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I don't know when the markets will open. The longer the wait the
greater the build up of transactions that need to be made. The other
fact is that time has elapsed and the panic trades will no longer be
made. Time will cure some of the insecurity of the security holders.
There might be a great deal of volatility the first day due to fund
liquidations caused by redemptions. I have a feeling that things won't
be as hairy as some seem to believe. The missing data can be replaced
because there was another side to all the trades. They would be lost
only if both sides of the trade where in the WTC and both lost all their
data and had no back up system. Redundancy has been the American by
word since 1987. This disaster is costing many companies millions of
dollars, but how much will it really inpact their bottom line as a one
time occurrance. The American public and investors will over look this
type of one time occurrance and once again look 6 months to a year
ahead. Whether that look says worse economic conditions or better
economic conditions will determine the direction of the markets in the
long run. Right now the conditions are a backspreaders dream situation
come true. Instability and volatility, a traders delight. All is
neither black or white and nothing is quite as bad as it seems. Have a
good week. Ira.
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