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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (65891)8/6/1999 2:25:00 PM
From: bill meehan  Read Replies (2) of 132070
 
MB, I also got a kick out of the financials rallying back sharply. The following is excerpted from my comments last night:

With 10-yr swap spreads blowing out,
vague rumors of a big hedge fund, trading desk or bank (take your choice, and
you can also pick which side of the pond) pushed the yield on the long bond
down to 6.05%. That appeared to help stem the tide on Wall Street, but I
noted in our midday update that we may have also seen technical buying in the
S&P pit after the Sept contract took out its 40-wk MA but failed to follow
through to the downside. In one of the more perverse explanations I heard,
some surmised that a mini-version of last year's financial difficulty would
keep the Fed on hold, irrespective of the domestic economic data. It's quite
ironic that Mr. G, one of Ayn Rand's old disciples, has garnered such a
reputation for aiding and abetting moral hazard.
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