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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: AllansAlias who wrote (82696)3/20/2001 11:29:38 AM
From: Earlie  Read Replies (2) of 436258
 
Allan:

Grabbed CLS right at the opening here in TO, while they were sorting out the sell imbalance in N.Y. Just cleared for a very nice and very short term profit. (g)

Also already out of the JNPR position taken this a.m. Having booked these profits, I am now quite comfortable humping my modest load into the fed numbers this p.m.

My thinking is that while the market has essentially built in a .75% reduction, Greenspan really doesn't have that kind of room (courtesy of the Europeans dragging their feet), hence the odds favour a 0.5% reduction which may prove disappointing. Even a .75% reduction might not set off a melt-up, given the expectations. A 0.25% reduction would cause an immediate sell-off IMHO. Given this situation, it makes sense to me to have at least a reasonable set of modest positions, particularly when they have been acquired on the back side of the 8-10% moves in most yesterday. If they rally further, I'll just add.

Best, Earlie
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