Reddit reviews The Wall Street Gang

You have to know how to identify the inflection points and buy and sell along with the insiders/specialists, instead of with the herd. Richard Ney described it well in The Wall Street Gang. Relevant chapter here.

> To understand the specialist’s practices, the investor must learn to think of specialists as merchants who want to sell an inventory of stock at retail price levels. When they clear their shelves of their inventory of stocks they will seek to use their profits to buy more inventory at the wholesale price levels. Once you grasp this concept you are ready to learn the eight laws of the specialist:

>1. As merchants, specialists will expect to sell at retail what they bought at wholesale.
2. The longer specialists remain in business, the more money they will accumulate to buy stock at wholesale,which they then want to sell at retail.
3. The expansion of the communications media will bring more people into the market, tending to increase volatility of stock prices as they increase elements of demand - supply.
4. In order to buy and sell huge quantities of stock, Exchange members will seek new ways to enhance their sales techniques through the use of the news media.
5. In order to employ ever increasing financial resources, specialists will have to effect declines of ever increasing dimensions in order to shake out enough stock.
6. Advances will have to be more dramatic on the upside to attract public interest in order to distribute the ever-increasing accumulated inventories.
7. The most active stocks will require longer periods of time for their distribution.
8. The economy will be subjected to increasingly dramatic breakdowns causing inflation, unemployment, high interest rates,and shortages of raw materials.

Anna Coulling is easily digestible and a good primer on identifying the patterns, though she seriously needed some editing (should have been half the number of pages). Kindle edition is better than print, which only has the diagrams in B&W.