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To: Oblomov who wrote (55558)	1/8/2001 6:40:23 PM
From: pater tenebrarum	Respond to of 436258

hb tells Fed not to fight the bears...-g- seriously, it's true they have gone overboard again with their repos/coupon passes, and it's pretty clear those are in order to defend SPX 1270, the new line in the sand. there's an ongoing support operation as can be seen by NYSE members buying heavily for weeks on end WITHOUT being able to move the market higher. they NEED a rally to unload this inventory, and my guess is they were promised gobs of liquidity to force things. it will all be for naught if confidence continues to falter.