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Non-Tech : Coinmachine Laundry -- WDRY

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To: Mike Greene who wrote (62)	2/17/1998 10:40:00 PM
From: Cosmo Daisey	Read Replies (2) of 116

Mike, Amateurs open the market and they are usually wrong. It might be smart to trade against the open direction or watch what happens when the professionals enter usually around 10:30/11:00. Don't place any pre-market orders because the MM's can pick your pocket. Tonight all the online brokers are taking orders to be entered at the open. Tomorrow before the open the off line brokers will be calling their clients for orders and those get entered before the market opens. The MM's see them and trade against them. If the bias is ask they raise the bid and sell short and cover later in the day when the buying dries up, if the bias is on the bid they knock the price down in the pre-market work out. After the premarket workout and opening orders are filled the brokers trade their own accounts for the rest of the day. I have to watch the open for my trades and even if you are just positioning for the longer term its to your benefit to try to end the first day in the money. Also, support and resistance will be determined tomorrow not today or yesterday. We know what it was today but tomorrow hasn't happened yet. Good trading and trade the fingers. Cosmo

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