Go to Jeff Salisbury LWGate Home Page.From: Sol Mayer <smaye1211@yahoo.com>
Subject: RE: [CANSLIM] CVH
Date: Mon, 19 Aug 2002 13:25:09 -0700 (PDT)
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having been there before w/ market makers on NASDAQ I know that you're correct that the specialist is protected and you're complaint will not change anything. It's one of the problems in this business and it sort of forces you to jump the gun sometimes. Besides you won't hear from them for months and who knows where the stock will be at that time.
"Edward W. Gjertsen II" wrote:
David –Being in this business for as long as I have and going through this several times in the past, I have a good idea of where the end game is. There are rules in place that protect the specialist. As with any litigation, proving malfeasance or an intent to harm is difficult. In regard to your accusation of being part of the old buddy system, I chose not to respond to an obviously flippant comment.
Ed Gjertsen II
ed@macktracks.com
- -----Original Message-----
From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com] On Behalf Of david frank
Sent: Monday, August 19, 2002 2:31 PM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] CVH
Ed, I appreciate your Americana theme. But what happened in CVH today is not a good thing. Of course you probably part of the old buddy system of brokers protecting each other. But filing complaints is a heck of a lot better than facing litigation. david
Ed, why suggest malfeasance and not file a complaint?
- ----- Original Message -----
From: Gene Ricci
To: canslim@lists.xmission.com
Sent: Monday, August 19, 2002 2:10 PM
Subject:
- ----- Original Message -----
From: Edward W. Gjertsen II
To: canslim@lists.xmission.com
Sent: Monday, August 19, 2002 1:56 PM
Subject: RE: [CANSLIM] CVH
We had our representative on the NYSE floor go and speak with the
specialist - he hid behind "order imbalance" - floor rules. We were
asked if we wanted to file a complaint - we decided no. There will be
many more battles like this. What is does do is make us look at
alternatives. Like I mentioned in an earlier post - Island and other
ECN's would have given us a fill around 32.50. So we are exploring our
execution options. Our CANSLIM philosophy is broken down into three
simple parts: Analysis, Money Management and Execution. This time, the
3rd element, execution, was the weakest link. So , instead of
complaining about it, we are doing what American's do best, head to the
competition with a better product.
Ed Gjertsen II
ed@macktracks.com
- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of david frank
Sent: Monday, August 19, 2002 1:29 PM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] CVH
I got caught in this so-called CVH inbalanced. luckily i had a limit
order
in place. although limit orders don't work sometimes- because they don't
have to execute limit orders, although they are within the price window.
of
course. there were too many eyes on CVH. i was curious what kind of
remedy
is there for this specialist's malfeasance, especially for buyers @
34.50
and above- more than 10 minutes after placing their market orders. david
- ----- Original Message -----
From: "Edward W. Gjertsen II" <ed@macktracks.com>
To: <canslim@lists.xmission.com>
Sent: Monday, August 19, 2002 11:36 AM
Subject: RE: [CANSLIM] CVH
> One of the risks with CANSLIM - too many investors ready to pounce on
> too few stocks. We have been stalking CVH for quite a while. We put
in
> an order prior to it reaching its pivot (cheating) when NYSE on level
> two showed $32.40 offer. As CANSLIMR's moved in to buy - the
specialist
> did not open the book until $34.50. The specialist claimed "order
> imbalance" but my source at Pershing said he was working another book.
> We were quite upset The stock moved over $2.00 on an imbalance of
> 110,000 shs. The market maker was caught flatfooted. We quickly sold
> out of our position because we were over the 5% threshold.
>
> Those trading Island or other ECN's may have been filled around
> 32.40-32.50. We watch Time and Sales on all our fills and the only
> prints were coming from ECN's. With CANSLIM being one of the most
> popular strategies for individual investors, execution is becoming
more
> and more difficult.
>
> Ed Gjertsen II
> ed@macktracks.com
>
>
> -
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<P>having been there before w/ market makers on NASDAQ I know that you're correct that the specialist is protected and you're complaint will not change anything. It's one of the problems in this business and it sort of forces you to jump the gun sometimes. Besides you won't hear from them for months and who knows where the stock will be at that time.
<P> <B><I>"Edward W. Gjertsen II" <ED@MACKTRACKS.COM></I></B>wrote:
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<P class=MsoNormal><FONT face="Times New Roman" color=blue size=2><SPAN style="FONT-SIZE: 10pt; COLOR: blue">David –Being in this business for as long as I have and going through this several times in the past, I have a good idea of where the end game is. There are rules in place that protect the specialist. As with any litigation, proving malfeasance or an intent to harm is difficult. In regard to your accusation of being part of the old buddy system, I chose not to respond to an obviously flippant comment. </SPAN></FONT></P>
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<DIV>
<P class=MsoNormal><FONT face="Times New Roman" color=blue size=2><SPAN style="FONT-SIZE: 10pt; COLOR: blue">Ed Gjertsen II</SPAN></FONT></P>
<P class=MsoNormal><FONT face="Times New Roman" color=blue size=2><SPAN style="FONT-SIZE: 10pt; COLOR: blue">ed@macktracks.com</SPAN></FONT></P></DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><FONT face=Tahoma size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">-----Original Message-----<BR><B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> owner-</SPAN></FONT><FONT face=Tahoma size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">canslim@lists.xmission.com</SPAN></FONT><FONT face=Tahoma size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma"> [mailto:owner-</SPAN></FONT><FONT face=Tahoma size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">canslim@lists.xmission.com</SPAN></FONT><FONT face=Tahoma size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">] <B><SPAN style="FONT-WEIGHT: bold">On Behalf Of </SPAN></B>david frank<BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Monday, August 19, 2002 2:31 PM<BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> </SPAN></FONT><FONT face=Tahoma size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">canslim@lists.xmission.com</SPAN></FONT><FONT face=Tahoma size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Tahoma"><BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> Re: [CANSLIM] CVH</SPAN></FONT></P>
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<DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ed, I appreciate your Americana theme. But what happened in CVH today is not a good thing. Of course you probably part of the old buddy system of brokers protecting each other. But filing complaints is a heck of a lot better than facing litigation. david </SPAN></FONT></P>
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<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><FONT face="Comic Sans MS" size=3><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 'Comic Sans MS'">Ed, why suggest malfeasance and not file a complaint? </SPAN></FONT></P>
<DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">----- Original Message ----- </SPAN></FONT></P></DIV>
<DIV style="font-color: black">
<P class=MsoNormal style="BACKGROUND: #e4e4e4; MARGIN-LEFT: 0.5in"><B><FONT face=Arial size=2><SPAN style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">From:</SPAN></FONT></B><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <A title=genr@swbell.net href="mailto:genr@swbell.net">Gene Ricci</A> </SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><B><FONT face=Arial size=2><SPAN style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">To:</SPAN></FONT></B><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <A title=canslim@lists.xmission.com href="mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A> </SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><B><FONT face=Arial size=2><SPAN style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Sent:</SPAN></FONT></B><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Monday, August 19, 2002 2:10 PM</SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><B><FONT face=Arial size=2><SPAN style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject:</SPAN></FONT></B><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> </SPAN></FONT></P></DIV></DIV>
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<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">----- Original Message ----- </SPAN></FONT></P></DIV>
<DIV style="font-color: black">
<P class=MsoNormal style="BACKGROUND: #e4e4e4; MARGIN-LEFT: 0.5in"><B><FONT face=Arial size=2><SPAN style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">From:</SPAN></FONT></B><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <A title=ed@macktracks.com href="mailto:ed@macktracks.com">Edward W. Gjertsen II</A> </SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><B><FONT face=Arial size=2><SPAN style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">To:</SPAN></FONT></B><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <A title=canslim@lists.xmission.com href="mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A> </SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><B><FONT face=Arial size=2><SPAN style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Sent:</SPAN></FONT></B><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Monday, August 19, 2002 1:56 PM</SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><B><FONT face=Arial size=2><SPAN style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subject:</SPAN></FONT></B><FONT face=Arial size=2><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> RE: [CANSLIM] CVH</SPAN></FONT></P></DIV>
<DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt"></SPAN></FONT> </P></DIV>
<P class=MsoNormal style="MARGIN-LEFT: 0.5in"><FONT face="Times New Roman" size=3><SPAN style="FONT-SIZE: 12pt">We had our representative on the NYSE floor go and speak with the<BR>specialist - he hid behind "order imbalance" - floor rules. We were<BR>asked if we wanted to file a complaint - we decided no. There will be<BR>many more battles like this. What is does do is make us look at<BR>alternatives. Like I mentioned in an earlier post - Island and other<BR>ECN's would have given us a fill around 32.50. So we are exploring our<BR>execution options. Our CANSLIM philosophy is broken down into three<BR>simple parts: Analysis, Money Management and Execution. This time, the<BR>3rd element, execution, was the weakest link. So , instead of<BR>complaining about it, we are doing what American's do best, head to the<BR>competition with a better product.<BR><BR>Ed Gjertsen II<BR><A href="mailto:ed@macktracks.com">ed@macktracks.com</A><BR><BR>-----Original Message-----<BR>From: <A href="mailto:owner-canslim@lists.xmission.com">owner-canslim@lists.xmission.com</A><BR>[mailto:owner-canslim@lists.xmission.com] On Behalf Of david frank<BR>Sent: Monday, August 19, 2002 1:29 PM<BR>To: <A href="mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A><BR>Subject: Re: [CANSLIM] CVH<BR><BR>I got caught in this so-called CVH inbalanced. luckily i had a limit<BR>order<BR>in place. although limit orders don't work sometimes- because they don't<BR>have to execute limit orders, although they are within the price window.<BR>of<BR>course. there were too many eyes on CVH. i was curious what kind of<BR>remedy<BR>is there for this specialist's malfeasance, especially for buyers @<BR>34.50<BR>and above- more than 10 minutes after placing their market orders. david<BR>----- Original Message -----<BR>From: "Edward W. Gjertsen II" <<A href="mailto:ed@macktracks.com">ed@macktracks.com</A>><BR>To: <<A href="mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>><BR>Sent: Monday, August 19, 2002 11:36 AM<BR>Subject: RE: [CANSLIM] CVH<BR><BR><BR>> One of the risks with CANSLIM - too many investors ready to pounce on<BR>> too few stocks. We have been stalking CVH for quite a while. We put<BR>in<BR>> an order prior to it reaching its pivot (cheating) when NYSE on level<BR>> two showed $32.40 offer. As CANSLIMR's moved in to buy - the<BR>specialist<BR>> did not open the book until $34.50. The specialist claimed "order<BR>> imbalance" but my source at Pershing said he was working another book.<BR>> We were quite upset The stock moved over $2.00 on an imbalance of<BR>> 110,000 shs. The market maker was caught flatfooted. We quickly sold<BR>> out of our position because we were over the 5% threshold.<BR>><BR>> Those trading Island or other ECN's may have been filled around<BR>> 32.40-32.50. We watch Time and Sales on all our fills and the only<BR>> prints were coming from ECN's. With CANSLIM being one of the most<BR>> popular strategies for individual investors, execution is becoming<BR>more<BR>> and more difficult.<BR>><BR>> Ed Gjertsen II<BR>> <A href="mailto:ed@macktracks.com">ed@macktracks.com</A><BR>><BR>><BR>> -<BR>> -To subscribe/unsubscribe, email "<A href="mailto:majordomo@xmission.com">majordomo@xmission.com</A>"<BR>> -In the email body, write "subscribe canslim" or<BR>> -"unsubscribe canslim". Do not use quotes in your email.<BR><BR><BR>-<BR>-To subscribe/unsubscribe, email "<A href="mailto:majordomo@xmission.com">majordomo@xmission.com</A>"<BR>-In the email body, write "subscribe canslim" or<BR>-"unsubscribe canslim". Do not use quotes in your email.<BR><BR><BR>-<BR>-To subscribe/unsubscribe, email "<A href="mailto:majordomo@xmission.com">majordomo@xmission.com</A>"<BR>-In the email body, write "subscribe canslim" or<BR>-"unsubscribe canslim". Do not use quotes in your email.</SPAN></FONT></P></BLOCKQUOTE></BLOCKQUOTE></DIV></BLOCKQUOTE><p><br><hr size=1><b>Do You Yahoo!?</b><br>
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