Silly idiots. You've been trading for seven years? Sure you have. Maybe reading a couple of books is trading to you but for those of us who actually trade professionally, people like you talking all this smack are just fools. It's ok, I'll go on trading and making money. You go ahead and affirm how specialists are the next best thing since wonderbread.
Yah, ok there stud. By the way stretch, I didn't say seven, I said "SEVERAL." Learn to read sport. Yah, you've been at it long enough to know that the NYSE is a gov't entity that robs the little investors, while Nazdaq is a benevolent, charitable institution. I'm doing fine trading "professionally" myself, although to those of us who have been doing it for more than 6 months, daytraders who are tacky enough to talk big about being a "professional" are so clearly silly twits. You sound like Bob Euker. I'm surprised you didn't say "us bigleaguers."
Damn you're stupid. Nasdaq is a benevolent entity and the NYSE is evil. Where did you pull that one out of? Your ass? Because it sure as hell didn't come from me. Talking about reading impaired. LOL Ok there dumbass. the Series 7 is the national securities exam. National, meaning it's nationwide. And the 63 is the state securities exam. Meaning the state you trade professionaly in. get it??? There bright one?? I have my 7, 63, and 55. And what are are securities professionals required to obtain??? No shit there jackass. My god, learn to read first before you post again. Please. You're just embarrasing yourself.
You stated that the specialist/open outcry system, which has been the basis of the NYSE for over 200 years, was crooked (and that the specs should reimburse everyone they've "ripped off"). You don't think that implies the NYSE system is evil? Meanwhile, you said nothing about the nasdaq or MMs. It is hard not to infer that you are suggesting the nasdaq system is somewhat fair, especially since this is a thread about BOTH. Anyone with any brain considers the logical implications of someone's arguments. And in this case, I simply used some sarcasm to paraphrase what you were saying and what you were implying. BTW genius, those licenses that we have are created and sanctioned by the NASD, a private-sector regulatory organization. Sorry to have to correct you...AGAIN!!
And the debate continues...and for those of us who trade for a living, and have long roots in both systems, we have to sit back and realize that there is "some" truth to both sides of the argument/discussion. If we stand back, cut the name calling (it's always fun, but rarely adds to the overall discussion), we will see a true merger of trading systems is taking place. With the NYSE/ARCA merger, the ECN will get the legitimacy it seeks with the NYSE along with the speed of execution we have come to expect from the OTC type of trading. There is not "good vs. evil" - there are simply two different methods of executing orders....one has become very quick, but pricing often times is a bit worse, and the other is not as quick, but gives better pricing (especially on larger orders, with price improvement for the smaller guys). Some traders prefer the immediacy of the OTC/ECN, some prefer getting price improvement (and being able to trade on the same side as the Specialist). It's not "either - or" - it's going to be a combination of both, and we all have to deal with it....hopefully we'll see the best parts of both systems evolve from all of this (and not the worst parts, that really would be a nightmare). With nms we have kept the sanctity of pricing, and with the ECN's and ARCA we have added speed to the executions. Now let's all just adapt and continue to make some money... because if we don't we may have get (yuk) "jobs" LOL... Back to work, Don PS: regarding the opens on the OTC market, yes they are still handled differently than the NYSE, but they are going become more similar as time goes by (single price, single or small multiple locations).
Well, some of us will anyhow. With 1% of your worth, I'd have enough to last a lifetime! Don, at least you aren't pretentious!
Computer Problem Causes False Stock Quotes Friday May 13, 9:40 pm ET Computer Problem Temporarily Causes Erroneous Stock Quotes on Nasdaq; Affected Trades Broken NEW YORK (AP) -- A computer problem at an unidentified stock trader caused erroneous, exaggerated prices -- some as high as $950 per share -- to be posted to the Nasdaq Stock Market Friday morning for 1,680 different stocks, a spokeswoman for the Nasdaq said. ADVERTISEMENT The Nasdaq said trades using possibly incorrect occurred in 184 stocks between 9:19 a.m. and 9:40 a.m., when the problem occurred. Those transactions, which were made 15 percent above or below the previous day's closing price, will be "broken" -- the buyer will get his or her money back, and the stock will revert to the seller. The rest of the affected stocks -- representing about half the 3,200 stocks listed on the Nasdaq -- had erroneous bids placed on Nasdaq's electronic order books, but no trades were executed at the incorrect prices. The problem was corrected, Nasdaq spokeswoman Bethany Sherman said, and trading in all Nasdaq-listed stocks continued normally Friday. The Nasdaq posted a list of affected stocks on its Web site Friday. The Nasdaq will work with the National Association of Securities Dealers Inc. and the Securities and Exchange Commission to investigate the incident. The problem arose when a broker linked to the all-electronic Nasdaq system inadvertently put out bids for stocks that were substantially higher than the prices in which those stocks normally trade. For example, shares of Maxco Inc., a metal heat-treating company that normally trades between $3 and $4 per share, was briefly quoted at $951.47 Friday morning. It later traded at $4.10 per share. And J.W. Mays Inc., which normally trades between $15 and $16 per share, was quoted as high as $136 on Friday. The Associated Press said it corrected any noticeably erroneous prices in its systems, and would work with Nasdaq to address other questionable trades. The AP's stock tables for newspapers should only see a minimal impact at worst, and closing prices should be unaffected.
reg nms [/QUOTE] does it take place all at once or phased in sub penny pricing for shares over $1 is supposed to end this July ... or so I'm told no more sub penny trading in nasdaq or nyse like jdsu, siri, lu and nt
Thank you for clearing that up, you took the words right out of my mouth. People who say the specialist needs to go, have never trader a stock that has news on it. I have not traded the NAZ in years because there is no one responsible for making a market. Thanks Boat.