Bill ; Being you aint giving me any credit I'll do it my self
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To: William H Hueb (who wrote...)
From: James F. Hopkins
Tuesday, May 19 1998 8:51AM ET
I don't know, but the GLOBEX has been good for opens only..
and it seems that latter in the day, for the last month or
so the Globex has had it's butt kicked, over half the time
both ways. We should make a little up side today..but watch
the close. They are to short to let it run away for very long.
Jim
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And so the tiny tick up for the day , ( were there was one , was
godalful weak after yesterdays sell off ) AND THE MARKET FLEW IN
THE FACE OF THE GOLBEX AGAIN..as the globex had us running away,
but it did not hold..and the super caps closed below their open,
THIS MORNING WAS A BULL TRAP.
The "they" I was talking about being to short to let it run away
are the ones who make it their business to know,,the specialist and the NYSE members.
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I will update it latter today..but you can't even call this a bubble,
as after the gap and rush up in the first 15 min..we closed all
indexes below that..( how ever your canned TA programs won't
show it for the kind of day it was..) not even the candle sticks
will show correctly, as they will not show a total black day on
all the indexes because of the way they opened the market..
But this was a black day..an abandon the baby day.
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Some bounce, the super caps had, well the SPEC & MEMBERS were
about 18% short Yesterday's can't wait to see if they used this
early morning pop to increase that short position...
she died after about 2:30..sick sick..an the little tiny bit she
ticked up at the end was very very weak.
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I don't know yet if they reduced their short positions, or added to them BUT you can bet they did not go long.
The down trend is still in place, one may fight it if they
want to but they will need a lot of luck to come out ahead.
No rate increase..strong Europe this morning , then this , yuk.
Jim
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