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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Joseph Silent who wrote (3134)	8/5/1999 2:23:00 PM
From: Herschel Rubin	Read Replies (2) \| Respond to of 10027

"Correction" percentages to ponder... Today's intraday drop represents an 18% "correction" for the NASDAQ and a 5.8% drop for the DOW from their mid-July Highs. The Nasdaq has taken a beating. Under normal circumstances, a 10% drop in the averages is considered a "correction" while a 20+% drop is considered to be a harbinger of a recession. Clearly, (famous last words) a recession is not in the picture, so the haircut the Nasdaq has received is quite constructive. Unless the July Non-Farm payrolls report tomorrow exceeds 300,000 new jobs, I do believe we will have a relief rally. If it meets or slightly exceeds expectations at 216,000 new jobs, then the market will assume an Aug 24th tightening is a foregone conclusion. Buyers who've been cautiously sidelined will begin to wade (or rush) in Friday morning as they'll figure the market has digested the economic data and priced in a rate hike.