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To: Les H who wrote (72540)	10/28/1999 6:46:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

Les, even including the real estate commissions, a 0,8% ECI is not as bullish as it was presented to be. it's quite a high number, even though it was a little less than last time. but then, we know by now that this market has de-coupled from fundamentals, so i guess it doesn't really matter. from a trading perspective it's the market's reaction that matters. maybe the Chicago purchasing managers will allow some sanity to return...although i doubt it. imo the market would have rallied today on ANY number. it was simply liquidity driven, as usual. Fed also added 4,5 billion to the system, pouring gasoline on the fire. banks' securities holdings are at a record high...so we know where the additional reserves go. i don't know when this game will end, but when it does there will be hell to pay.