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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (2658)	3/6/1998 1:42:00 PM
From: Robert Graham	Read Replies (1) of 4969

It looks like the market was getting apprehensive about the state of the economy fearing an economic slowdown. I suspect that is why they took today's strong employment report as positive news. In a previous more bullish market, there were fears of the economy "overheating" and a strong economic report like this would of been taken in a negative way. It looks like the market has not forgotten the earnings slowdown story and the Asian economic problems looming in the background. The market in its speculative orientation had just "shelved" these concerns as long as there were the possibility of profits to be made. I think the move up by the long bond above 6% helped turned the market back toward their economic concerns. Any thoughts on today's response to the employment report? Any idea where the money from the high-tech sector is going to? I see retail is doing well with WMT marking up continued price increases. This market IMO is definitely not for the longer term value oriented investor. The upcoming 1Q earnings releases and the market's reaction to this news should prove to be interesting. Bob Graham

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