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Politics : Formerly About Applied Materials
AMAT 223.95+1.7%Nov 21 9:30 AM EST
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To: Ramsey Su who wrote (23870)9/6/1998 4:52:00 PM
From: Gary Burton  Read Replies (2) of 70976
 
Ramsey---Greenspan didn't say anything that was not already obvious--as in "of course we'll cut rates if it looks like the supertanker is about to take on water and we're going down" I mean we all KNOW that.----But that's not the point. the point is that this market is so-o-o oversold short term that the daytraders will jump on his comments as the excuse they need to say "psst pass it on, fed's going to ease,be sure to get in first" . The fact that Greenspan is actually worried about capsizing only starts to hit home AFTER a big sigh of relief/greed rally on tues Wed. All the bulls will now come out of their chalets and say " see, no problem Alan will save us, charge"------The secondary reaction comes after the 1-3 day party when someone says "hey wait a minute, just why did Alan say what he said? He isn't worried is he?"------Bottom line is that deflation theme has to cause lowering short rates by defintion--look at Japan. Will it save the day? Far too soon to know. The only thing that a deeply oversold market does on such hint of a move is to rally in order to relieve the oversold condition. And when it completes that mission, then the market can go down again and THEN take out the 7400.
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