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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: tradermike_1999 who wrote (15744)	2/27/2002 1:00:46 PM
From: elmatador	Read Replies (1) \| Respond to of 74559

I tried to find someone who REALLY understands what is going on: read his whole testimony just to discover that he thinks 911 is to blame for the dire straits of the economy: AG blames 911 to Congress: Despite the disruptions engendered by the terrorist attacks of September 11, the typical dynamics of the business cycle have re-emerged and are prompting a firming in economic activity. Indeed, immediately prior to September 11, some sectors exhibited tentative signs of stabilization, contributing to a hope that the worst of the previous cumulative weakness in world economic activity was nearing an end. Adding to the intense forces weighing on asset prices and economic activity before September 11 were new sources of uncertainty that began to press down on global demand for goods and services. If ever a situation existed in which the fabric of business and consumer confidence, both here and abroad, was vulnerable to being torn, the shock of September 11 was surely it. The pace of layoffs quickened last fall, especially after September 11, and the unemployment rate rose sharply.

To: tradermike_1999 who wrote (15744)	2/27/2002 1:09:58 PM
From: elmatador	Respond to of 74559

Blame 911 but see the FED trying to save his ass: "In the immediate aftermath of the strikes, the Federal Reserve engaged in aggressive action to counter the effects of the shock on payment systems and financial markets. We provided a huge volume of reserves through open market operations, the discount window, and other means to facilitate the functioning of the financial system. We worked closely with many market participants, industry groups, and other government officials on a broad range of financial infrastructure problems that needed to be resolved quickly and in the common interest."

To: tradermike_1999 who wrote (15744)	2/27/2002 1:18:29 PM
From: elmatador	Respond to of 74559

And the result:Telecoms, Greenspan inspire Europe Swiss Life CEO resigns; TDC, Moviles beat forecasts By Ivar M Simensen FT Investor, 17:23 GMT Feb 27, 2002 LONDON (FT Investor) - European stock markets closed firmer on Wednesday boosted by stronger telecoms stocks, and a speech by Alan Greenspan, the Federal Reserve chairman. Markets reacted favourably to Mr Greenspan's testimony to the US Congress, in which he gave a cautiously optimistic assessment of the economy. He said a 'subdued recovery' is likely under way, though the risk that growth could falter remains. Telecoms stocks led gainers, with investors looking to pick up selected stocks they considered oversold, such as Vodafone and Deutsche Telekom. Mr Greenspan's speech gave Europe's benchmark indices fresh impetus in late trade. In Paris, the CAC 40 [1804546, News, Chart] closed up 1.9 per cent higher while Frankfurt's DAX 30 [1876534, News, Chart] was nearly 2 per cent higher in late trade. London's FTSE 100 [1805550, News, Chart] rose 0.8 per cent, weighed down by big declines among its top financial stocks. See London stock market report On the new markets, the FTSE Techmark 100 [1859502, News, Chart] rose 2.2 per cent firmer and the Nemax 50 [1809455, News, Chart] gained 1.8 per cent. Telecoms strength The telecoms sector spearheaded gains with Deutsche Telekom [555750, News, Chart, Research] and Telefonica [TEF, News, Chart, Research] of Spain rising nearly 4.2 per cent. Telefonica Moviles [TEM, News, Chart, Research], the mobile operator, added 3 per cent after it reported a 50 per cent increase in profits, beating market expectations. TDC [TLD, News, Chart, Research], the biggest operator in Denmark, also reported better than expected results, taking shares 3.4 per cent higher in Copenhagen. See more on Moviles and TDC in FT.com. "Telecoms stocks have been beaten down on debt concerns for months now. Techs have risen 50 per cent since the September lows while telecoms are still down. But we have had concerns about debts in these companies since 2000 and while we still favour the less exposed stocks, there is now value to be found in the sector," said Martin Brooker, European equity strategist at Credit Lyonnais in London. See more on telecoms gains. Vodafone [VOD, News, Chart, Research], the world's biggest mobile phone operator, added 7.4 per cent. The company reassured the market that revised results from Japan Telecom would not affect its full-year results. Vodafone [VOD, News, Chart, Research] owns a controlling stake in Japan Telecom. France Telecom [013330, News, Chart, Research] added 4.5 per cent after it said it was considering the sale of its 23.1 per cent stake in Eutelsat, the European satellite operating group, in a move that would reduce the French operator's ballooning debt by up to $400m, according to a French press report. See more on France Telecom in FT.com. France Telecom's mobile phone unit Orange [007919, News, Chart, Research] was also snapped up by dealers, rising 8.5 per cent. Nokia [NOK, News, Chart, Research] and Ericsson [000010865, News, Chart, Research], the Nordic telecoms equipment makers, rose 3 per cent and 4.1 per cent respectively and Siemens [723610, News, Chart, Research], the German technology and electronics group, added 3.6 per cent. German economic figures released mid-morning added an element of doubt to the market after the statistics office said seasonally adjusted GDP fell 0.3 per cent in the fourth quarter. The figures meant the country was technically in a recession. See more on German economy in FT.com. See Germany looks up in London Calling But the market largely shrugged off the figures. "The GDP figures are backwards looking and I think the Ifo data yesterday were more indicative," Mr Brooker said. "Also today, French business confidence figures improved from January, which add support to our view that there is some short-term upside in these markets." The Insee business confidence index rose to 92 in February from 91 the previous month. On the US market, the Dow Jones Industrial Average [DJIA, News, Chart] was 1.3 per cent higher and the Nasdaq Composite [COMP, News, Chart] rose 1.4 per cent. See US markets report.

To: tradermike_1999 who wrote (15744)	2/27/2002 1:52:08 PM
From: Joseph Waligore	Respond to of 74559

Thanks tradermike for that Roach article. It was great.

To: tradermike_1999 who wrote (15744)	2/27/2002 3:56:07 PM
From: smolejv@gmx.net	Respond to of 74559

thanks for getting us focused again. Or at least trying to (sg). Is it a boom, is it a bust, or ist (gasp) a recovery? My current reading - TS Elliot suggested: no bang, but a whimper.. dj