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

To: Benkea who wrote (25345)	9/9/1999 1:06:00 PM
From: pater tenebrarum	Respond to of 99985

Benkea, a rally is a rally, not a "rally". that said, there's no denying that insanity is reigning on WS...and may keep on doing so for a while yet. unfortunately there is no telling what will be the straw that breaks the camel's back, but i suppose as long as the Fed continues with it's no-bite accommodative credit policies, the mania is bound to continue, no matter what. remember that AG has basically introduced a new dimension of moral hazard by assuring everyone in Jackson Hole that the Fed will save the market if it suffers a sharp decline. and the speculators (there probably are no 'investors' left) know very well that the Fed won't dare to pop the bubble. the new method of 'telegraphing' the Fed's intentions has taken whatever bite FOMC ops. may have had in the past out of them. this is an exact replay of the Japanese bubble so far...