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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Jim Willie CB who wrote (5361)	10/4/2000 5:53:40 AM
From: bela_ghoulashi	Read Replies (1) of 65232

A brief comment from the Yahoo txbanker club: Re: I can't believe the action today was rckolon (50/M) 10/3/00 8:34 pm <<What was the average person expecting to drive the prices down based on a fed move that was absolutely and widely known. This is nuts.>> It's not just what is expected, but what the market thinks is needed. I think the fund managers are scared of "October" with a hostile Fed. They often buy in unison on expected news. There is safety in numbers. But the news was effectively the worst case scenario. The Fed made a big mistake not sounding neutral. Fund managers are not "brave". The Fed just screwed October with their insensitivity, and increased the likelihood of a real panic. Interest rates have been trending down for months. The Fed did not follow the free market lead. The stock market thinks the Fed is wrong. Rich

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