Can anyone idicate to me the rules that NYSE specialists are bound by? (i.e. selling on down ticks, buying on upticks, etc.) Can specialists hold, or at least delay the filling of orders? Any help or further information regarding how specialists work would be greatly appreciated. I have also read in other ET threads about trader's keeping specialist journals for specific stocks. Does anyone know what would be pertinent information to record, and how to decipher that information from T&S or the level II. Thanks to all responses.