Wall Street Reacts To Crash
were under pressure right at the opening as Wall Street
reacted to the crash of an American Airlines Airbus A300 over Queens, NY. Every
one of us on the floor immediately thought, “It’s gotta be a terrorist
attack.” The Dow, Nasdaq
and S&P 500 all hit the skids
hard as America’s worst fears, a repeat of Sept. 11, seemed to
be taking place right on our TV screens AGAIN!
Americans and for the bulls on Wall Street, there seems to be little evidence
that this tragedy was terrorist related.
The most likely culprit seems a maintenance snafu, or malfunction. In any case,
while terrorism may be ruled out, there are 200+ people dead in Queens and our
hearts go out to those victims and their families.
As the market claws
its way back from the triple-digit DJIA selloff, traders have been buoyed by a
bullish forecast from communications gear maker Ciena
PowerRating). CIEN shares are trading up over 10% and that has
PowerRating) and Applied Micro
the rest of you that have positions in Enron
we were happy to hear of the bid by Dynergy
for the energy trader. Our recent HOT TRADE in DYN,
which took advantage of the compression factor in LEAP options when a takeover
occurs, are obviously benefiting from this and should give all involved an
opportunity to take some healthy profits.