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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: benwood who wrote (17697)	1/21/2016 1:57:31 PM
From: richardred	Respond to of 33421

I didn't do any trading on that day, but the days and weeks after I did. That turned out to be a very good investment decision. Black Monday 1987 was bad, but 1973-1974 was far worse. I started following stocks at a very early age. I was a very young kid in 1973 & 74 and tracked my father holdings . I saw what damage the oil embargo caused. I still remember my Fathers top holdings back then and the damage done to them. All 4 were Dow 30 stocks back then, I think? Bethlehem Steel , Eastman Kodak, International Harvester, & American Can. One heck of a dividend yield on many S&P 500 stocks back then. This by and large because of damage done. P.S. Anyway I stayed interested and bought my first Stock in 1977. Passionate till this day, but my memory isn't quite as good as it used to be.

To: benwood who wrote (17697)	1/21/2016 8:30:43 PM
From: John Pitera	2 Recommendations Recommended By 3bar roguedolphin Read Replies (1) \| Respond to of 33421

The tape was hours behind on Monday and the Low on stocks and even the DJIA and SPX was pretty much theoretical.... back at the time the Low in the weekly chart books that had the futures and indicies had it at DJIA 1616 or so such. Numerous people who put in market open orders the next morning found that where Exxon had "closed" at 24 and change got filled at 36 ..the market makers opened the market that much ..... that happened in numerous stocks. then the market became very thin at 11 AM and the FED came in with a massive S and P futures buy. Linda Bradford Radscke in the first Market Wizards books said she went home long SPX futures that were at 12.00 point discounts or some like 10% below the cash and how she was sure if was a good the prices of the two had to converge. She said that she realized that it was not that prudent, in the sense that there was a significant risk of systemic failure and collapse. which was true Martin Zweig was on Lou Ruykeser's Friday night market show and commented he was concerned about a crash on Monday. Myself I was outside of the NYSE on the Friday Oct 16th.... and then again on Tuesday the 20th... a sea of people and News' Vans with the huge satellite dishes on the tops of them... I had a Job Interview as a FX trader with Chase Manhattan scheduled for that Tuesday..... it was postponed for one week for obvious volatility reasons. . John