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Strategies & Market Trends : Waiting for the big Kahuna
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To: steve susko who wrote (1598)6/27/1997 8:07:00 PM
From: HH   of 94695
 
Steve,(and paulo)

I dont mean to be flip about the fed because you are right
their actions have quite alot to do with what happens next week.
It is just that I find it comical that the market is in a manic
state with valuations approaching never never land. Now, picture
this; the fed meets and raises rates 1/4 of a percent and
all this HOT money goes running to the bond markets to pick
up that extra yield.I mean is it going to compete with 50%
returns from "blue chips" like KO and GE and INTC and...(the list
goes on)
Or, are we to believe that the stock market with all its focus
on fundamentals can immediately calculate the macro economic impact
on the marginal cost of capital which will slow down the economy
and impact corporate profits X % so lets bid it down to 46 X eps
rather than 56 X eps. Its all so silly at this stage.
No , my image of the relevance of the fed meeting is something
akin to a craps table where each time the fed meets its "PLACE
YOUR BETS " PASS /NO PASS line. ROll EM.

HH
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