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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Tom Trader who wrote (2885)	8/31/1998 4:29:00 PM
From: Arik T.G.	Read Replies (1) \| Respond to of 44573

Tom, What does your system say?

To: Tom Trader who wrote (2885)	8/31/1998 8:32:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 44573

At least you were short OEX, yes? I'm here trying to teach my computer nerd son that the market will put aspiring computer whizzes out of work. This could be a blessing in disguise. I have heard so many by this hour talking about the effect this shall have on jobs and so forth and all I can think of is the number of times I have heard people say that they are in it for the long haul, we should buy the dips....greed is greed. I just can't get too sympathetic, I am afraid. The market was too high and people thought every pullback would allow them a guaranteed lotto ticket. A further decline will see generations of people saying they lost money in '98 and that they won't touch the market again. Whatever. Margin calls have perkin', from what I hear as I check around. So a relief rally may be in store but then 3 days out there should be problems again. If there is no serious return then the house of cards continues to collapse on itself. Margin calls are not fun, I had one once, 4 years ago. Fortunately it was not a big deal, a few hundred bucks. This has the look of something potentially a lot worse if there is no recovery quickly. So, I have to presume that a rally tomorrow should be sold. I agree, the Blue Chips always come out with buybacks during these things. I think the market came down hard late because of the Margin issue, though, and a failed rally will see it come down hard again simply to blast the people long on margin. It's not a friendly game. Next we must decide where to sell it again, I am afraid. It is really not looking very healthy. Too bad you have a 45 point target as you could have crushed that today, my friend.