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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 671.910.0%4:00 PM EST
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To: donald sew who wrote (27830)9/29/1999 5:16:00 PM
From: TimbaBear  Read Replies (2) of 99985
 
Donald, I respect your calls very much....but I want to shift the emphasis here a bit....I agree with all your thinking about where the market is and how it is likely to be, but I think the important factor isn't necessarily whether or not the Fed raises on Tuesday....we've been there and done that the last few months and the market seems to respond independently of that event so maybe it's something else that we ought to be focused on....I suggest that Congress' passing of the massive tax cut proposals several months ago is the real culprit here....Clinton's veto of it appears to have caused a short term bottom for the drop, but the street is uncertain of how much "surplus" will really find it's way to debt reduction....there is no surer way to dry up liquidity than for the government not to pay down the debt....the spending impetus that the tax cut would give to the average consumer is miniscule compared to the spending fueled by easy credit which comes from excess liquidity.

The other factor that might play as important a role as the Fed is what Japan does or does not do regarding their liquidity.

I believe the markets won't move again until the world sees some measure of the fiscal responsibility in our Government budget....right now everybody in Washington is rushing to feed at the trough and there appears to be no leadership to stop the gluttony.
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