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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: Henry Volquardsen who wrote (1900)	6/30/1999 3:02:00 PM
From: Paul Berliner	Read Replies (1) \| Respond to of 3536

Personally, I'm very surprised that the tightening bias is lifted. There's simply too much money floating around. While capital spending is not out of control enough to warrant crippling Corporate America with repeated hikes, there are other new indicators yielded by this 'new paradigm' that are totally out of control, such as stock option compensation and hyper-premiumed stock-for-stock acquisitions. I'm bearish on bonds here primarily for technical reasons but also because Japan is cashing in some of their chips. I think stocks will move sideways in a sector rotation but I worry that Europe, which owns over 20% of shares in the S&P 500, will liquidate in favor of more attractive returns in the Nikkei, which is in no way done with it's impressive ascent.