Markets in US are not acting at ALL like one would expect given the fact that all the sheeple are feeling warm and fuzzy about Y2K and terrorism. Therefore, it's particularly interesting to note that the Markets are markedly down. The DOW is down 130 points (10 minutes before close), the Nasdaq is down 34points and the S&P 20pts.

This is far from their lows (or highs) of the day. I heard that the S& P was limit down at one point. And, the Nasdaq had the most volatile day in 12 months. On international markets, of the 27 markets trading today, 17 were up and 10 were down. Also, not nearly as Y2K confident as I would have thought.

More interesting is the fact that on the financial channel the reporter in the pits said that although people, (I mean sheeple) were plunging confidently back into the market today, the loses were due to Institutional selling....and....the utilities section of the DOW was getting particularly hammered.

Based on all we know about the eight power plants that had "glitches" and the three Nukes that had to be taken off line (non-Y2K problems there of course). I can't help but wonder "Do they know something we don't know?" Meg

-- meg davis (meg9999@aol.com), January 03, 2000

Answers

Anyone cashing in on the giant gains they have made over the last few years doesn't have to pay capital gains taxes until April 15, 2001. Also, re:institutional selling. The reason for that may be that institutions report to their clients based on year-end totals (or near year-end), this would lock in reported gains while hedging against any downward movement in the market. The stock market has discounted (in both senses of that word) any y2k effect.

-- Bud Hamilton (budham@hotmail.com), January 04, 2000.