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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Mark Davis who wrote (13363)7/10/2001 2:10:55 AM
From: Raymond Duray  Read Replies (1) of 18137
 
Mark,

I've looked at the other two responses to the post and they both missed the key point. Alan, the date was Oct. 19, 1987, not April 1. And the key issue isn't CYA, it's illiquidity. Which almost no player in the market understands. Portfolio insurance crashed the market and Tom Peterffy correctly assesses the possibility for this instability to be re-introduced via trailing stops. Anyone who even begins to think that stock markets are liquid is setting themselves up to have their head handed to them on a plate. And they ought to be grateful that the FRB has a Plunge Protection Team in place to save our sorry asses from our worst excesses of panic and fear. JMVHO.

-Ray
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