Actually, you raise a good point...forgot about (briefly) PPT saving the day...yes, I am familiar with them.......another poster sent me a detailed article from the Washington Post on fairly regular meetings that Greenspan held with some banking honchos (PPT) several months back....supposedly, Goldman Sachs has been the lead (or one of the leads) in the past...of course, that works well when Rubin was in office...don't know if GS still carries the ball or not..
Actually, it probably makes more sense for Greenspan to work thru PPT than thru lowering rates (intra-meeting) at this point.....I do agree that breaking 2000 (and not bouncing) would be psychologically devastating.....That would be a 60% correction in less than a year...Surely, that must be a record for a major market index (in any Western country), or close...that is devastating, bubble or not....and must have serious economic consequences (the velocity of that move in addition to its strength)..
In summation, I guess I could see the PPT jumping in anytime between 2250 and 2000....but I reckon they'll give it until 2000 (to attempt to bounce on its own).....also, it would help if we have one of those "panic" type days, but as you noted, looks like we are still a bit away..we'll see what sub 2300 brings, I think, very shortly!
Thanks for raising the point... |
