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To: Ken98 who wrote (71276)	10/22/1999 3:40:00 PM
From: John Dally	Respond to of 86076

One explanation is that the mutual funds figure out how much stock to buy or sell based on the day's orders.

To: Ken98 who wrote (71276)	10/22/1999 3:40:00 PM
From: Mama Bear	Read Replies (1) \| Respond to of 86076

All: Predict the Dow on 12/31/99 and win a $million!! emillionmania.com Regards, Barb

To: Ken98 who wrote (71276)	10/22/1999 4:29:00 PM
From: pater tenebrarum	Respond to of 86076

Ken, it always seems to start in the futures market...i believe a certain degree of manipulation is involved. shorts are then forced to cover, and the momentum players hop on the train as well. naturally it all has f8ck all to do with underlying fundamentals or similar rummy notions. least of all it has to do with BGR's "market efficiency" which doesn't exist. the market has become a big derivative and margin driven casino which is why i would not dismiss Luc's crash calls out of hand. if one looks at the carnage in the credit markets in recent months it is truly incredible how the stock market has managed to hold up...in fact i suppose it has only held up due to the aforementioned manipulation of the futures markets which has been evident every time the market was about to take a dump. however, the manipulators are fighting a tide that is bigger than they are... btw, you are correct that certain funds do their buying and selling at about 15:30 and the specialists and MM's are virtually guaranteed to be involved in front-running these activities.