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Strategies & Market Trends : Galapagos Islands

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To: habitrail who wrote (32310)	3/13/2003 1:52:53 PM
From: Techplayer	Read Replies (1) of 57110

ahhh....this is what is: Bargain hunting Stocks Rally, Investors Snap Up Bargains Thu March 13, 2003 01:11 PM ET By Vivian Chu NEW YORK (Reuters) - Stocks climbed at midday on Thursday as investors scooped up stocks such as General Electric Co. GE.N that fell close to multiyear lows in the previous session. Investors also kept a close eye on rapidly unfolding developments at the United Nations, where diplomatic wrangling intensified over a solution to the Iraq crisis and the United States ratcheted up the war talk. On Thursday, Secretary of State Colin Powell said it was possible that there may not be a vote on a second Security Council resolution that could pave the way to war against Iraq. Traders also said short-covering fueled the market's rise. Short sellers -- investors who sell borrowed stock and hope to buy it back later at a lower price -- covered their short positions by buying shares as the market began to climb. "All the selling has been squeezed out of the market. It got down to the October lows and bounced," said Michael Murphy, head of equity trading at Wachovia Securities. "I don't see a lot of enthusiasm on the buyers' side. It's more of an oversold bounce." Market experts also attributed the market's rally on a CNN report late Wednesday that senior Iraqi officials may have begun secret surrender negotiations. The U.S. dollar soared more than 1 percent against the euro and the Swiss franc on the report, which was later dismissed by the State Department. "We've been getting knocked around in the past few weeks and were very oversold yesterday, and now you've got this rumor about Iraqi generals putting down their arms. But I would say today's rise is due to short-covering by hedge funds," said Bryan Piskorowski, market commentator at Prudential Securities.

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