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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Mr. BSL who wrote (9040)10/1/1999 4:49:00 PM
From: Justa Werkenstiff  Read Replies (2) of 15132
 
Mr. BSL: We have bounced off just below the SPY 127 line a few times during the past few days. This was the low during the August leg of the correction. This is the benchmark for now. Time to spin that economic and Fed. wheel to see if we violate this benchmark.

I note that we have had no rally into this meeting. Consensus is that we get a pass by the Fed. and a neutral bias and then we rally. This seems plausible although a neutral bias is not a sure thing. Also, these folks seem to think the Fed. will hint that it is done for the year. I think this point is silly. The Fed. is not going to prompt a rally in the market by showing its hand. No way. Moreover, the flow of economic data begins again after the Fed. meeting and we all know there is at least one more trick in the Fed. bag coming at this point. I also suspect that the big boys will be selling on the earnings news.

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