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To: gbh who wrote (5119)	10/15/1999 4:19:00 PM
From: gbh	Respond to of 10027

Plenty of volume and volatility today. Lets hope NITE traders did better than NITE stock.

To: gbh who wrote (5119)	10/15/1999 4:24:00 PM
From: Herschel Rubin	Read Replies (2) \| Respond to of 10027

A healthy day for the markets. We need days like this. In the past 5 days, the DOW has dropped about 700 points. What was interesting from a contrarian point of view is that the long-bond yield actually went DOWN today! Sounds strange, but may be indicative of a short-term bottom in the bond market. Now that the DOW is near 10,000, having traded below 10,000 intraday, undoubtedly we'll hear the usual pundits coming out stating their well-worn platitudes about "if it closes below 10,000 we're in deep trouble..." But, remember those same pundits were so concerned that the DOW would sell off after it hit 10,000 for the first time this year (and note how it didn't sell off, but went on to add yet another 1,000 in just 4 weeks). Amazing to see NITE reaching the $21 range today but not on excessive volume. Buyers in the market simply stepped aside today - with good reason. From CBS MarketWatch: "At 1:30 p.m. ET, the Chicago Board Options Exchange said its ratio of put option volume to call option volume was 1.02, a level reflective of extreme bearishness on the part of options speculators. At 10:00 a.m. ET, the ratio stood at 1.09." Put/Call option volume is often an excellent contrarian sentiment indicator.