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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: robnhood who wrote (28476)10/15/2000 10:13:05 PM
From: GraceZ  Read Replies (4) of 436258
 
Absolutely. Look at the action

There may have been some agreement to get it started but to imply that there was a concerted effort to keep it going is paranoia.

Here is a list of stocks that was sent to me the day that the market turned around after the May sell off:

siliconinvestor.com

On Thursday the return on this pile of stocks was 42% if you had bought at the closing price the day the market turned around April 18. On Sept 1 it was over 60% and only one stock was negative, FMKT. These stocks were first out of the gate and if you bought them at the close you missed the first moves off the bottom, which in some cases rivaled Fridays moves. With that as an example, don't you think that a large number of people are poised with their fingers on the buy button? Don't you think that a large number of people who sidelined themselves earlier decided to jump back in, even if it was just for a day or to get back into a long term position that they never intended to sell?

But discount that and add in this. In a severe general market decline, orders to buy beneath are pulled. When the selling goes on for days and days the book is empty below, which means further selling has no buyers except the MM. The price drop is precipitous in this case. The price drops not from a lot of selling but from the absence of buying. Everyone is looking down. Now those that are left holding stock book orders to sell above. "If the price will only rise just a little, I promise I'll sell and never get back in" The pact with the devil. Price has no where to go but up. A little buying sets off an explosive rally.

Then there are those who hope against hope that because we held above the May's low that we had a successful test on the Naz. Everyone was in agreement that if 3000 is breached, 2600 is the next stop, right? I hold no opinion, I'm prepared for either direction. I have an absence of prejudice.
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