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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (70600)	2/22/2001 7:12:25 PM
From: patron_anejo_por_favor	Read Replies (3) of 436258

Fleck had an interesting macro-oriented take on the bodacious end of the day Dow jamjob: siliconinvestor.com Open up and say "AA". . . About that time, a story hit that Japan's long-term credit rating was going to be cut to AA. That seemed to set off a wave of buying, as though Japan's downgrade would precipitate massive easing on Japan's part, which would make U.S. stocks go up. I'm not sure if the linkage is correct, nor do I happen to believe that Japan's doing that would make a difference, but I'm told macro-hedge-fund types believe in that series of events. So in approximately 20 minutes, the Dow rallied 140 points (1 1/2 percent), the Nasdaq rallied 60 points (or 3 percent) and the S&P 500 rallied about 20 points (just under 2 percent). That's where things were with about 15 minutes to go. Once again, I won't be able to see the exact close, so I'll leave readers to guess at the last minutes of action based on the box scores. 2 other good points in the Rap today: 1) The LEI indicator (which was unexpectedly high) will further tie the Fed's hands re: intermeeting rate cut 2) Investor's Intelligence shows bullish consensus back UP at 62%.

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