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Pastimes : Home on the range where the buffalo roam

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To: JRI who wrote (10544)	2/21/2001 2:16:52 AM
From: Raymond Duray	Read Replies (1) of 13572

JRI, If you can drag up the URL for that Washington Post article on the Plunge Protection Team, I'd be much obliged. As far as the devastation goes, it is well worth noting that the NAZ was four standard deviations above its 200 DMA last March 20, and that at its recent lows it has been 4 SDs below its 200 DMA. The former is unprecedented in any major bourse in modern history. The later has only been match briefly by the Brazilian market. So, if it feels like we're toying around in a banana republic stock market, it sure ought to. This has to be one of the most ridiculous ways to fund new industry imaginable. Of course, all the inmates of the madhouse have forgotten that this is the ostensible purpose of a stock market, while they obsess over the casino aspects of the "game". I see scant hope that volatility ends or rationality returns any time soon. I do agree, a good elevator shaft day would be invigorating. I just doubt that the powers that be see it as a useful bit of theatrics at this juncture. Like you say, the devastation to the national psyche would just simply be too much to bear. Ciao!

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