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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Patrick Slevin who wrote (38504)	10/24/1999 3:58:00 PM
From: Matthew L. Jones	Read Replies (3) \| Respond to of 44573

Do you watch CNBC? If you do, you are well aware that the late selloff on Friday occurred for one reason: the CSCO rumor. When it was found to be false, the market immediately started heading north again. It was still going north when the bell rang. In post market trading nearly all tech stocks were up (if you happened to be checking, as I was). The rally which started about 3PM Thursday in the S&P's and carried through to the Globex session and then into the day session on Friday was trading along the upper band all day. It was not until the CSCO rumor and the tech sell off that it even slowed down. I believe that we already discussed Cramer's view on the rumor. Now, I certainly don't buy everything that is said on CNBC or that Cramer writes for that matter, but when I see people reporting from the floor what rumors are going around the trading desks and that it is causing the sell off, I have to put some stock in that. In fact, about the only thing I use CNBC for is for the floor reports from the NYSE, CME, and Instinet. When separate reporters from separate trading centers report the same rumor and cite it as the reason for the sell off, I put stock in that. You have yet to offer me a better explanation (I invited your comment yesterday). Finally, I have yet to stoop to taking shots at your thinking process and I would appreciate the same consideration. "That entire train of thought is totally whacked", I think you said. I again invite your expert opinion... if you have a better explanation than the ones I have offered in my numerous posts over the weekend, please bring them forth. We would all like to hear them. Matt