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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Lee who wrote (29916)	12/3/1999 11:44:00 AM
From: Narotham Reddy	Respond to of 50167

A renowned trader's comments Here is what Jeff Cooper has to say about the market. Down nearly one hundred, up one hundred on the Nasdaq. The acceleration and volatility underscores the casino mentality prevalent in the high growth stocks. Often rapid turning in the indices is indicative of a turning point. However, it takes more than one stab in the bull's back to slow him down. Often the first puncture just enrages him, as you can see. On Thursday, my expectation for a rip-snorting rally by the Nasdaq played itself out as many newly public tech names that have been percolating as of late bubbled over in a sea of euphoria. The orgy of buying continues. I've never experienced anything like this frenzy in my career. Words are insufficient to describe the sheer power of momentum in technology. I guess it's easy to believe in something as new and as cutting edge as technology and be spellbound by the excitement that it engenders. Something that is hard to understand and unquantifiable, becomes easy to ramp up the price earnings (excuse me, what earnings?) to the stratosphere when the fuel is dreams. If Thursday's static bond market gave the bulls a leash to run, obviously today's benign jobs numbers could create a buying riot. After all it is Friday in a bull market. As I said Thursday, the bonds tested the high of the low bar tail day in October and are poised to rally, perhaps in a big way. If they can run Microsoft higher, poised to break out towards par, and we don't top on the open, exuberance could explode. However, some of Thursday's rally could have been front-running prior to Friday's economic news. You don't expect bad news in December, do you?

To: Lee who wrote (29916)	12/7/1999 8:47:00 AM
From: Lee	Read Replies (2) \| Respond to of 50167

Economic Data for Tuesday, December 7, 1999 3Q Productivity = +4.9% Costs = -0.2% stats.bls.gov The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data--as measured by output per hour of all persons--for the third quarter of 1999. The seasonally adjusted annual rates of productivity growth in the third quarter were: 4.7 percent in the business sector, and 4.9 percent in the nonfarm business sector. The increase in labor productivity for the business sector was the largest since a similar increase in the second quarter of 1996. In the nonfarm business sector, the third-quarter increase in labor productivity was the largest since a 7.4-percent rise in the fourth quarter of 1992. Unit labor costs fell 0.2 percent in the third quarter of 1999. Labor costs account for approximately 63 percent of all nonfarm business payments. The implicit price deflator for nonfarm business rose 0.7 percent, reflecting the decline in unit labor costs and a 2.3-percent increase in unit nonlabor payments. In the second quarter, the implicit price deflator rose 1.4 percent, reflecting a 4.2-percent increase in unit labor costs and a 3.1 percent decline in unit nonlabor payments.