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Earl and All:
There was an article about that titled--get this--"Plunge Protection Team"
about Fed intervention during the little crash last October.
Charles
----------
> From: Earl Adamy <eadamy@xxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: [Doom and Gloom Dow Industrials Forecast]
> Date: Wednesday, October 14, 1998 2:55 PM
>
> IMHO, the Fed's been getting practice - I've seen at least 4 days since
Sept
> 1 where the Fed's footprints appear to be all over the intraday charts.
When
> the spoo runs up 30 points from a pivot low in an hour with zilch change
in
> a/d issues and a/d volume, it's a reasonable bet that the Fed's been
> supporting the market by buying futures - far cheaper/easier to do than
> buying stocks. I think this is intended to keep the shorts from getting
too
> aggressive.
>
> Earl
>
> -----Original Message-----
> From: steven poser <swp@xxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Wednesday, October 14, 1998 9:22 AM
> Subject: Re: [Doom and Gloom Dow Industrials Forecast]
>
>
> >Mitch -
> >
> >That is a point worth noting, but outside of this list and those that
> >follow the astrology guys, I do not think everybody else is truly
> >looking for the capitulation trade on Black Monday's anniversary. Though
> >Acampora downgraded his targets, many of the big street technicians
> >believe that we have put in a bottom for at least another month.
> >
> >The other thing to be aware of is that if the market does blow up by
> >500-1000 points in a day, it will require some action from the Fed to
> >make people stick their feet in the water. Every try catching a falling
> >knife? People will not just jump in without a good reason. How many
> >times have you said that you will buy when something gets to a certain
> >level, and then did not (unless you are real disciplined or already had
> >the trade in, or were smart enough to be short into that level).
> >
> >I do believe that the capitulation trade will be met with a rate cut and
> >that a bottom will be in soon, but I would not count on the views in
> >this forum as being universal.
> >
> >Steve
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