Hatred of the NYSE

With the launch of Hybrid, the NYSE has <b>finally</b> declared open season on the specialists. NYSE Hybrid stocks trade freely, without any specialist manipulation. The NYSE has finally realized; They have no use for the leeches either.

I'm making the call right now: <b> Within 2-3 years all NYSE stocks will be allowed to trade freely. Specialists will no longer be given the luxury of controlling/manipulating stock prices.
In 2009 they may still call themselves 'specialists', but they'll function as mere market-makers- NOT as manipulators holding the golden key.</b>
 
Quote from Scalper007:

I feel your pain there. Its the same way I felt 7 months ago when I started trading on the nyse. Anytime a stock is moving up strong, you better be in it already or you will most likely miss the move. For example, ICE today went up 7 points...He opens the stock at 91 and he very well knows that there is buying pressure coming BUT he decides to spread down to show 90.75 and all the piker day traders like me get scared and sell out. Then guess what, he runs it back towards 91 and there is about 5000 on the book at 91 and he spreads above 91 and shows 91.01 preventing the electronic traders from NXing. So I see this nonsense he is doing but I HAVE to get in so I place a market order hoping he'll fill me at least at 91.10, but NO, he spreads up to 91.50 even though there are shares on the book offered at .10, .15, .20, etc.... And while he spreads up to 91.50, his bid remains at 91 preventing you from accessing the orders on the book just in case the stock reverses. So I can't even try to get in at 91.50 considering my out is 50 cents away unless there are ecns with real bids.. Now, there is a classic example of a NYSE trade. On the other hand, in Nasdaq, you see that its gonna run up and you place a market order and sweep all available shares and another order comes in and another and another and the stock keeps moving naturally with supply and demand. Its no magic why some of the heavy hitters on the trader p/l forum make so much. They trade nasdaq... Trading NYSE is an art in and of itself. It took me a couple of months to get it. But once you get it, you will begin to feel what he is about to do. The nyse is all about the specialist and the ecns just follow him 95% of the time. Oh and the same goes for news stocks in NYSE. News comes out, specialist freezes and locks the book. So either you get in on the ecns hoping that he prints above/below your buy/sell point or you just miss the entire move as he spreads up/down. If you can successfully trade nyse stocks, then you can trade any damn thing in the world is my take on this...
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I don't understand hardly anything you talked about or what the original poster talked about as I am not a trader (am here to try and learn things).

But I still would like to ask you a question...Is what you described being done by that person, I guess he is called a specialist, is what he is doing illegal or legal but just shrewd?

Thanks
 
Quote from Handsome:

I don't understand hardly anything you talked about or what the original poster talked about as I am not a trader (am here to try and learn things).

But I still would like to ask you a question...Is what you described being done by that person, I guess he is called a specialist, is what he is doing illegal or legal but just shrewd?

Thanks
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Legal, thats his job. To produce liquidity in the stock. Specialists are only in NYSE and Amex I believe. Its not really screwed either b/c thats what he sees the volume is doing. i.e. more people sell stockgoes down. More people byy stock goes up.
lol :)
 
Quote from Rearden Metal:

With the launch of Hybrid, the NYSE has <b>finally</b> declared open season on the specialists. NYSE Hybrid stocks trade freely, without any specialist manipulation. The NYSE has finally realized; They have no use for the leeches either.

I'm making the call right now: <b> Within 2-3 years all NYSE stocks will be allowed to trade freely. Specialists will no longer be given the luxury of controlling/manipulating stock prices.
In 2009 they may still call themselves 'specialists', but they'll function as mere market-makers- NOT as manipulators holding the golden key.</b>
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I agree with this.

The NYSE is in it's biggest fight for market share ever.
The Specialists have become a liability... and they will be hung out to dry faster than anybody thinks.

NDAQ is pushing $40... because they are steadily increasing their Listed market share.
The NYSE has yet to do anything to reverse a very worrisome trend for them.
 
Quote from rateesquad:

Legal, thats his job. To produce liquidity in the stock. Specialists are only in NYSE and Amex I believe. Its not really screwed either b/c thats what he sees the volume is doing. i.e. more people sell stockgoes down. More people byy stock goes up.
lol :)
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This is an outright LIE by an NYSE shill.
You do not have a shred of honor, sir.

Both NYSE and, especially, AMEX Specialists...
Have been systematically involved in ILLEGAL market manipulation for decades...
While their buddies in NYSE Market Surveilance and the SEC just look the other way.

PROOF?

Check the police blotter. Dozens of Specialists under criminal indictment.
But they are just pathetic PATSIES...
Taking the fall for the Excecutives that control Wall Street.

It's as if all the mid-level managers at Enron went to jail...
But for the guys running the show... just business as usual continues unimpeded.

The only thing that will clean up the NYSE...
Is the inevitability of 100% electronic markets within a few years.
 
Type "NYSE" and "Specialist" and "criminal" into Google...
And you get 249,000 hits.

Like this one at random:

http://legalsoapbox.freeadvice.com/...cialists_plead_guilty_to_securities_fraud.htm

But it's always a big "shock" to the NYSE shills...
And, of course, it could never happen.

It never fails to amaze me...
The degree to which intelligent people...
Just totally swallow every single deception the Securities Industry dreams up.

To explain how the NYSE can trump Federal law at will...
I will just give you ONE example.

"Backing away" means posting a bid/ask...
But when someone hits your bid/ask...
You pull it... drop it by 1-2 cents... and no fill.

"Backing away" is illegal under Federal llaw... the 1934 Securities Exchange Act...
Because it is the most blatant form of Market Manipulation.

Do you people know how the NYSE polices "backing away"?
They look at monthly statistics for all the firms...
And calculate the ** percentage of the time ** each firm "backs away" from a live bid/ask.
If this percentage is below a certain threshhold... like 2-3%... than that firm is "in compliance".

NO. NO. NO. Every single instance is illegal.

But what this really means...
Is that on any individual order from any specific firm or trader...
The Specialist has the option of breaking the law...
As long as he only breaks the law only 2-3% of the time.
 
Quote from Rearden Metal:

With the launch of Hybrid, the NYSE has <b>finally</b> declared open season on the specialists. NYSE Hybrid stocks trade freely, without any specialist manipulation. The NYSE has finally realized; They have no use for the leeches either.

I'm making the call right now: <b> Within 2-3 years all NYSE stocks will be allowed to trade freely. Specialists will no longer be given the luxury of controlling/manipulating stock prices.
In 2009 they may still call themselves 'specialists', but they'll function as mere market-makers- NOT as manipulators holding the golden key.</b>
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Initially I agreed with this statement. However after reading more about how the LRP's within the hybrid work and watching the hybrids trade I no longer agree. The problem is that once a stock hits the LRP the specialist can just freeze the stock and lock everyone out. These LRP's are rediculous on most stocks.. 5, 10, 20 cents..(I believe each LRP is recalculated every 30 seconds). At the very least these LRP's should be much higher. Basically at this point anytime a stock is going to make a good move the specialist still has free reign. I guess were all gonna have to live with it.. Heres a list of the LRP's I'm talking about.....

http://www.nyse.com/pdfs/activated_lrps.pdf
 
Quote from HoundDogOne:



NDAQ is pushing $40... because they are steadily increasing their Listed market share.
The NYSE has yet to do anything to reverse a very worrisome trend for them.
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I thought the NYSE did a lot to reverse that worrisome trend when they bought ARCA... They gained a huge chunk of market share back and got themselves into OTC trading all at once...

- mnx
 
Quote from B1010:

Initially I agreed with this statement. However after reading more about how the LRP's within the hybrid work and watching the hybrids trade I no longer agree. The problem is that once a stock hits the LRP the specialist can just freeze the stock and lock everyone out. These LRP's are rediculous on most stocks.. 5, 10, 20 cents..(I believe each LRP is recalculated every 30 seconds). At the very least these LRP's should be much higher. Basically at this point anytime a stock is going to make a good move the specialist still has free reign. I guess were all gonna have to live with it.. Heres a list of the LRP's I'm talking about.....

http://www.nyse.com/pdfs/activated_lrps.pdf
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DOUBLE BINGO!
As I have said in other threads, even with hybrid, the specialist still has his ways to manipulate...And his Golden Key this time around is L R P. So to those of you that trade nyse, just be wary that when a stock triggers LRP, the specialist does anything he wants.
And what Hounddog is saying is absolutely true. If any of you traded LVS yesterday, you would be so damn pissed, because he was backing away with a 1,000,000 share order all day long. He shows it and as soon as i wanna hit it, its gone. He shows it, I jump in and buy and he takes it away. Pure manipulation. Now of course this size flashing non-sense does not matter if you are going to hold longer than 5 minutes. But when you are scalping, it matters. The funniest thing is that they can do illegal things up to a certain percentage and "it's ok"...
 
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