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Strategies & Market Trends : Canadian Options
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To: william smith who wrote (720)10/27/1997 7:23:00 PM
From: Porter Davis  Read Replies (1) of 1598
 
Options update for 27 Oct...once in a lifetime comes a second time.

While the 900 (10%)Dow points lost since last Thursday pales compared to the 24% drop of October 16-19, 1987, it was still eye-popping. We had the first whiff of 'give-up' when the Dow dropped 200 points in the twenty or so minutes after it re-opened at 3:05. Still, not enough pessimism. I see on the news everyone saying no panic, good buying opportunies, etc. This 'buy on dips' mantra has to have its back broken before I will get optimistic about the market. Short-term, I will do the opposite of whatever the market does in the first thirty minutes after the opening tomorrow.

I hope no-one got hurt today.

Happy trading.

Porter
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