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To: Cynic 2005 who wrote (66522)	10/5/1999 2:58:00 PM
From: TRINDY	Read Replies (1) of 86076

Mohan, I have to say that I am at long last somewhat proud of the Fed. They are in a predicament given how long they have let this bubble go on. Life is not easy on them because they cannot let the air out too fast for fear of what a crash would do to the real economy. (No, the stock market is not the real economy. It is a national casino.) They did just the right thing today to keep the market guessing and off-balance. This should be seen as a turning point wherein the Fed didn't simply validate the market's direction. They did the right thing to cool ardors without instigating a crash. Despite my indicators turning positive with yesterday's action, I think that that runup can be discounted because of anticipation of the Fed's inaction. No one knows how to calibrate a "tightening bias," so that will keep the market guessing. If the market can sustain a rally with this degree of uncertainty, then more power to it. It will have to do it without my two cents. Nor do I see much potential from shorting. Cash is king, for now in my view.

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