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Non-Tech : LEH LEHMAN BROTHERS
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To: j. w. kampfe who wrote (126)5/7/1997 11:21:00 PM
From: Jon Tara   of 315
 
Indeed, this is an extrodinary run on a rumor. Look at an equvolume chart. I have never seen anything like this. (And if you have, I'd like to know what stock so I can see what happened subsequently. :) )

A Raff Regression Analysis is quite interesting. LEH was in a well-defined channel from 9/96 through 2/97, when it dropped out of the channel. Today's action caused LEH to re-enter the channel. It closed exactly on the bottom edge of the old channel. IF it is able to re-enter the channel again tomorrow, that would be quite bullish. (Would only take a little push elsewhere.)

(Note that I didn't say that this means anything - just that it's "interesting". I always find regression channels "interesting"...)

But I doubt our idiot friends in congress will let that happen. I suspect that what they have done will have the opposite effect that they'd intended. (The reason for using 5/7 as the date for any capital gain tax cut effectiveness is to "avoid volatility in the market".)

It will be interesting to see what Larry McMillan has to say tomorrow morning. His comments this morning were apparently taken to heart. I suspect he will repeat what David Faber said, and then I can just see the quizical look on his face as he repeats his favorite line "but, where there's smoke, there's fire..."
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