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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (57837)	8/23/1999 12:42:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

MM, corporate defaults (essentially in the junk bond arena) are actually rising sharply. of course that's bullish for equities, as are rate hikes, a plunging dollar and widening swap spreads. all we need now for the Dow to reach Glassman's target tomorrow instead of the day after tomorrow is nuclear war somewhere, best on a global scale so stock markets around the world can continue to rally in unison. i expected the mania to deliver a gigantic blow-off rally and we may be on the cusp of same. to-morrow's FOMC decision will likely once again pour gasoline on the fire, and anyone who thinks the Fed is perturbed by all this irrational exuberance better think again - witness the record amount of coupon passes this year which are obviously designed to inflate the markets. even if they are not designed to do that, the market takes off every time a coupon pass is completed, which suggests that the liquidity finds it's way into the stock market immediately. the stock market has become a perpetual wealth creating machine it seems....