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To: 4rthofjuly007 who wrote (19767)	11/6/2001 11:56:29 PM
From: JRI	Respond to of 209892

4th...sorry for the add'l post on this...but I had to comment <you: Fed took away punch bowl in 99, and market still rallied> You continue to look narrowly at what the Fed was doing with Fed funds....2nd half of 99, the Fed printing machine went absolutely bonkers in front of Y2K (while Fed was still raising Fed funds)...and that (unknown to most, Fed printing) was the impetus for the monster rally from late 99, early 00... A few weeks after Y2K, Greenie seriously did slam on brakes..you are right there...but even then, it tooks a few weeks for market to top... If someone would be kind enough to find, print a channel chart from the early 70's...you'll see that even with the add'l pumps in 95, 98....we managed to stay within a long-term channel (albeit, up until fall 99, we were right above it, and were snaking along it, and I have no doubt, had Greenspan not pumped late '99, market would have fallen dramatically back into channel... but that last pump blew us right parabolic up from that channel..