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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 687.72

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Jan 5 4:00 PM EST

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To: John Madarasz who wrote (43680)	3/20/2000 7:58:00 PM
From: pater tenebrarum	of 99985

if they're really so worried about inflation, then why are they pumping in money through the back door at a 3,5-5,5 billion dollars daily rate? why is the money supply (M3) expanding at it's fastest rate this year and hitting new highs? answer: Greenspan is a paper tiger, the market knows it, and is going to keep on flipping him the bird. those looking for the Fed to get serious about throwing a spanner into the mania's works are sorely mistaken imo. it is anyway debatable how much power the Fed still has with regards to influencing credit creation...debt, especially in the financial sector, is piling up at an unprecedented clip. the non-bank financials are in the midst of the biggest balance sheet expansion spree ever... conclusion, monetary policy as it is now conducted will not stop the stock market. what may stop it is a dent in the armor of confidence. MSTR's restatement of revenues to comply with SEC regs is a small step in that direction. another very much ignored statistic, namely the trade (im)balance, while it may be overshadowed by the FOMC non-event tomorrow, harbors some potential... regards, hb

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