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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: N who wrote (23373)	8/5/1998 7:03:00 PM
From: N	Respond to of 94695

From the Board of Trade close of market commentary: Funds were at 5 1/2% when the futures closed, which was the same rate that traded when the Fed added reserves via 8-day fixed system repos. The move surprised some analysts who had expected the Fed to stay out of the open market. Equity futures settled sharply stronger in extremely volatile, two-way trade. Stock prices were all over the map today as investors reacted to yesterday's sell-off and contemplated their next move. The session started off in positive territory but quickly tumbled into negative territory. Friendly comments regarding the market's outlook from several prominent Wall Street analysts then pulled the market back into positive territory. Prices then moved back to unchanged levels, briefly turned higher, and then fell sharply back into negative territory heading towards the close . The excitement wasn't over yet, however, as the market staged an impressive late day rally to finish with a 100 point gain at 8605 in the September Dow(sm) futures contract. The session high was 8610 and the low was 8380. The cash index gained 59 points to 8546. Analysts attributed today's wild volatility to the ongoing battle between those investors who think the market is oversold and those who feel the correction isn't over just yet.