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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: funk who wrote (5129)	9/1/1998 10:00:00 PM
From: agent99	Read Replies (1) \| Respond to of 12617

In Chat Rooms, Investors Begin to Sound Bearish By JOHANNA BENNETT Dow Jones Newswires Sept 1, 1998 Hang on. It could be a bumpy ride. That's not a parody of a line from the classic Bette Davis movie, "All About Eve," but rather the sentiment of many people who flooded Internet chat rooms Monday with dire predictions of what is to come following the day's more than 500-point plunge in the Dow Jones Industrial Average. Despite assurances by some, and pleas of calm from others, many seemed prepared to wake up Tuesday to a continuation of the frenzied selloff that led to Monday's plunge. "Tomorrow is not going to be pretty, either," said "Riclan," a participant in the Motley Fool's "Foolish Chat," a popular on-line investment forum. Some voices called for a "dead cat bounce" -- a sharp rise in stock prices that sometimes follows a major decline, usually caused by short-sellers covering their positions. "The sun will come up tomorrow. After that, who knows," said a participant on #Daytraders, a popular chat room for momentum traders. Monday's chat-room action was the most panicked and bearish in some time. In past weeks, whenever the Dow has fallen significantly -- even as much as 300 points -- chat-room commentary has tended to remain calm as investors insisted they were more concerned with their individual portfolios than stock indexes. Not anymore. Stock pundits and armchair investors crowded into chat rooms Monday afternoon, letting loose a stream of panicked, and sometimes contemplative, chatter as the Dow Jones Industrial Average plummeted in late-afternoon trading. With half an hour left in market action, inquiries about margin calls and interest rates, in addition to lamentations about tanking Internet stocks and Dell Computer Corp.'s plunging stock price, (the stock fell 8.1% for the day) scrolled across computer screens as thousands went on-line to try and make sense of the carnage. "This would be comical if I did not want to retire someday," said "Labowner," another chat room participant. And, of course, there was that one ever-present question. "Is it safe to say, 'Bull market is over?'" asked "Justinfair," a participant on the Motley Fool's "Foolish Chat." The answer depended on whom one listened to. While some chatterboxes predicted a return to the days of soup lines, others insisted that Monday's plunge wasn't an awakening bear, but the wake of international currency problems or a major market correction. "This is not a crash...but this is really, really bad," said one participant in #Daytraders. "Let's try and control ourselves on the short side." "This market is going to keep falling on anything until the stocks get back to fair market value," said "curious1," another participant in #Daytraders. "Anyone jumping out of high rises on Wall Street?" asked one participant in #Daytraders.

To: funk who wrote (5129)	9/1/1998 10:26:00 PM
From: William W. Dwyer, Jr.	Respond to of 12617

I agree. ISLD seemed pitiful for me today, and SOES not much get excited about, either. I think having too many traders in the market chasing the same hot stocks may be almost as bad as not enough traders, although not nearly as boring. I expect the S&P will hit 1050 very soon, stall, and retest the lows. Good traders only <g>.