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Strategies & Market Trends : Currencies and the Global Capital Markets

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To: Robert Douglas who wrote (1063)	11/30/1998 4:29:00 PM
From: Greg Jung	Read Replies (1) of 3536

Robert, maybe you should widen your range of readings, if the fed had made its announcement on Friday 4:15 about the unexpected rate drop, or most any other timethan thurs 3:45 pm just prior to index derivatives closings, I would not be so committed to the "fed has intervened" case. Maybe you are not familiar with the tension and potential volatility at that particular time of month. The rate cut invoked a massive short covering that saved many of these brokerages, likely Goldman-Sachs being the biggest beneficiary, millions if not billions of dollars otherwise lost to the unsuspecting holders of the opposing positions. Our market is rigged now, we can't point fingers and say "Tsk, tsk, lassiez faire is best". Nobody knows where the bottom of the equity market is because the market hasn't been there yet. Do you think its on pure logic that equities bounce back 50%? Do you think it is really just retail buyers taking stocks like EBAY, AOL, etc. beyond 200? Do you know what "short killing" is? Our market is the Wild West of the world now. Greg

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