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To: H James Morris who wrote (130678)	8/29/2001 8:27:34 PM
From: GST	Respond to of 164684

I am responding to shifts as quickly as they emerge. The GDP numbers did not mean anything this morning and I held till we were down for the day. But come the morning, the ECB will have had their chance to ease -- and they damn well better ease. If they do, Europe will begin a series of rate cuts that will benefit the world economy. Remember, Europe is lagging on monetary stimulus. The jobless claims are also expected to eb negative -- I think there is a chance they will be ok and will lend support to the revised GDP of this morning. Finally, consumer confidence is everything, and on Friday we will get the Michigan report. The assumption in the market seems to be "it will confirm earlier reports on consumer confidence". If, on the contrary, the tone is not so negative in the Friday report, I think we are set for a rally for at least short-covering purposes. In a thin market that can be very powerful. Good luck.