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Pastimes : Ask Mohan about the Market
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To: Jack Clarke who wrote (14851)3/15/1998 3:16:00 PM
From: Terry Rose  Read Replies (2) of 18056
 
Jack, On October 28, 1997, the U.S. stock market opened down some 150 points in the first 30 minutes and then turned on a dime and went up some 500 points. I was on vacation and watched the whole thing happen on CNBC. I later read what caused the reversal, and I will post the source once I can find it. Regardless, here's the story. Within an hour of the stock market's opening an order for 5000 long positions in the S&P future index was placed by somebody, and the order was interpreted by the system's computer as an error originally due to the size of the order. In any event, the S&P future index market reversed with this order and the stock market followed suit. The author implicates that the Fed plunge protection team was behind this, although the author does not have proof of the originator of this market order. My gut feeling is that it was the Fed, and I doubt that anyone else had a high enough testosterone level to have placed that order.

Terry,
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