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From: Buddy Stolnik
Time: 9:51:16 AM
Seriously, I was reading about the circuit breakers that the NYSE has put in place and think it is a big waste of time. The market should not be interrupted because that disadvantages those that have been bargain hunting and want to do some bottom fishing. I had thought that the American Securities Markets had prided themselves on always being responsive in comparison with those in Russia or the Pacific Rim which literally shut down every time that there is a sell order. I think that the deck is stacked firmly against buyers and in favor of sellers. It is also stacked in favor of the brokerage firms that are rapidly becoming undermargined as the market slips. Sellouts also create bargains and that is part of the game. On the other hand, I can well understand suspending trading when buy and sell order become so imbalanced that a stock cannot trade or it would go down so far that it would not reflect it's full value. In the old days, the markets would stop trading in that security, not the whole market until sanity was restored. For those of use that sit on the sidelines with cash, these rules, excuse the expression, suck and I think we should go back to the way it was done before.