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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Mike da bear who wrote (4041)3/4/1998 7:54:00 PM
From: Ploni  Read Replies (2) of 18691
 
Are people covering at the open or waiting till Fridays job report?

Instinet trading really means nothing. I wouldn't be surprised if INTC opened down only a couple of points.

However, if the market does drop, I agree that it might be short-lived, and the "buy the dips" crowd will come in. I'm not sure how the mechanics of the major bear market will work. We know that a market can't go up forever, but I don't know how the "buy the dip" formula will be counteracted. I guess if lay-offs continue, people won't have money to invest. Also, if market sentiment on the part of enough "talking heads" turns negative, that might influence the masses.

I'd be tempted to cover some shorts (or sell some puts) tomorrow. I had thought that Friday's employment figures might prompt a downturn just because the market was due for a correction for any reason in particular. However, why should the numbers be bad? There have been so many layoffs, that I don't see how the results could be inflationary.
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