A GREAT ARTICLE ON THE WORKINGS OF THE BB MARKETPLACE....
The date was JUNE 2000 when the markets were starting a new trend into one of the worst bear markets in history, one that would last some 3 years and that some, even today, contest as having completed it's course....
Curious that your posting hasn't engendered one response that I can see , save mine....
I found it enlightening and explanitory....If you were to check some of my prior postings you would see how on occasion I would write about how the spreads on HRCT were running as much as 4 /1 between bid and asked, and that the predisposition of the mm's seemed always to be DOWN,rarely UP....Now , I did not realize the reasons for this , but I now have a much better understanding of why...Sure, they are accumulating ...They really do have their own little club...
We have people here who are even now making estimates as to the shares outstanding (HRCT)....I wonder just how many dilutive shares have been added via the NAKED SHORTING by these mm's....Thank GOD, it's soon to end as of 4/1 by SEC mandate...But there were some other manipulations revealed that also need remedial action by SEC....
My prior post certainly did not defend the MMs....I still feel I'm correct in suggesting that they are there to make and keep an orderly market. But,given their advantageous position and the nature of man , you might expect just what we have now..MANIPULATION FOR PERSONAL GAIN...Now I have no allusions about the tomorrows in the market place,but YOU have made it much easier for me to understand and in doing so,to profit ....AGAIN, A SINCERE THANK YOU ....
PS...upon returning home last night from a social event,I turned on the tv to see an old movie...MRS. MINIVER....In the movie was an actor RICHARD NEY, who after some years on the screen became a market participant and advisor...This same man ,later in his life, wrote several books on the manipulations of the MMs...His work primarily dealt with the big board where his advisory service was highly rated for predicting price movement of given stocks based on the mm's actions...Of course, he was sued to the teeth, but his work received wide acclaim at the time.....
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