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Politics : Ask Michael Burke
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To: mike iles who wrote (25330)1/6/1998 10:22:00 PM
From: Earlie  Read Replies (1) of 132070
 
MB:
Welcome back.
No doubt you have noted the Fed's recent move to LOOSEN margin requirements with respect to Nasdaq juniors and options. I had difficulty believing the press release, but it is apparently authentic. This move also fits with the Fed's recent frantic printing press activities and coupon passes. Alan is in panic mode.

Have been nibbling at the short side of my favourites in the tech sector. Inventories coming off Christmas are large, and who provides the replacement buying now that Asia (everybody's former expected buyer) is more worried about filling the old ricebowl than purchasing a PC.?

I expect this rally to peter out this week. Too many worried pros (who are beginning to sell the rallies) and too much money now moving into bonds to keep the stock market bouyant. Time will tell.

Love the lambs who have driven up GTW, and MU in the absence of any supporting fundamentals.....we don't often have this form of philanthropy present in the markets, but what the heck, last year was tough so I won't complain.

I still expect INTC to provide the downside leadership. Q4 was nasty to our favourite micro builder, what with those ruffian box builders using those dirty little K6's etc, and also demanding (what nerve!) that Intel move back to inexpensive Pentiums in lieu of P II's. Q1 will be even worse.
Glad to have you back.
Best, Earlie
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