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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (54298)1/4/2001 7:56:59 PM
From: Earlie  Read Replies (2) of 436258
 
Patron:

I agree.

Today, I did let go of Fannie puts acquired a few weeks ago for a good profit, (as always, "too early",..... 20 minutes later they would have been worth considerably more). (g)

I dumped them only because I waded into yesterday's frenzy with a snow shovel (short side of course) and wanted to temper yesterday's enthusiasm a bit.

With respect to tomorrow, it sure wasn't a good sign that we closed down today. I don't remember a Fed cut that was greeted with such weak enthusiasm on a follow-on day. "Damned with faint praise" comes to mind. (g)

Somehow, I suspect that tomorrow's employment numbers will not be met with gleeful market activity (not that the growing distemper ought to be news, as a host of economic indicators have been heading south for several months). Those numbers will be bleak and unfortunately, falling employment numbers have historically impacted consumer buying very dramatically. For several months, the U.S. consumer has been pulling in his horns (I noted as much back in September). There is very little that I can see that will derail the momentum this trend is developing which means that the isobars surrounding this ugly spiral are tightening. Hard to make a case for being long much in this kind of wintry weather, irrespective of "Big Al's" desperate efforts.

Best, Earlie
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