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Technology Stocks : Intel Corporation (INTC)
INTC 37.89-0.1%3:59 PM EST
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To: Jim McMannis who wrote (123499)12/20/2000 4:36:19 PM
From: f.simons  Read Replies (1) of 186894
 
Based on past history the change in bias should have supported the markets.

Jim,

It would have been better if they had just gone to neutral rather than as far as they did. The market took what the Fed did as saying:

"The economy is so deteriorated that we are going to recessionary bias but we see no need for an immediate rate cut." Bad message.

Of course, the market set itself up for a fall by actually expecting the Fed to go all the way past biases and cut rates this month.

Frank
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