You are the one that started the flaming here and not Mecro. Here is your original post. With all due respect, we would all appreciate it if you left, unless you have something positive to contribute. Your comments come across as though you had a vested interest in preserving the specialist system. If you trade at all, you could not help but notice the abuses. Thank you
You are not only arrogant, but incorrect. I have many years on you, son, and you should talk to your elders with respect. I have no aliases, and am new here. I have no affiliation to haldfback. But I have some affiliation to the NYSE, and if you had engaged me in a respectful tone, we would have had a productive conversation. People like you who have a chip on their shoulder are rarely successful in life. Like I said, arrogance is just a mask for depression.
Son, I have alot of years on you, so I ask you to respect your elders. You hit the nail on the head, I do have a vested interest in preserving the specialist system, although I acknowledge that their are serious problems with it. I don't flame. I'm way too old and happy. Read what I wrote again, I stand by it. Be a man and stop crying. And don't ever tell someone to leave, it only shows massive insecurities on your part, to say something like that on a message board. You have no right to say that to me, or anyone. It's too bad there are so many jerks here, or I would have been happy to give my perspective (and it's from the inside) of why the specialist system will endure in some form. Oh, and I've been trading for 40 years. So there's no need for ridiculous remarks like "If I trade".
Ok bird, what's your most recent gripe you have trading NYSE the last few months? Me, I would have to say thet Direct + seems to turned off way to often by the specialists throwing up 1 by 1 sizes for 10 seconds then suddenly they are back to 800 by 1200 until 1 by 1 blinks again. They seem to be using it as a simple on/off switch rather than this actually being the "true" size in the book. Also lay off Mecro, he's a trader who post alot of good info and discussion about NYSE trading.
Thats the second time you have said that in a row. Maybe your SO old that you are going senile? Fact is... you havent earned anyones respect here with your low post count. Until then, we have no reason to believe any damn thing you say. You come on here and attack Merco with a new alias. People are going to assume your just some coward ass wipe who is too afraid to use his REAL alias. Sorry.... but we dont care how long you CLAIM to have been trading because you have no credibility. And drop the pop-psychology. There is no reason to believe you have any authority to make idiotic psychological claims either. If Mecro tells you to LEAVE his thread, its not a sign of anything, except the fact he wants some dipshit grandstanding NOBODY to stop shitting all over his thread. Have a nice day NOOB Sick of these new alias cowards peace axeman
Not to jump into this skirmish here, but how does one know how old another is or what professional record another has or what trading record another has? Nobody really knows and if they do, there is a huge potential that it is total BS anyways. So just relax new people this is a message board.
A Perspective: Our traders never bother with the NX function, we don't want to have to be given the bid or offer, preferring to get price improvement by using "trade through" limit orders. I notice that the 1 x 1 does come up a lot, and is usually a valuable signal that the stock is going to trade a large block, and by reading the NYOB correctly (at least as well as we can), we usually can take advantage of these price improvements. On a similar note...I received a Memo from the American Stock Exchange...partial to follow: -------------------------- Background The American Stock Exchange (Amex) will begin trading five additional Nasdaq securities in its Nasdaq UTP Program effective Monday, May 24, 2004 in preparation for the upcoming Dow Jones test program. During the test program, Dow Jones will use the opening and closing prices of Nasdaq-listed stocks traded on the Amex to generate Dow Jones Averages (for the Industrial and Transportation averages). The list of Amex specialist firms and Nasdaq securities allocated to them include: Symbol Security Name Specialist Firm ALEX Alexander & Baldwin Inc Kellogg Capital Group JBHT JB Hunt Transport Services Inc Bear Hunter Structured Products NWAC Northwest Airlines Corp Equitec Specialist, LLC USFC USF Corp Bear Hunter Structured Products YELL Yellow Roadway Corp Susquehanna International Group For a complete list of the Nasdaq securities currently trading on the Amex floor, please visit âwww.amex.comâ. ------------------------------------------------ It appears that the Naz stocks are going forward with their "specialist" listing, albeit the Amex not the NYSE. There are more changes in the works....You guys might want to read "Potential Costs of Weakening the Trade-Through Rule" published by the NYSE. (A bit of "propaganda" mixed with some interesting statistics). And, since we pretty much stopped Momentum and pure Scalping techniques quite a while back, that might explain why we haven't really noticed anything of consequence with our traders or their order executions. Look for this article coming out in the July issue of TASC (I think). REAL WORLD Specialists And Electronics Price Vs. Speed Hereâs a look at the order handling of the New York Stock Exchange versus over-the-counter equities. ----------------------- I'm not "defending" any poor trading practices, I'm just trying to offer additional information that may be of value to everyone. All the best.... Don
just passing thru here, but I want to read bird's perspective on the specialist system. i've complained about it long and loud, and still, in the end, believe in it. seems to be a bad class in there these days; the system is only as trustworthy as the people. it's not the system, it's the present practitioners that need work. hasn't anyone noticed in any other business, the lack of integrity? it's more the culture than it is the mechanics.
I, too, believe in the system....and yes we need to be vigilant to see that the highest standards are kept...the rules are there, enforcement has been lacking (on the "few" not the "many"). Don
I was referred to this board by a friend. Unfortunately, I don't care for the abusive language, nor the lack of respect. You should always respect others, no matter if they are new or not. You never know where you can learn something. You are right. You don't need my 20+ years experience of trading as a specialist on the NYSE floor. Everyone here knows everything. No one needs to learn from a long time (now-retired) specialist. I obviously can be of no help to this conversation.