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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject6/15/2001 11:19:11 AM
From: besttrader  Read Replies (2) of 37746
 
Bulls bring in the big gun to save market -->

10:55 ET Market Action : Merrill Lynch talk of 50 bp easing by the Fed sparks round of buying in the tech sector. Most names have now made significant advances off their lows of the morning. Traders focusing on storage, genomics and enterprise software -- you know, all the heavily shorted stuff.




10:42 ET Fed Policy : Lots of Fed policy talk following the weak Industrial Production report and Merrill Lynch's shift from a forecast of a 25 bp to a 50 bp easing at the June 27 meeting; the odds of a 50 bp rate cut have indeed increased and a 25 bp cut is now a minimum action on June 27. However, as the end of the easing cycle draws closer, the market will become more focussed on the negative implications of a weakening economy and less focussed on Fed rate cuts.
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