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To: Bill Harmond who wrote (61599)	6/10/1999 11:19:00 AM
From: GST	Respond to of 164684

This market has been running on ether. De-caffeinated coffee will be a let down. Injecting a bizillion dollars into the stock market kept the world economy from imploding. Turning off the tap will cause an ugly reversal. Rates are not going up a quarter point. Rates are entering a longer term up trend. Liquidity will dry up. Multiples will collapse. Techs -- the 'you can't miss if you buy them' stocks, will take it hardest.

To: Bill Harmond who wrote (61599)	6/10/1999 11:28:00 AM
From: Sonny Blue	Read Replies (3) \| Respond to of 164684

>>the bonds have just returned to pre-crisis yields<< Exactly. Then should stocks return to pre-crisis level as well? Obviously not, so, where should they be? That's why a lot of money is on the sideline right now. >>The Fed Funds futures have price in two 1/4-point tightenings. Where are the surprises? << How's about +3/4 point or more? The market looks out 6 months ahead. The Fed lowered rate 3 times last year and the stock market went up 80% from the bottom (NASDAQ). If the Fed raises rate 3 times from here, where should the stock market be?