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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.17

+0.2%

Dec 11 4:00 PM EST

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To: HairBall who started this subject	4/23/2001 8:03:33 PM
From: jrjar	Read Replies (1) of 99985

From R. Hitt at Astroecon A very odd week it was. The 17th was the telling day last week that something was amiss. The limit down condition because of the Cisco warning prior to the open mysteriously failed to manifest as any selling in regular trading. This lack of a reaction was something confusing enough to start a wave of short covering as if "someone knows something". We all know exactly what that something was the next day at 10:55 AM when Greenspan cut rates. I saw an article this weekend that details how the Fed was "taking surveys" in the days before the cut. In my mind this amounts to tipping off. I would like to know what the nature of the questions asked were and what the First Call Research connection is to the crony network. Maybe someone in congress could find out the next time Greenspan is on the hill. To those of us trading for a living the dirty deeds from the fed are something we have come to expect. The really amazing thing to me is this outright deceptive behavior is looked at as "doing a good job" on bubble vision and that attitude seeps into the public as a result. Frankly it is no wonder this country is in trouble when dishonesty and market manipulation is an accepted way of economic management. Ask yourself this. WHO gave the Fed the right to purposely deceive some traders and provide leaks about their intentions to others. I don't believe this is part of the fed charter is it?? THEFT of capital is not market management. Step back and think about how many call option sellers were screwed last week only a few days before an expiration. Also think about how much fresh money was created out of thin air on Wednesday afternoon in the stock market and who got the money. This is the antithesis of a free market.

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