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(FOOL GLOBAL WIRE) LEXINGTON, KY. (September 23): It was a no-news kind of day for the IFG holdings, but that didn't stop the market from going ballistic. Everyone's trying to grab a look at the next guy's crystal ball for a reading on tomorrow's Federal Reserve meeting and all they're able to see is fog. So, today was a knock-'em-down, set-'em-back-up kind of day with trading curbs on the downside in place early in the session, only to see the Dow rebound to set a new record. The Nasdaq didn't come back nearly as strongly, though, and dropped about two-thirds of a percent.
Nothing across the newswires about the IFG stocks, yet some big moves. Checkpoint Systems continues is recent recovery, bouncing some 2% today. Hewlett-Packard dropped 1.5% along with many other tech stocks. Nichols Research was blasted for a 4.6% loss today, again on no news, while RoTech Medical went the other way, picking up more than 6%. And finally, Tellabs, which seems to make moves of only a couple of dollars per share or not at all, slid 2.7% on the day.
And what's in store for tomorrow? Well...my prediction, based on the recently developed Sheard-9-iron-hyperkinetic-3-year-old-son-broken-furniture indicator is that the market will open pretty close to 9:30 eastern, lots of people will be buying and lots will be selling, and the Dow will close below 7000. How's that for a gutsy, make-your-career-as-a-TV-guru prediction? Lame, you say? Ha, but I'll bet you I'm right!
Buckle your seat belts tomorrow. Personally, I'm going to fight my inner demons and make myself not watch CNBC until it's time for me to start preparing this report. Otherwise, my Mr. Hyde half might be tempted actually to DO something, like buy. Or sell. Or both! You see, Mr. Hyde is much too Wise for me.
Transmitted: 9/23/96 |
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