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To: velociraptor_ who wrote (13323)	9/13/2001 9:31:50 AM
From: JRI	Read Replies (1) \| Respond to of 209892

Yes, but the overseas markets will not/have not been manipulated like the U.S. market will be (on Friday and early next week)....Japan only increased liquidity by 1/3... I don't think are overseas folks holding their equities/not selling out of "patriotic" reasons, etc....no/little J.P. Morgan/PPT effect overseas. Not disagreeing with your analysis...actually, after we get the rally/comeback I expect, I do expect we will get more down-cooinciding w/your counts.....but with option ex next week, I could see the market holding up until then.....an extending 4? I think the market is in real danger after options ex...it will have absolutely nothing going for it at that point.. Do you think bond market action today may be foretelling for the equity market(s) tomorrow, ie., there has not been a selling/buying panic...

To: velociraptor_ who wrote (13323)	9/13/2001 9:35:07 AM
From: AllansAlias	Respond to of 209892

Yes, I agree that EW leads or at least cooperates with news, even unexpected wild-ass events. Everyone is looking for an initial sell off and then a rally. Too many people.

To: velociraptor_ who wrote (13323)	9/13/2001 9:48:57 AM
From: oldirtybastard	Read Replies (3) \| Respond to of 209892

velo - can e-waves play out over time without any trading happening, just reperesented by the varying thought patterns of those who would normally be making the market?

To: velociraptor_ who wrote (13323)	9/13/2001 10:01:43 AM
From: AllansAlias	Respond to of 209892

There is no end to the liquidity pumping. We are getting two things in my opinion: 1) Brokers/analysts using the event to bring wayward (overly bullish) forecasts into line 2) A cover for an all-out attempt at saving the market

To: velociraptor_ who wrote (13323)	9/13/2001 10:10:25 AM
From: Mike M	Read Replies (1) \| Respond to of 209892

Regardless, I would not advise heavy trading in the first day or two of market action because I really don't know how predictable it will be. Wise counsel. I think the commercial traders are in charge here and I doubt there is unanimity there. At some point we will see short positions unwind but I doubt it begins the day the market reopens. I wouldn't, however, be surprised if the rally that was building when the markets were interrupted carries to some conclusion. I suppose in some sense we were robbed of a definitive bottom by closure of the markets. As we approach "war footing", however, we should assume that markets will be jittery and may move sharply in either direction without much follow through until that bottom (albeit perhaps only a temporary one) becomes more clearly defined.