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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: David Smith who wrote (58596)8/30/1999 11:14:00 PM
From: kikidoll  Read Replies (2) of 120523
 
Found this in my Friday Worden Report. Thought it shed some light on where the Fed is headed.
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HINT: Alan is Coming out of the Closet

Now we know. Alan let the cat out of the bag in a speech today. It's not inflation he's after. How could he be? There is no inflation. And a lot of people have been wondering about that. Inflation is merely the poltergeist that Alan keeps in the closet. When he brings it out, it is dressed like a straw man, the straw man Alan has been pretending he's after.

But today he let us know he's really after the stock market. In his speech, he hinted that the stock market would play a larger role in the Fed's decisions. There seems little doubt that Alan thinks the stock market is far too high and he is going to contribute his muscle to bringing it down to earth. He may not look strong, but when it comes to the American economy, that man can leap tall buildings in a single bound.

Today's remarks made his famous "irrational exuberance" utterance seem like a pretty lullaby used to put a child to sleep. Phrases like "the market's vulnerability to 'herd instincts,'" and (current practices by corporations) "that artificially inflate balance sheets" are carefully parsed to strike terror all the way from Wall Street to Scarsdale. He went so far as to threaten (and when Alan threatens, it's not inadvertently) that the Fed will respond to increases in market prices. But he didn't say how. A threat is always more sinister when you leave a little mystery in it.

Alan thinks the market is dangerously high. And he may be right.
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