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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (23512)	8/20/1999 12:26:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

CORRECTION: COUPON PASSES: the total this year was 40 coupon passes, not 18 as i reported earlier. it was 18 since april. btw, the annual record was a total of $ 45bn in reserve additions in 1997. if easy Al continues at the rate we have seen so far this year, this record will fall by the wayside easily. credit expansion is seemingly totally out of control... this would btw strongly support the bull's various targets for the year-end Dow, which range between 12,000 and 16,000. if liquidity continues to be added to the system at this pace i think an expectation of a blow-off to Dow 14,000 is perfectly reasonable. every time a coupon pass takes place, bonds and stocks immediately take off, which goes to show that the newly created money finds it's way into the markets right away. every dip should therefore be bought. hb