The Wall Street Gang. by Richard. Ney http://www.amazon.com/exec/obidos/t...=glance&s=books "I align myself with the specialist as he seeks to solve his inventory problems. The thrust of all my efforts is to buy when he buys and to sell when he sells." "It is impossible to look solely at the tape as it passes in review and hope to determine longer-term trends in the market. One can understand the tape and decipher its code of communication only when experience is shaped through memory - or through the use of charts. â¦In the final analysis, we need both in order to make financially rational decisions" "This is dangerous since the need to use existing investor techniques to mislead compels the specialist to change the trend in some way if he is to gain the element of surprise needed to make his manipulations "pay off." As he moves from one phase or price level to another, however, his inventory objectives begin to reveal themselves in terms of specific trends. " "It is no accident that most investors lose money in the stock market. Their losses are an inevitable by-product of their ignorance of how little they know about the invisible world of the Stock Exchange. Like machines dominated by external influences, they are capable only of mechanical action. Regrettably, the arrangements that exist to preserve the traditions and legalize the frauds of the security industry are inseparable from the general organization of a society controlled by the financial establishment, a society whose laws and principal customs have been contrived to serve the special interests of the financial community. Thus, although the Stock Exchange's most profitable practices clearly compromise the freedoms granted others by the constitution, Exchange Insiders are granted immunity from the legal obligations and penalties that should be imposed on them."