???????? Huh? You can only use NX in the same stock once every 30 seconds. How is what he descirbed painting the tape? All he is doing is trading. Trust me....that is not painting the tape, it's just good trading technique.
initial short on limit or mkt order. my software platform which is one of the fastest in the business wont allow me to nx back to back. i always observe the 30 sec rule
Technically you are right that it is not called painting the tape. But "ticking a stock down to 76" when you are short at 89 would be considered manipulation because the purpose of selling ("ticking down" the stock) is to induce others to sell/short at lower price. This is infact the definition on "manipulation" as the SEC sees it. But would probably be tough to prove. Or maybe not. Who do you trade though? If they have a good compliance officer I am sure they would agree. Or maybe they let things like that slide by at your firm.
Why would that be manipulation. If I am short at 89 and then hit bids (assuming I have the bullets) all the way down to .76 I am taking market risk that I would get squeezed by someone bigger than I. Why would that be manipulation? Can someone explain please?
It would serve the NYSE to think abit about this topic. It serves no purpose to split all the orders up by .01 Having nickel increments would increase the size of the bids and offers, and increase the confidence in getting decent executions by your average Joe. Then comes increased confidence in the market. But the NYSE is a bunch of dummies intent on destroying their exchange. Why else would you change a system that worked for so long? Vinny vinny likes www.shortboy.com even though Shortboy's only up 5% this year!
your not "manipulating" not to worry....the fact is that the specialist will group your orders with others and is not weak enough to let it happen. besides if he is short and is looking for offers to take it down then he will
Say you were short 4000 shares at .89 because you know someone has a big offer to sell short at the market and you have a bullet for 5000 shares. Then you the next bid is .76 and you sell (nx) 100 shares at .76 for the sole purpose of moving that big market sell short order to .77 and then you buy/cover 3000 at .77 By covering at .77 it can be construed that you sold that measly 100 shares at .76 so that the market order moved down to .77 and you could cover.
If he took out the .76 nobody is covering at .77 they are covering probably 1 cent above the next lower bid but either way its not manipulation....it just trading. Do you trade intraday? This is simply how it is done....traders bluff and pile on, etc.....when you see market shorts you "help" take the stock to the level where the buyers are. ;-) Sometimes those short market orders are pulled by the way. Is that manipulation? Were just helping the stock reach it equilibrium level. LOL. p.s. I have been called by market intelligence after the close to inquire about my activities in a stock....but never for anything like this. If that is manipulation.....most of us here ESPECIALLY YOU TAPE READERS are going to jail. :eek: J/K.
i try to shed some light on how the the pro's trade and all i get is accusations by people who know nothing about the market and its rules. maybe i shouldn't share anymore. anyway, thanks to all that backed me up on the board. i don't think ill give away anymore techniques. its not worth the hassle.