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Rick,
Thanks for the explanation. It makes a lot of sense. I've decided to
keep my stops tight and not open any new positions for a while. I think
there will be a lot of new buying opportunities, the only question is when
<G>.
JimG
-----Original Message-----
From: Rick Mortellra <rmjapan@xxxxxxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Friday, January 22, 1999 4:10 AM
Subject: Re: Scary Market
>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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