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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: TraderAlan who wrote (4880)	10/15/1999 8:50:00 AM
From: Carole Olkowski	Respond to of 18137

Hi Alan, Looks like Feb 17-20 at the Marriott Marquis in Times Square. Note they have added Friday to the expo to allow live data demonstrations. Cheers Carole NAQ.com

To: TraderAlan who wrote (4880)	10/15/1999 4:59:00 PM
From: TFF	Respond to of 18137

Atlanta Day Trader Charged With $6.2 Million Ponzi Scheme Atlanta Day Trader Charged With $6.2 Million Ponzi Scheme Washington, Oct. 15 (Bloomberg) -- An Atlanta day trader was charged with fraudulently raising $6.2 million from investors who were promised returns of more than 50 percent after two months from his stock trades, regulators said. The Securities and Exchange Commission alleged Mark Drucker, 32, of Atlanta, solicited money from at least 80 investors from July 1998 through last month by representing himself as a successful day trader. Drucker didn't tell investors he has consistently lost money trading stocks with investor money, including $630,000 in losses from stock trades so far this year, the SEC said in its lawsuit filed in an Atlanta federal court. Drucker promised investors their money would be used to buy securities that would be traded using a successful day-trading program based on a complex mathematical formula, the SEC said. Drucker, though, used money from later investors to pay returns to earlier investors, in an illegal scam known as a Ponzi scheme, the SEC said. ''This case combines an old type scam of a Ponzi scheme with a new phenomenon, day trading,'' said Bill Hicks, an SEC district trial counsel in Atlanta. Drucker, who the SEC said is not represented by an attorney, could not be reached for comment. Besides paying some investors with new investment money, Drucker used investor funds for personal expenses, including hundreds of thousands of dollars he spent on elaborate parties, the SEC alleged. U.S. District Judge Thomas Thrash froze Drucker's assets and ordered him to stop raising money from investors today, when the case was filed. Thrash also set an Oct. 22 hearing. In its suit, the SEC also named one of Drucker's investors, Atlanta attorney Michael Weinstock, as a relief defendant -- someone who, while not charged with wrongdoing, is alleged to have received some of the money the agency seeks to recover. The SEC said Weinstock, who invested $1 million with Drucker and received about $1.6 million from him, unjustly profited from Drucker's scam. Weinstock couldn't be reached for comment. The SEC is seeking an unspecified amount of alleged ill- gotten gains from the two men. The SEC charged that Drucker has lost hundreds of thousands of dollars from his extensive day-trading. The agency said Drucker traded investors' money through a brokerage account at Fidelity National Capital Investors, an Atlanta brokerage firm that the SEC said is not related to Boston-based Fidelity Investments, the world's largest mutual fund company. Two months after one man invested $100,000, Drucker told him his original investment had grown to $200,000, a statement that Drucker knew was false, the SEC alleged. The man then invested another $50,000 in Drucker's trading program and was told he would receive $375,000 in 60 days, the SEC said. That man's money was used to repay an earlier investor, according to the SEC suit. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.

To: TraderAlan who wrote (4880)	10/15/1999 7:09:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 18137

Here's some food for thought from a professional currency trader I know. Have no personal opinion. The VIX is very esoteric stuff: Re: US Equities --- The VIX (CBOE Market Volatility Index) made a huge spike and formed a very nice inverted hammer to close near its lows today. It reached a high of 35.48 which is the highest level since January 14 of this year. This is a very good indication that we have reached a bottom, most likely a short term bottom, but an important turning point at least. The most recent occurrence of this formation was August 5 and August 10 (1999). The S&P cash market rallied more than 100 points over the next 12 days. The equity indices did form a hammer type reversal like the one we saw on a very notable VIX turning point, October 8 of 1998. I suspect that we see the final turn on Monday. I still believe that a downtrend has begun but this could be a very good trading opportunity to trade countertrend and to initiate shorts in equities and dollars at better levels. Good luck and God bless.