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Strategies & Market Trends : The Millennium Crash

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To: Arik T.G. who wrote (5480)	6/28/2000 9:55:00 AM
From: WTSherman	Read Replies (2) of 5676

I think you can expect a Fed relief rally this afternoon when the FOMC announces that they are not raising the Fed Funds rate, for the time being. I don't think that will be very long lasting, though. As the reality sinks in that the Fed believes that they have done enough(maybe more than enough) and that the profit expectations for most corporations are unrealistic in a slowing economy. I expect that sometime in the next couple of months the market psychology obsession will shift from worrying about interest rates to worrying about whether or not there is a hard landing(recession) on the horizon. Its this possibility that will really take air out of both the DJI and the NAZ... If anyone saw R. Rubin on the Rose show last night he was very careful and cautious about the market, but, kept implying that the market has not priced any adverse risk regarding the economy, geo-politics, anything into its current prices. He wouldn't come out and say that it was a "bubble", just that current levels are way out of whack with historical valuations.

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