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Hi...
Since I'm a lot less pit-savvy than many of the people who post on this
list, could someone explain what the hell was going on in the bond pit
yesterday afternoon around 2 o'clock?
If the tick chart reflects reality, word out of the Fed took the bottom out
of the market. A instant 20-tick drop. A few short trades later, the
market rose a full point. And a few ticks later ..back to even.
Possibilities.. I can figure
1) In the confusion caused by Greenspan-speak, there was irrational
exuberance
on one end of the pit, and stark-cold-fear at the other end of the pit
simultaneously. Prices from both sides of the pit printed.
2) I'm looking at bad tick data.
3) Everything stopped while the Fed story got out, except for one nervous
trader ready to hit any ole bid. Then dump out at any price.
Insight would really be appreciated. Because looking at a chart, I'm
trying to figure out if this situation would have...
a) Crushed me if I was in.
b) Made me money if I got in
Somehow, I doubt either would have been possible.
Your insights are greatly appreciated..
Jeff
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|X| Jeff Caplan WCBS Newsradio 88, New York
|X| http://www.newsradio88.com/behindmic/jeffpat.html
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