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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: marc ultra who wrote (12532)3/17/2000 4:23:00 PM
From: Justa Werkenstiff  Read Replies (4) of 15132
 
Marc: Re: "I had the unpleasant experience of noting my margin equity percent fell below 100% in my main account yesterday given my SPY short position took a big hit and the
underlying funds and securities have not kept up with the S&P suddenly."

Yes, this was one of the concerns I had in hedging. Now you are tied to that position and paying interest on it. Yuck. The volatility is incredible in the markt now.

Re: "I wish I knew if Bob thought the current move was a fake out or not."

"Fake out " is not the term. Whatever it was, it was a successful test. No new closing high. Picture perfect test. You could not have written a better script for a test although the rapid rise of the S & P 500 was (is) amazing.

Re: " With the Wilshire hitting a new high Greenspan has no need for restraint."

I don't think the Greenman is too happy with Mr. Market at least outwardly. This is the first time in recent memory that we are rallying into the Fed. meeting. Some of it may be triple witch. BUT the market is convinced that we will only get a 25 basis point move. And why shouldn't it? The Greenman has all but said that this is his course. He said that he does not want to kill the goose and he has stated repeatedly his preference to go slowly. Green light from the Greenman. There is no fear in the market.

I do not expect much if any of a rally in the general market after the announcement. Naz could go higher. But the Greenman is already factored into the mix. Moreover, some at the Fed. may argue that this market would not take a surprise lightly given the volatility.
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