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To: Shack who wrote (14161)	9/21/2001 8:46:44 AM
From: Paul Shread	Respond to of 209892

U.S. index arbitrage positions on the Dow have been massively under water since the start of the month; those futures contracts expire today. The WTC attack must have been those traders' worst nightmare, not to minimize the real dimension of the tragedy. Even Mark Haines railed on about WS firms selling here after telling everyone to be patriotic. Repatriation is only part of the picture here, IMHO... Those positions were probably one of the biggest reasons why the Dow remained stable the last couple of years - and probably one of the biggest reasons it has now left that trading range.

To: Shack who wrote (14161)	9/21/2001 8:50:34 AM
From: martin001	Respond to of 209892

The activity in premarket is eerily quiet. ALmost like disbelief at the futures. When I woke up and saw the size of the futures sell off I thought I would see ask only in the stocks but most are just a point down. Especially the semis. In fact it looks like traders are going to try to but this gap down. I would really like to see this gap down sold hard and perhaps finally we could get some capitulation. I know everyone feels that way (which is probably why we dont get it) Alls I can say is that it feels good to be 100% cash. M

To: Shack who wrote (14161)	9/21/2001 9:07:32 AM
From: AllansAlias	Read Replies (3) \| Respond to of 209892

One can now call the European situation a crash. We are likely to follow. These gaps are worrisome. The first large one (Monday) is looking like a breakaway gap and this morning's could just be a continuation gap. Unless we have a one day reversal here, I can not stress strongly enough to everyone how dangerous it would be to buy this market for a weekend hold. While we are crashing is no time to buy the dip.