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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

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Nov 7 4:00 PM EST

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To: HairBall who wrote (25879)	9/15/1999 9:57:00 AM
From: Les H	Read Replies (1) of 99985

Many talk about the fall of the Dollar being cause for alarm in the equities Market. Allow me to call your attention to the decline of the DYX from its high in Feb 85 to a significant bottom in Jan 88. My OMC reveals the Overall Market made a fairly steady climb from Feb 85 until Oct 87. (Anyone care to venture a guess as to why?) The Fed was cutting interest rates till October 1986 and then started to raise them till October 1987. The fed funds rate monthly average was at 11.3% in September 1984 just before the market low. The fed funds were decreased to 5.85% in October 1986. The Fed next went to a tightening course raising it till 7.29% in October 1987. The current tightening by the Fed is only three months old and on a percentage basis is still very modest and unlikely to slow the economy much. The historical graphs on the Fed actions are below. neatideas.com neatideas.com

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