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Politics : Ask Michael Burke
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To: Earlie who wrote (49033)2/26/1999 11:18:00 AM
From: valueminded  Read Replies (3) of 132070
 
Earlie/Mike

It should be apparent that holding up of the market in light of the large increases in the bond rates means that this bull market can ignore just about anything.

Also, as long as the FED can increase our money supply by adding reserves at a higher rate than our bond interest rate increases, they will continue to do so. I am convinced that nobody leaves the party until the band leaves. (ie additions to the money supply cause disproportionate increase in rates will be when the madness stops) Unfortunately since our wize leaders will have used up all their arrows by that time, they wont be able to cushion the fall. (imo)

I expect the techs to do an about face and close higher today - in spite of the fact that growth is slowing, earnings/cash flow is decreasing and interest rates are rising. The folks that buy on the dips do not look at any of the fundamentals.
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