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Strategies & Market Trends : Fidelity Select Sector funds

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To: Curtis Cerenzie who wrote (303)	11/1/1997 9:34:00 AM
From: Angler	Read Replies (1) of 4916

Curtis: If you were trying to price Fidelity Funds on Tues-day, it would have been an impossible task for the provider since the international group was taking their big hit following our big hit the day before. If one goes back and observes many fund groups inc. Fidelity on Wed. the 29th when the financial journals reported written prior day closes, he would find many "no quotes" covering all fund types. The market was in a state of disarray with a billion total shares being traded. I was trying to trade stocks online and couldn't fix a price on anything so went with limit orders. On Thursday everything had settled down so that funds were quoted as normally. Why would one want "to buy" or sell "at market" when prices are falling rapidly? Regular funds are quoted at days end. If the rep gave you some mixed up explanation of values during that period (hearsay), he was probably having a hard time explaining such situations to a myriad of questioners. Some of the initial people one reaches on the phone w/o a doubt are trainees because they always have to turn one over to a trader or researcher for the the real biz. I would never approach attorneys to sue looking for dimes and quarters thought to be lost when the market is churning. It recovered quite a bit by Thursday. There's an old joke about the farmer who complained "he lost $10,000 in the market because pigs "went down" and he didn't have any" This stock market is not a state of the art made in heaven. We are still dealing with many unknowns not all givens. You got the wrong guy. Angler

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