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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: Marlin C. Harmon who wrote (628)	10/28/1997 4:22:00 PM
From: steve goldman	Read Replies (2) of 12617

Did anyone catch all the hoopla on CNBC about the poor executions and reporting with most firms and especially online firms! WOW! I can't believe people trade online....its a disaster waiting to happen. Watch yourself. If you think you got a bad print today, take a look at times and sales and quotes. It lays out the changing quotes and the prints in between. if you see a stock go to 10 to 10 1/8 and see prints at 9 7/8, those are bad prints. They could be late prints, but it leads you to question the report. Today was probably the best day for trading in 2 years. Made about 12% on my money (short/mid and long term) today....excellent day but I would expect a pop in the morning and then profit taking. Sold most things at the close except for a few positions I would like to hold long term. Its hard to not take 15% return in a day but the thought of having such a good cost basis if this is the short term bottom led me to sell most and keep a little. Dont be a buyer at the open would be my suggestion. As part of a swing trade, I bought some Hong Kong mutual funds, open ended, which give me a NAV primarily based on last night's close since that market was closed when the funds stopped taking orders today. If we get a bounce in the hong kong tonight, following thru on US today, should be able to trade the hong kong for a few percentage points, or the Hong Kong tanks again and I give back profits. As well, the NAV should be locked in again tommorrow morning since the Hong Kong will be closed (hopefully having rallied) by the time the US market opens and so is not as susceptible if us subcombs to profit taking.(I never claimed to be an English Major). You do much better with profits in your pocket, it makes you bit more bold and lets you do things which your intuition tells you are right and your pockets tell you its ok to be wrong. Best wishes, Steve@yamner.com

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