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Hi Jim,
I'd wager the late day "selloff" was artificial in that the market rebound
that started at about 2:20pm was driven by a massive (about 3,000 contracts
I think) PUT buyer in NASDAQ Index options. Pit traders were buying cash
stocks to hedge this order. So the selloff was really just a return to the
normal market decline. These index guys tend to travel in packs and like to
press their bets so I'd say we'll see more of this crap over the next few
sessions. Actually, I think this is quite bullish near term, especially for
the .com plays.
good luck today,
Rick
-----Original Message-----
From: Jim Greening <JimGinVA@xxxxxxxxxxxxx>
To: Metastock <metastock@xxxxxxxxxxxxx>
Date: Friday, January 22, 1999 11:55 AM
Subject: Scary Market
>All,
> I just didn't like the way the market felt today, especially the late
>sell off. I did cover my AOL and SHRP positions this morning and was
>seriously thinking about selling everything and going to cash. I just got
>through looking at my charts and HRC did close below my stop. I'll close
>that position tomorrow, however, the market indices are all clearly still
in
>Short Term Up Trend Channels (STUTCs) so I won't close my other positions.
>I decided to follow my system and not panic. As long as the market indices
>don't break out of their STUTCs, I'll keep my long positions until I hit a
>target or a stop. If we do break the STUTCs, I'll go to all cash.
>
>JimG
>
>
>
>
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