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To: Crimson Ghost who wrote (54716)	11/14/1999 5:24:00 PM
From: BigBull	Read Replies (1) \| Respond to of 95453

George, Mr. Cox could be entirely correct in relating the recent move in financial stocks to y2k concerns, I believe his focus there to be "outsized", however. The fact that the whole world's bourses are putting in tremendously powerful rallies here, indicate to me that Mr. Cox may be somewhat myopically focused on y2k's effect on capital flows. He may even be flat out wrong. Also, all Asian Markets appear to be in the process of rallying to new highs. This fact alone, leads me to seriously question the effect the "millenium bug" will have on the "Tigers". He tends to discount the effect of the repeal of Glass-Steagal in favor of a Y2k argument. This, to me, is astonishing. The repeal of Glass-Steagal is, imo, HUGE for banks, and it is quite reasonable that investors bid these stocks up on that fact alone. WRT the recent rally in bonds, he doesn't even mention the recent housing and productivity stats, but relates the bond rally almost exclusively to a dollar rally (again, citing a y2k cause). I believe the dollar is rallying because the fears of a Fed induced recession have faded dramatically over the past weeks, and that the US economy will slow only marginally. Hell, if I compare the state of the US economy to, say, Germany, I'd sell Euro's and buy dollars too. Additionally, there are many many other factors relating to European unification that continue to weigh on the Euro. In short, I feel as though Mr. Cox has not focused strongly enough on the myriad and very powerful secular forces at work in todays economic environment and weighted his analyses far too to heavily on y2k concerns. As always, JMVVHO Bull