TSC Weekender: The Market Follows the Leader

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This week TheStreet.com published its second Online Broker Survey, an exhaustive rating by readers of the performance of the people who help them trade. Or sometimes stand in the way. See how yours measures up. This weekend, read the next installment of Titans of Finance, a monthly TSC Weekender comic about the business gurus of yesterday and today. And check in with regular weekend contributor Eugene Finerman, who examines the ridiculous effect when literary figures and business advice collide.

The Market Follows the Leader

When one influential Wall Street strategist opened the door Tuesday, it was the market's cue to exit.

Investors who weren't already scared off by Goldman Sachs strategist Abby Joseph Cohen's reduction in her portfolio's tech stock weighting packed up when on Wednesday Mark Mobius, Franklin Templeton's group emerging markets fund manager, warned that global Internet stocks looked as if they were peaking. The bad news from prominent analysts sent the market into correction mode, with technology stocks leading the selloff.

The tech-heavy Nasdaq Composite Index faced its third-biggest point decline Wednesday, falling 189.22, or 4%, to 4644.67. Thursday the Nasdaq closed down 186.52, or 4%, at 4458.15, but a spike in late-day buying eroded the momentum of the session's losses.

More bad news rained down on the soggy market Tuesday, when various media sources reported the possible shutdown of Tiger Management, the $22 billion hedge fund whose assets have recently fallen to around $6 billion. Bloomberg reported that Tiger, a noted value shop, will shut down its entire operation.

At week's end, the mild recovery Thursday was followed by a snapback Friday morning, then a fall midsession, then a rebound at the end of trading. Can you keep up with us here? Instead of taking a French leave, investors rushed back in, like partygoers rediscovering the open bar and free lox. The Nasdaq finished Friday up 115 points, or 2%, at 4572.89.

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Staff reporter Angela Privin and Kayte VanScoy, special to TheStreet.com, contributed to this article.

"Jim Cramer keeps mentioning secondaries," says David Hoerl. "He tried to define it in a few words the other day, but I still don't get it. Does this mean second-POs, where companies are trying to raise more money via more stock offerings?" My dear David, you don't get Cramer? How could that be? Still, you must have gleaned something, because you've pretty much nailed the description. MORE Enter the Idiot Box, where all your pesky little questions will be treated with kind condescension. As your fifth-grade teacher used to say, everybody else wants to know the answer, too. Please do send your queries.