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Strategies & Market Trends : Classic TA Workplace
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To: skinowski who wrote (121753)7/8/2005 7:43:30 PM
From: Shack  Read Replies (3) of 209892
 
Its ironic what you're saying because I read somewhere in the financial press that the buying yesterday was a glorious sign of resiliency against terror. Which I guess in essence is the exact opposite of what you're saying.

I don't buy the above, nor do I think it was distasteful to buy the market after the recent tragic event, but I guess this is a matter of opinion not fact. I also would not have called it a frenzy, the action really does not look that out of place compared to other rallies off gap downs that we've seen in the past. Let me ask you what you think the market should have done yesterday? Was the 25% rally in the SPX post- 9.11 "distasteful"? There really are no answers here ski, just an academic discussion of course.

Speaking to 9-11, lets not forget the market was in a major C down going into that event, had been for a few weeks. The grand finale into Sept 21 may indeed be as you hypothesized in that post. But what it most certainly did was to create a level of fear and bearishness which is exactly the stuff market bottoms are made of. A sold out market.

Edit-the thought of capitalizing on that tragic event nauseated me

Speaking of moral dilemas, as someone who was in DOW puts going into that tragedy, I was pretty torn. I actually donated a pile of profits to the Red Cross afterwards, Not sure if I ever told you that.
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