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Strategies & Market Trends : Classic TA Workplace
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To: velociraptor_ who wrote (13323)9/13/2001 10:10:25 AM
From: Mike M  Read Replies (1) of 209892
 
Regardless, I would not advise heavy trading in the first day or two of market action because I really don't know how predictable it will be.

Wise counsel. I think the commercial traders are in charge here and I doubt there is unanimity there. At some point we will see short positions unwind but I doubt it begins the day the market reopens. I wouldn't, however, be surprised if the rally that was building when the markets were interrupted carries to some conclusion.

I suppose in some sense we were robbed of a definitive bottom by closure of the markets. As we approach "war footing", however, we should assume that markets will be jittery and may move sharply in either direction without much follow through until that bottom (albeit perhaps only a temporary one) becomes more clearly defined.
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