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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (12236)	12/23/1997 4:04:00 PM
From: MythMan	Read Replies (2) \| Respond to of 18056

Big boyz hit the sell button then ran for the subways <g>

To: yard_man who wrote (12236)	12/23/1997 4:10:00 PM
From: Defrocked	Read Replies (1) \| Respond to of 18056

That was the first real sell program to hit the NYSE floor in a while IMO. It does appear that the $100mm hedge through 1200 Sep SPX 800's hit the futures pit, pushed the futures to a discount and created a sell arb.opp. to buy futures "cheap" and simultaneously sell a NYSE basket "dear". We probably haven't seen the last of these portfolio repositionings. In '87, two large pension funds in particular were known for executing their rebalancings during the last hour of trading. FWIW.