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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 685.66

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Dec 5 4:00 PM EST

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To: pater tenebrarum who wrote (25818)	9/14/1999 6:59:00 PM
From: Matthew L. Jones	Read Replies (3) of 99985

Has anyone noticed how the media has been reporting all of the volatility is due to the large number of day traders in the market? I traded FMO today and I noticed something very interesting I thought I would pass along. It appeared that large institutions were "daytrading" the stock. I would assume institutions. I watched the ticker all day and saw many 50,000 and even some 100,000 share blocks traded-- not just at the open while it sold off. All day. I went long Federal Mogul at the open and held it almost all day. I think that the institutions might just be quietly daytrading and giving us all credit for it. I believe they are afraid to make long term commitments. That being said, if it is true that would make a strong case for a huge day on the last day of the period (just like we had last quarter). They have to have some positions on the books for the quarterly report. Just a thought. I'd be interested in others' takes on this phenomenon. Am I seeing things or have some of you guys (ladies) seen a similar pattern? Matt

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