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Pastimes : QQQ & DIA - chat & chart

QQQ 611.67

-1.9%

Nov 6 4:00 PM EST

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To: Chris McConnel who wrote (578)	5/20/2003 6:03:40 PM
From: MeDroogies	Read Replies (1) of 795

FWIW, the Fed doesn't "print" cash. That's the Treasury. Nor is money "released" via the Fed, that is also the Treasury's domain. The Fed oversees the transferral of cash between banks and maintains liquidity in the financial system through a system of loan arrangements. What is interesting about the concept of the Treasury "printing" alot of money is that by its very nature, doing this should lead to hyperinflation. That there is no hyperinflation should say something about a few things...either the increased productivity is soaking it up (as one would expect), or it isn't being "printed" at the levels one is thinking. Or...it's sitting in bank accounts and mattresses. Which doesn't seem to be the case, by most reports (though I haven't seen the mattress report lately). At least, not at the levels that would imply alot of excess cash is being infused into the system. That said...short is the place to be for the next few weeks, IMHO. I suspect a test of 7900 is in the air. Options held the markets up in the final 2 weeks of that "rally".

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