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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: accountclosed who wrote (19198)2/12/1999 8:46:00 AM
From: bill meehan  Read Replies (2) of 86076
 
I'll generally get a feel from the traders and salesmen as the day progresses, but will touch base with a few after the close or before the open. I can hear on our system which clients are active, but I generally don't pay that much attention because it's obviously highly privileged info and I'd rather not be in a position to inadvertently divulge it. And, yes, I do pay a good deal of attention to whether the cash or futures market is leading. Yesterday seemed to be definitely a function of action in the futures pit which tells me that the move is not as bullish as the reverse. That piling into the futures (especially the NDX) accounted for much of the move, and while Greenspan served as a catalyst, I thought we would get a technical bounce with the BKX closing nicely on Wednesday. (I told our people that 1240 on the S&P was likely (we did that by 11:30!). It's looking more and more like a commodity market with trend followers pushing the market to wild extremes on a daily basis.

If I recall correctly, you posted the link to the Cleve Fed piece yesterday. Thanks. I quoted an excerpt from their "The Economy in Perspective" this morning in my daily ramblings to clients. I'll post the address of the text for all in a few minutes. I was stunned by the following: "What's wrong with this picture? Everything! It's not undesirable, just unjustifiable."
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