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Politics : Ask Michael Burke

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To: BGR who wrote (79022)	4/5/2000 9:04:00 AM
From: Freedom Fighter	Read Replies (2) of 132070

BGR, >>Tonnes of new data hit the market between these two times<< It's really tough to take you seriously when you say things like this. There are a few things we can say about yesterday's action with some degree of certainty. 1. Margin calls were playing a part. Several brokers reported increased margin calls. 2. Some people were probably stopped out of some positions. I know one person that "had" stop losses on his tech holdings. 3. There was definitely "some" short covering involved in the rally back. I personally know shorts that were covering at the height of the panic. 4. There was a least some panic selling. None of the above has anything to do with the underlying values or prospects for most businesses. (brokers and banks are perhaps an exception) Many stocks moved 20%-30% intraday. There's simply no way their values changed that much between 1:00 and 4:00. There was very little in the way fundamental business developments yesterday. Wayne

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