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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: t2 who wrote (24988)	6/25/1999 8:11:00 PM
From: limtex	Read Replies (1) \| Respond to of 74651

T 2000 - JUst seems to me that the Fed hass been waiting for an excuse to have a crack at the market. Year after year recently they have expected, wrongly, an outside natural threat to bring the makrket down..foreign debt crises, currency crises, declining corproate earnings, slowing US economy. Most of those threats never happened some did its true but not the big one namely the domestic economy stalling or US domestic inflation. They sat there in May and must have been delighted to see the CPI number for April. If only that had been repeated for May. They could have really whacked the market. Just imagine their despair to find that not only was the CPI number going to indicate that April was a blip but worse still there was no inflation as far as the eye could see. They were now faced with the awful and iminent prospect of the market getting spectacular earnings for Q2 in a couple of weeks and there being no outside stick to whack it down so they finally lost their cool and started all this "tightening bias" stuff and my guess is that having gone this far they will drive the long bond up to 7% or wahtever it takes and keep the uncertainty factor at full throttle and that will knock the stuffing out of the market. I bet the change they make next week will be designed to cause the comentators the very next day to start worrying about when the next move by the Fed will be. Best regards, L