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To: Giordano Bruno who wrote (56448)	8/13/1999 8:54:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

He shouldn't be. the Russian government is raking in tax payments from the oil companies who now pay in cash instead of oil, and they pay in advance to boot. i see no reason to be pessimistic about Japan either - we're hearing about supposed derivative messes for years now and none materialize. Japan has just had to revise Q1 GDP growth UP instead of down as everyone expected and massive capital flows into Japan are currently taking place. Armstrong predicted the CSFB case would crack Japan wide open and what happened? right, nothing. China is a different kettle of fish, it's economy seems a real mess. however, speculators can not attack it and it has vast foreign currency reserves. i wonder if China can really do anything that would be of consequence to U.S. equity markets, except perhaps start a war. with regards to CPI, if it comes in above expectations i would be very surprised. most likely it will reflect the tame PPI, same as last time and the mania will continue on it's merry way. my personal SPX target is 300 - the question is, when? if CPI is tame new highs are all but assured. the incredible arrogance of the bullish claque presented on CNBC everyday really has me riled. if only i could see Gustafson, Battapaglia and Kudlow at a loss for words, just once. imagine: Maria: "Joe you said we were going to see Dow 13,000 and we have now crashed to 4,000 in the last three weeks, are you still bullish?" Joey: "....." fat chance, but i can dream, no? hb