Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Gersh Avery who wrote (43811)	10/5/1999 6:24:00 PM
From: wanmore	Read Replies (2) of 94695

a tale of an idiot broker....today I had to be away from the action so I left very simple detailed instructions with my high priced broker on exactly what to do. Situation #1 if the DOW rallys 100 points (I used the DOW simply because it is easier/more habitual for him to follow than the Composite or S&P) sell all my long positions. Situation #2 if the DOW drops 100 points sell all my short positions. I used a simple strategy like this today because I assumed that no matter what the Fed did , the market would over-react and I would more than likely get out before it corrected back to normal. Since we rallied 100 points and then fell 100 points I figured I was in cash tonight. Here is his reason for doing absolutely nothing. "while the market was rising it looked like we might be going further so I held the longs, then when we fell I thought it was the big crash so I held the shorts" and then he said " you trade too much anyway...hold these things until expiration and see what shakes out" For this advice I pay up to $90 per trade....someone give me a good online broker PLEASE!!!!

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