I know I am in the minority on this 5Dimes issue---but

[MartinBlank]

First, before anyone has a heart attack----Tony could use a couple of lessons in "People Skills 101".

That being said----the book reserves the right to correct any obvious mistakes.

I don't have a problem with what 5Dimes did, and I will explain it. In early May----Proctor and Gamble stock----perhaps one of the most stable stocks in the market today---had their prices drop from 60 share to 39 dollars a share in the space of one minute. Thousands and upon thousands of orders for the 39 dollar sale price were executed. Once the market closed, the CEO of the NYSE---Duncan Neiderauer immediately spoke to CNBC and explained the 39 dollar trades were going to be voided. There would be no bargain buys at that 39 dollar price tag. The price was simply too good to be true, and the NYSE wouldn't allow it.

Same situation here with 5Dimes, albeit on a much much much smaller scale.

The owners (NYSE-5Dimes) both have the ability to recognize an obvious mistake and they reserve the right to protect their self-interests.

Now---no one is debating the way Tony handled this was wrong. It was. Good customer service always goes a very long way.

But 5D has always paid quickly, and they are still very dependable. When I evaluate a book-----the biggest question I have is "Will I get paid"--"on-time". The answer to that question wrt to 5Dimes is still yes, even with Tony have the people skills of a wall.

Just my 2 cents.

[andywend]

When the NYSE voided those Proctor & Gamble trades along with many others when the market tanked that one day, I believe they committed a crime and should be prosecuted to the fullest extent of the law for THEFT.

Its one thing to void the trades that went through on stocks like Accenture which traded as low as ONE PENNY but what they did with the P&G trades was CRIMINAL.

Trades in P&G went through in many increments from $60 down to $39 and the NYSE arbitrarily came up with a level to void trades hours after they went through.

NYSE trading is completely controlled and manipulated through various computer programs run by the big brokerage houses. These computer programs cheat traders on a daily basis in a variety of different ways. On the day in question, these computer programs malfunctioned and the traders that get cheated every day finally turned the tables on the people who operate the computer programs and wound up on the right side of the trades.

The big brokerage houses who fully control Wall Street put pressure on those that run the NYSE and had all those trades reversed.

The traders who had their trades in P&G reversed were robbed in the same manner as someone breaking into their homes and stealing their valuable possessions.

Last year, news was mistakenly released on United Airlines indicating they were filing for bankruptcy again. It went through on all the major news wires but it was found that the news release was from many years ago. UAL stock went from $15 all the way down to $3 after the news was released. About 10 minutes later when United Air Lines said the news release was erroneous the stock went right back to $15.

Even though there was clearly a mistake made, the markets allowed all those trades to stand even though the stock went down by 80% due to the obvious error.

When P&G goes down by 30%, the NYSE steps in and reverses all trades but when United Air Lines goes down by 80% due to an obvious error, all trades are left to stand.

The reason for the discrepancy was because the major brokerage houses were NOT involved with UAL going down by 80% and they were involved when their computer programs malfunctioned on that day this year.

[MartinBlank]

Andy---but the rules are there. The NYSE has the authority and ability to reverse any trade they believe are not "fair market" trades.

Rumor mongering driving down a stock price isn't neccessarily the same as a computer problem driving a price down.

Rumors drive stock prices all the time, albeit unfairly.

Both are unfair, I just don't know if they reach the threshold of voiding a trade.

[jjgold]

Was it really a bad line though?

Andy solid stock post

[andywend]

Martin,
Only in the rarest of circumstances should a stock trade be voided and what happened with P&G that day did NOT meet the required threshold for voiding trades.

As I stated in my post, there were many stocks that went from $50 down to a penny and those trades should be voided.

I was watching CNBC on the day the markets tanked and the fall in share price of Proctor & Gamble was very controlled and orderly.

While the share price fell very fast, its not like the stock went from $60 down to $40 in a single flash. The stock fell 50 cents to a dollar at a time and just kept falling over the course of several minutes.

I did not make a single trade during that ordeal so I have no skin in this argument. However, those that did buy P&G on that day were CHEATED by those that run the financial markets.

Martin, I assume you're familiar with all the complex computer programs that do "flash trading" where they see information before regular traders do. They use this information to take advantage of individual traders which is why 95% of day-traders lose (even when the market is in an uptrend).

Its a rare day indeed when the smaller trader gets the upper hand on the big brokerage house computer programs and it made me sick what the NYSE did on that day with stocks like Proctor & Gamble.

On a side note, I am a die-hard conservative even though my feelings on this issue might resemble those on the other side politically.

JJGold, thanks for the compliment.

[playersonly69]

I like 5dimes as well, but their payouts generally take a few days longer than my other 2 main books

[Shonner]

Tony has been treating customers like shit for years

[donkdown]

I like 5dimes as well, but their payouts generally take a few days longer than my other 2 main books

What method do u use???There FedEx check option is faster then any other book

[Fishhead]

Have always had pleasant conversations via chat with Tony..............solid, polite, and honest.

[lyon804]

Martin,
Only in the rarest of circumstances should a stock trade be voided and what happened with P&G that day did NOT meet the required threshold for voiding trades.

As I stated in my post, there were many stocks that went from $50 down to a penny and those trades should be voided.

I was watching CNBC on the day the markets tanked and the fall in share price of Proctor & Gamble was very controlled and orderly.

While the share price fell very fast, its not like the stock went from $60 down to $40 in a single flash. The stock fell 50 cents to a dollar at a time and just kept falling over the course of several minutes.

I did not make a single trade during that ordeal so I have no skin in this argument. However, those that did buy P&G on that day were CHEATED by those that run the financial markets.

Martin, I assume you're familiar with all the complex computer programs that do "flash trading" where they see information before regular traders do. They use this information to take advantage of individual traders which is why 95% of day-traders lose (even when the market is in an uptrend).

Its a rare day indeed when the smaller trader gets the upper hand on the big brokerage house computer programs and it made me sick what the NYSE did on that day with stocks like Proctor & Gamble.

On a side note, I am a die-hard conservative even though my feelings on this issue might resemble those on the other side politically.

JJGold, thanks for the compliment.

You are spot on with your assessment of the market's Andy. I have been following them for about 15 yrs and I am here to say that gambling on sports is a cleaner endeavor than fooling around with the crooks on Wall Street, despite what people from the Baptist Church would tell you.

[katstale]

Sometimes, albeit rare, I am totally surprised and amazed at cogent analysis in a thread. Good work here guys.

Edit: I have to add, I would appreciate some new quotes from Tony. Give some additional color/flavor to this thread.