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To: Charles Hughes who wrote (13788)	10/28/1997 4:39:00 AM
From: Reginald Middleton	Respond to of 24154

<Doesn't matter. I think less than 200 stocks were up on the New York exchange today. Nearly every individual investor got hurt, including most having to read here how smart guys don't lose ;-\| Three days ago you told me the market doesn't work on emotion. Do you still hold to that during this panic?> I copied your whole post here to make a point. It doesn't matter if only 200 stocks were up for that day, investors don't put money in the market for a day. Do you follow the day to day real estate values of your house, stating that the real estate market is based on emotion and if your property value blips, you lost money? Just because the equity and debt markets are more liquid doesn't mean that you should not think of them as longer term investments. I didn't get hurt, I am still comfortably up, and the market in general (a horrible indicator - read my original post) is still up at least 11% YTD. The market's do not work on emotion. Traders pray off of emotion to manipulate short term movements, but they do not command the capital that investors do over the intermediate horizon, so it is irrelavant. As I said in an earlier post, many international speculators were leveraging up on bonds in anticipation of the Asian meltdown. It appears as if they were right. They seem to be unwinding those positions and many more are anticipating a soothing action by the fed to placate international markets if things get worse globally. These action are not borne out of emotion, but out of fundamental analysis and research. There are a lot of guys in the market whose profession lay in other area (such as programming:-), and they do not have the training that those who live and breathe finance every day have. Simply because you do not see a logical cause for market action does not mean that there is nobody benefitting from that cause due to foresight. It is very similar to me saying that emotion is the reason Windows 95 crashes to a programmer (since I do get mad at it often). Okay, not the best analogy, but you get the point.