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Politics : Formerly About Advanced Micro Devices
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To: chic_hearne who wrote (102167)4/5/2000 12:42:00 AM
From: 5dave22  Read Replies (2) of 1577030
 
Chic, it wasn't anything like that. People have been talking about a day like today for a while. In fact (I posted this in the AM) there was an article about it in the WSJ today. There is 265 Billion in margin. After yesterday I actually told my wife that if NASD drops another 200, it will drop 500. People panicked and sold their margin. They're new investors, got margin calls and liquidated. Even if they didn't get margin calls, if they were fully margined, between yesterday and 200 points today they could have seem more than 1/2 the money disappearing.

The smart money knew this would happen. I theorize they waited, with billions of dollars lying in waiting for a day like today. And what happened? We ended up just a bit down from where we closed yesterday (I'm talking NASD only since Dow is up over 1000 points in a week or so). The rich got richer, the poor got poorer. That's all. Remember the "crash" on October of 98? People were much more worried than they were today. All it took was for IBM to announce a stock buyback.

Those that lost money are kicking themselves. They will be back and be fully margined by the end of this week. And NASD will be back in the mid-high 4000's. If not this week, next week.

IMO,

Dave
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