, 2001 10:06
AM
Subject: Re: [RT] HEAVY BLK ACTIVITY ON
QQQ'S YESTERDAY... I may have posted this yesterday..
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 .... <FONT
face=Wingdings>JJJ
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira Tunik
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>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...
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira
Tunik
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>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 <FONT
size=-1>--------------------------------------------------------------------------------
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 <FONT
face=Quotrone> 10/11 DJ PRESS RELEASE: AMEX To
Trade Nasdaq-100 Index Options <FONT
face=Quotrone> 10/11 DJ =DJ Options Report:
Amex To Trade Nasdaq Index Options <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 1,000,000 Shrs At 34.16 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 466,000 Shrs At 34.30 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 350,000 Shrs At 34.35 <FONT
face=Quotrone> 10/11 DJ DJ MARKET TALK: Nothing
Good Lasts Forever <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 750,000
Shrs At 34.48 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 350,000
Shrs At 33.85 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 644,800
Shrs At 33.77 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 300,000
Shrs At 33.87 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 300,000
Shrs At 33.97 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 375,000
Shrs At 34.15 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 775,000
Shrs At 34.14 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 300,000
Shrs At 33.90 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 600,000
Shrs At 33.95 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 300,000
Shrs At 33.97 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 300,000
Shrs At 33.69 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 400,000
Shrs At 33.80 <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block: 527,900
Shrs At 33.20 <FONT
size=-1> 10/10 RT U.S. stocks press higher on upbeat
forecasts
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