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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (4912)	8/31/1998 7:00:00 PM
From: James Clarke	Read Replies (4) of 78576

Today was not Russia, missiles, the Fed, overvaluation, or anything else. It was the beginning of the doomsday scenario - massive mutual fund redemptions. Did anybody happen to notice when the market went into free fall on no news? About 2:30. Things looked bad, but not disastrous until then. I believe the market dropped 300 points in the last hour. That is about the time people call Fidelity and Vanguard to make sure they get today's price and not tomorrow's. And it seems very clear to me that the little guy was not calling to "buy the dip". No matter what the market does early in the day tomorrow (today the first move was up - that lasted all of a half an hour), you want to be watching the trading after 2:30. Jim

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