<OT>t2K - the day is not over with. What has happened is that the market was pretty deciding that a 1/4 point rise was factored into the market (hence yesterday's sell off). So, today we had a bounce-back rally. Then the bond hit 6.02, and what I suspect has happened, is that a lot of traders went short (this is partially anectdotal - fellow traders I know did, and I certainly went short - I'm short CMGI from 106 3/4). Short selling can spur a market down, if the market is nervous. However, the market seems more resilient today, after having been toughened up by yesterday's experience (people are willing to look for "bargains" - again, I know, because I talk to other traders, and myself, have been looking to buy NITE cheap). Bottom line, I, and many other traders will have to cover at some point, which will provide a bit of support (buying pressure). I'm basically watching to see *when* I have to cover. Although I have not traded MSFT for several days, I believe it is behaving very strongly because of all the positive news.
Good luck!
Morgan |
