Ney was a pioneer in analyzing volume. He didn't just look at volume as a confirmation of price; he looked at it as a predictor of intent. He taught that volume reveals the "footprints" of the smart money. If a stock was rising on low volume, he argued it might be a trap. If it was falling on low volume, it might be a lack of genuine selling pressure.
Specialists would drive a stock down through a critical support level, triggering stop-loss orders from panicked retail traders. Once the stops were hit and shares changed hands at artificially low prices, the specialist would let the stock snap back up. Retail lost; the specialist gained inventory at a discount. Making It In The Market Richard Ney 20.pdf
Making It in the Market by Richard Ney, a 1975 investment text, argues that the stock market is a manipulated system controlled by specialists rather than a random, efficient market. Ney advises investors to adopt a low-risk strategy by focusing on blue-chip stocks and recognizing the price patterns, such as "phony rallies," generated by specialists to maximize their own profits. A review of this text is available on Kirkus Reviews Ney was a pioneer in analyzing volume
Why do traders still search for in an era of AI trading bots and crypto exchanges? If a stock was rising on low volume,
This article explores the significance of Richard Ney’s work, the revolutionary concepts contained within those digitized pages, and why a book written decades ago remains essential reading for today’s algorithm-driven markets.