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Technology Stocks : JDS Uniphase (JDSU)
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To: Lee who wrote (4463)1/15/2000 10:08:00 PM
From: Hank Stamper  Read Replies (1) of 24042
 
"Market should be happy today because of INTC's earnings and the Fed only making a 0.25% adjustment.<g>"

Do not be fooled. The Fed may make a .25% "adjustment" or it may make a .5% change (less likely). The problem for investors is not in any single adjustment. The problem is that the FIBER (formerly CICBR) leading index of inflation shows a very strong bias for future inflation. That is why Greenspan will raise rates. And, here's the real rub folks, he will keep putting the brakes on until FIBER is clearly tamed. Remember, it is not just the Fed funds rate that he manipulates. He has been putting the brakes on money supply too. And that does not get reported by the press so that brake occurs by 'stealth.'

The situation looks rosy. But it ain't because he will brake and brake and brake and brake.....until the economy has clearly slowed. In this process, what will happen to the Everest-like p/e stocks such as JDSU? I sure do not want to be the last one on the dance floor when the music stops.

Ciao,
David Todtman
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