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Technology Stocks : LSI Corporation
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To: sea_biscuit who wrote (25085)7/18/2002 1:44:58 PM
From: Jock Hutchinson  Read Replies (1) of 25814
 
Mr. Dipy:

For what it's worth, I spoke yesterday with some of my husband's old friends who trade the S and P indexes at the Merc. Apparently that 400 point rally that happened Monday was the result of major institutions buying S and P futures.

This means that the institutions are resorting to trying to manipulate the market upwards by buying index futures. This tells me that they are facing serious redemptions, and in turn are unable to drive the market higher on a more sustainable basis by buying the underlying stocks.

If this is true, then the market has not yet hit a bottom.

Mrs. JH
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