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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: marc ultra who wrote (12516)3/17/2000 6:01:00 AM
From: Justa Werkenstiff  Read Replies (2) of 15132
 
Marc: When I wrote that post, there was an upward trend turn but not the incredible spike we got at the end of the day. Looks like a triple witch event prompted by the unwinding of trades that were betting that the S & P 500 would continue down while being long the Naz. Some on the thread had the good fortune (up until yesterday) of making that trade here in the form of a hedge <g>.

There was no fundamental justification for that move in the S & P 500. We closed SPYs at 146 3/4 while the December 31 close was 146 7/8 so its test time. I wonder if it will reverse with the Naz heading higher and the broader market taking a back seat.

The volatility in this market is incredible and not a good sign. I have looked at the history of the Naz and have never seen this kind of corrective process where we get three day 10% corrections. These things used usually take weeks.

Re: " I have though taken the opportunity to use the NASDAQ and biotech weakness to add to my concentrated position in my favorite biotech.

I established some evry small tech. position for a trade only and have my hand on the trigger. There were some techs. at reasonable prices at a point yesterday while the broader market was making its move up.

Re: " To some extent I'll continue to live and die as ENMD goes."

Rock and roll.
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