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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Patrick Slevin who wrote (5769)10/8/1998 8:42:00 AM
From: Tom Trader  Read Replies (3) of 44573
 
Hi Patrick--we've missed you on the thread

Are you back in full trading mode??

Re the markets, not sure what to make of yesterday's action; we have extremely erratic action and divergences galore. I read last night that Long Term Capital -- the hedge fund--had positions equivalent to $1.25 trillion at the time when the Fed intervened. I think some of the extra-ordinary moves that we have seen in various markets may be related to the unwinding of these positions. The huge bond rally of last week and the massive decline in the dollar this week could have been caused by this--since I understand the fund was short the bonds and the yen.

Just heard that Abby JC is cutting estimates now but that the market still looks good-- what a joke!!

Re today--I closed out my day trade short on the futures yesterday for a few points. So I am flat the spoos--which is unfortunate given what the market is doing this am. Am short a lot of OEX calls and long some OEX 470 puts. Given the action in Europe, the impeachment vote and the general market down-trend, we could be looking at some major action. The generals are now in free-fall--and I expect that before it is all over, we will see some prices on these stocks that most people would not have believed to be possible.

Well, I am going to get on the tread-mill before the market opens since it is raining here--and I can't take my usual walk.

Talk to you later
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