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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: KevinMark who wrote (117882)12/1/2000 6:01:13 PM
From: Jenna  Read Replies (1) of 120523
 
KM, wow those are strong words. Basically longs on the nasdaq until 2:30 made as much in one day (15-20%)as investors' made the entire year holding tech stocks. To make the farce for the government even more comical is that we went short and in just about 1 hour made almost as much going the other way. The little sign posts were all around today that this was not "THE BOTTOM".. by 2:30 it was so clear. INTC 1,000 big blocks, the techs retreating quickly right after the 'doldrums' when money managers, institutional types, did not appear except to sell here and there that this was a 'selfulfilling prophecy' sort of rally. Everyone was so bullish that the market became bearish. Who came back after the doldrums? The traders because institutional buying does not cause markets to tumble, profit taking by savvy traders and even investors who were using this opportunity to cut their losses before the next tidal wave hits.

The government wrote the script, put us all in so at least we can take advantage and chameleon-like just follow the prevailing trend and know that 'that which is' might not be there in 4 hours. I wouldn't hold a stock over the weekend short or long, just a few puts in the 'walking wounded' and a number of calls in companies I feel will remain standing when this is all over. Options calls were moving up solidly all morning and were giving double baggers and more by afternoon. When the market went south, we had shorted and just went with the prevailing trend. Of course there are always stragglers who hang onto longs too long or hold shorts overnight who are letting themselves in for some hair raising experiences. TLGD, ITWO, CHKP, NVDA and IWOV, separate companies paralleling what is good and bad about this market were moving in tandem by 2:30.. little signs like that.. INTC tanking, CSCO never to close above that illusive 50.
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