A Dubious Achievement, from Victor Niederhoffer
Yesterday's move from open to 940 was the greatest decline in the history of markets. A mere 1%. But it is a tribute to the mistress that she likes to keep the wheels of commerce moving in a direction consistent with the forces that she doesn't often greet the hopeful speculator with more than 100 dow points down in the first 10 minutes. It is also helpful to the margin clerks one would think. But that's part of the point.