Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Skeet Shipman who wrote (32895)	11/2/1998 1:35:00 AM
From: Berney	Read Replies (1) of 94695

Skeet, I admire your idealism, but believe it misplaced. July does not seem so long ago. The markets tumbled as Mr. G in his testimony before Congress indicated that we were in the best shape in 50 years (as my memory allows it). Fast forward 2 months. President in his desire to secure his IMF bailout money is running around the country yelling that the sky is falling and Rubin is using the word crisis in every paragraph. Congress caves in and provides for IMF bailout money in the budget agreement. A few minutes later the Fed lowers rates. It's done less than an hour before certain option markets close, causing folks to scramble to cover their positions. I would probably not be as caustic if the Fed had waited until the following Monday. However, it is clear to this observer that they clearly knew what the market reaction to their timing would be. Folks have long joked on this thread about the PPT. I think we all understand at this point that it is not a joke. I believe that they have only delayed the inevitable, but then, they probably were only trying to delay it past the election in any case. For now, as long as OEX 523 holds, I'm a raging bull. Berney

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