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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (45920)	7/17/2002 9:19:28 AM
From: At_The_Ask	Read Replies (1) of 209892

IMO It would be a blast to work on a trading floor. From an article on the PPT. biz.yahoo.com A stock trader for a major investment bank on the Chicago Mercantile Exchange said the sharp rebound from deep declines on Monday was driven by institutional buying after stocks hit critical technical levels -- not by any market manipulation. When the Dow Jones industrials breached its Sept. 21 lows and touched 8,244.87 with stock futures pointing to a 7,900 level, orders from investment banks Merrill Lynch (NYSE:MER - News), Goldman Sachs (NYSE:GS - News) and Lehman Bros (NYSE:LEH - News) and others flooded in, traders said. "We were absolutely dead quiet going into the September bottom. It was kind of eerie on the floor. This was not suspicious, only savvy," one futures trader said. Buyers knew that traders who had sold contracts "short" betting on further stock declines would have to start buying to cover their positions. Sure enough, the impact was explosive. "It almost was like a gun that went off. When that Dow level was touched and held, buyers came racing in," he said.

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