A**hole Specialists

Originally posted by Newatthis
I will NEVER trade TXN again. That man is difficult.
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yup, an evil dude...try ADI early in the day if you want to meet the devil himself. and aol when the stock was expensive? i think hitler was the specialist then.
 
On a trip to NY a few years back I was introduced to the AOL specialist. He was standing outside the exchange at noon chain smoking cigarettes. He was telling me that at times he would have 60 market orders to buy on average 1000 shares per order hit him at the same time. What would you do he asked me after I questioned why he froze the book and put up a print at higher levels. Didn't seem fair and orderly to me...
 
Dubious maybe, but whether I agree or not with your posts they are generally insightful and researched when appropriate.

Trade through? Call Dot Services...oops can't do that anymore.
 
Aren't there supposed to be regulations against these specialists pennying people to death. Several times today I got pennied and was unable to get my trades through on IBM. Also in some other issues by bids were not being displayed, although they were .05 better than the current bid.

The NYSE specialists are ignoring trading rules and ripping off the general public.

Or am I reading this wrong?

Echo
 
Originally posted by echo33029
Aren't there supposed to be regulations against these specialists pennying people to death. Several times today I got pennied and was unable to get my trades through on IBM. Also in some other issues by bids were not being displayed, although they were .05 better than the current bid.

The NYSE specialists are ignoring trading rules and ripping off the general public.

Or am I reading this wrong?

Echo
More...

The problem is that they are actually "improving" the market by at least a penny when they do that. I don't see it much on my stocks, and if I did, I would simply change stocks.

Don't fight it, just find a different group of stocks.....does that not make sense??

Don
 
Don,

While I can understand that they are improving the market, it is generally at the expense of the general public, as they sometimes just turn around and dump on you and immediately move the market against you. Basically the general public never sees the bid so does not know the true strength of the market. Maybe I'm just sore because I was taken for a ride today.

Moving on to a different group of stocks is a viable idea. I'll look into it.
 
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