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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (28026)	8/7/1999 4:08:00 PM
From: Jeff Jordan	Read Replies (1) of 50167

Spreads are widening, a red flag in the market of swaps, complex interest-rate derivatives which are widely used by hedge funds and the proprietary trading desks of the big investment banks to fund their high-risk trading strategies is, say traders, showing the same signs of distress that was seen after the Russian bond default last August. Ike, I think it's total BS and practically sinful...that such institutions can gamble and risk their capital in such highly risky investments...and then comes the Fed to bail them out? At our expense....now, where's the risk for such investments? While we are heavily taxed here in the US for our gains....w/ limited recourse for our losses. It's a crazy system....I say let the chips fall where they may.... Is see no reason for the supports to hold....1328 didn't....1282 won't I will see you around 1252-1258....probably around August 24th...It's my opinion the market will continue to slide until the next 25pt rate hike is behind us and the market starts looking forward to Q3 earnings...which WS is already expecting to be good...that's when I feel the rally will begin....so until then IMO the market will continue to balance valuations...My plan is to long @ 1268. Jeff

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