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Strategies & Market Trends : Waiting for the big Kahuna

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To: James F. Hopkins who wrote (19724)	6/3/1998 10:57:00 PM
From: Oeconomicus	Read Replies (3) of 94695

Jim, don't be so sure that the market will rally if bonds do. After listening to Cramer on Squawk Box this morning (He's a pretty good spokesman for what's on the mind of the Street, wouldn't you say? Certainly not an against the flow, contrarian outsider anyway.), I think the Street is beginning to worry about a recession. They're not convinced, certainly, but they're quickly coming around to the thought that earnings will be flat at best for several quarters. Yardeni predicted as much the other day and Cramer expressed concerns about it this morning. Anyway, I think the market will be more spooked by signs of slowing than growth in the economy. Transports, Utilities and bonds are trying to tell us something. Even LIBOR rates (six months to a year) look like they are sliding down a little. Either they aren't worried about the Fed any more, or there's less demand for money. Goldilocks' "just right" porridge is getting cold. Bob

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