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To: LLCF who wrote (17201)	9/11/2000 11:59:57 AM
From: AllansAlias	Respond to of 436258

After grinding upward since Aug 23 and forming an oft'-tested intraday TL, QCOM gapped down through it today and is acting wounded. Lots of fighting to be done between here and the impt test at $56-1/4. Closed long. Near the open like this with lunch break on us, I think I'll take the hour off to just watch.

To: LLCF who wrote (17201)	9/11/2000 12:01:26 PM
From: Zeev Hed	Respond to of 436258

David, I see at least two sources of "excess" money. Summers buying treasuries and Merrill Lynch and others making a massive effort to get a piece of the postal system in Japan. To stop Summers, you'll need real deficits, like Bush's tax plan. To stop Merrill and company, you'll need those poor ultra savers 9or at least that small part of those that will listen to ML's song) to get burned in a massive decline of one kind or another. Mind, you, I doubt that ML is syphoning much of these postal funds directly to the US markets, but if they get out of the postal system, they will have to find home somewhere else, and that throw additional liquidity into the world markets in general, some of which ends up on these shores looking for "safe havens". I doubt that the last two years of excess liquidity was generated from US households savings. Zeev