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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (30882)	5/3/2000 4:13:00 PM
From: Defrocked	Respond to of 42523

This lack of liquidity cuts both ways. The ramp was as much short covering as dipping, and probably more so. Institutional hedging ala 1,000 lots has probably just begun. Bonds are still lower. VIX gave back only 1 pt. on the ramp. Bulls still need to demonstrate forward earnings growth which ain't going to happen in Q2 or Q3 as GDP falls from the Q1 rate. Fed must do 50bps in May or bonds selloff. There's probably another 50bps coming after that. Japan was closed for our trading these last two sessions so tonight, along with currency uncertainty and gold's reaction, should be very interesting.