That was when a very bright light blinked on in Winston's mind. It was not widely known how the "expert systems" kept track of the market. They worked in several interactive ways, monitoring both the market as a whole and also modeling benchmark stocks more closely, as general indicators of developing market trends. Those were stocks which over time had tracked closely with what everything else was doing, with a bias toward general stability, those that both dropped and rose more slowly than more speculative issues, steady performers. There were two reasons for it, and one glaring mistake. The reasons were that while the market fluctuated every day, even in the most favorable of circumstances, the idea was to not only bag an occasional killing on a high-flyer, but also to hedge your money on safe stocks—not that any stock was truly safe, as Friday had proven—when everything else became unsettled. For those reasons, the benchmark stocks were those that over time had provided safe havens. The mistake was a common one: dice have no memory. Those benchmark stocks were such because the companies they represented had historically good management. Management could change over time. So it was not the stocks that were stable. It was the management, and that was only something from the past, whose currency had to be examined periodically—despite which, those stocks were used to grade trends. And a trend was a trend only because people thought it was, and in thinking so, they made it so. Winston had regarded benchmark stocks only as predictors of what the people in the market would do, and for him trends were always psychological, predictors of how people would follow an artificial model, not the performance of the model itself. Gant, he realized, didn't quite see it that way, like so many of the technical traders.

And in selling off Citibank, Columbus had activated a little alarm in its own computer-trading system. And even someone as bright as Mark had forgotten that Citibank was part of the goddamned model!

"Show me other bank stocks," Winston ordered.

"Well, Chemical went next," Gant told, him, pulling up that track as well. "Then Manny-Hanny, and then others, too. Anyway, we saw it coming, and we jumped into metals and the gold stocks. You know, when the dust settles, it's going to turn out that we did okay. Not great, but pretty okay," Gant said, calling up his executive program for overall transactions, wanting to show something he'd done right. "I took the money from a quick flip on Silicon Alchemy and laid this put on GM and—"

Winston patted him on the shoulder. "Save that for later, Mark. I can see it was a good play."

"Anyway, we were ahead of the trends all the way. Yeah, we got a little hurt when the calls came in and we had to dump a lot of solid things, but that happened to everybody—"

"You don't see it, do you?"