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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: John who wrote (30291)	9/30/1999 4:27:00 PM
From: John F. Dowd	Read Replies (1) \| Respond to of 74651

John: Looking at the last few days (maybe weeks) it appears that the day traders are pulling out of their positions at the end of the day. I am not against them as a day trader should be trading on a thin spread and therefore should actually be reducing volatility during the day by tightening the spreads. I am not so sure what has given rise to this inordinate volatility other than perhaps too much attention to talking heads who really have nothing to add but hyperbole in the then current market direction. Unfortunately they are news creators and not reporters and know very little about the subjects upon which they report. They bring on those guests who will agree with their editor's opinion de jour whatever that may be. The nouveau day traders seem to play along these lines and I suppose they excaserbate the moves more than decreasing the spreads. Newer funds should always be welcome to the market in terms of liquidity but when they pull it all out at the end of the day as they did in the last hour ala the last 2 days it appears that they are getting a little more protective of the funds they invest. Having said all this I still don't understand the pessimism surrounding the yen- it should tilt the balance of payments back our way and also give AG pause about raising rates as that might hinder our exports and encourage imports. Additionally everything else seems to be viewed through the same negative prism and the hence market gives way to the pessimism. I hope you are right and rationality will be resored but in the meanwhile we have to be content with the fact that the market is always right! JFD