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Pastimes : Trade Center Crash and other News Trading
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To: Diogeron who wrote (20)9/12/2001 12:01:54 PM
From: Rob S.  Read Replies (1) of 69
 
European markets opened up sharply to the downside and then firmed and went to the upside where they closed this morning. That was after a sell-off in Asian exchanges. The reasons given by European commentators and analysts for the turn around was that the Swiss Bank, German Bank, Bank of England, and other world banks have uniformly said that they will do whatever is necessary to provide the liquidity into the system to keep the U.S. and World economies moving. In addition, the actual impacts on Worldwide commerce are being analyzed as a mix of positives and negatives. In the context of a market that was already down and in need of stimulus to get it jump started, this event may be viewed as a catalyst to force massive intervention. Perhaps there is more room for upside than if the markets were extended to the upside. Also bolstering the exchanges was that several large institutions have reportedly curtailed or eliminated their loaning of stock available for short selling. Examples were given; a major pension fund and a major brokerage. They were said to be calling in the shorted shares that they had loaned to hedge fund operations, forcing them to cover the shorted shares.

I believe this is widely recognized as a world threatening event that absolutely requires cooperation on a massive scale. Perhaps it goes against the grain of some investors thinking but in rare circumstances national and World order make certain activities, such as institutional shorting, as economic sabotage or treason (although I doubt anyone would ever get prosecuted for doing it – even if they should be).
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