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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (3015)	7/23/2002 2:32:14 PM
From: stockman_scott	Respond to of 89467

<<...I know I sound like a kook, but the world banking system is gonna disintegrate...>> Jw: Maybe all the OVERpaid I-Bankers and banking execs (from firms like JPMorgan and Citi) should take a 90% pay cut...It's about time they make a sacrifice and get back into 'the real world'...=)

To: Jim Willie CB who wrote (3015)	7/23/2002 2:33:38 PM
From: stockman_scott	Respond to of 89467

14:30 ET JP Morgan Chase hit on derivatives, Fed rumors (JPM) 20.48 -4.04: Stock is getting mauled today on a report in the Journal that JPM was involved in numerous Enron-like deals (7:01); however, we are also hearing rumors among traders that if JPM's stock falls or closes below a certain price (we're hearing $20 or $22), the co may be forced to unwind a number of derivative positions; in addition, we're hearing rumors that the Fed may hold an emergency meeting tonight to discuss such banking issues; of course, a degree of skepticism is warranted here (especially with the latter rumor), but chatter such as this is undeniably weighing on JPM and the bank group in general. from briefing.com

To: Jim Willie CB who wrote (3015)	7/23/2002 2:35:20 PM
From: Sully-	Read Replies (3) \| Respond to of 89467

14:30 ET JP Morgan Chase hit on derivatives, Fed rumors (JPM) 20.48 -4.04: Stock is getting mauled today on a report in the Journal that JPM was involved in numerous Enron-like deals (7:01); however, we are also hearing rumors among traders that if JPM's stock falls or closes below a certain price (we're hearing $20 or $22), the co may be forced to unwind a number of derivative positions; in addition, we're hearing rumors that the Fed may hold an emergency meeting tonight to discuss such banking issues; of course, a degree of skepticism is warranted here (especially with the latter rumor), but chatter such as this is undeniably weighing on JPM and the bank group in general.

To: Jim Willie CB who wrote (3015)	7/23/2002 2:40:20 PM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

MARKET TALK: He Might Not Get The Laughs He's Looking For 23 Jul 10:19 Edited by Thomas Granahan Of DOW JONES NEWSWIRES (Call Us: 201-938-5299; All Times Eastern) MARKET TALK can be found using N/DJMT 10:18 (Dow Jones) Here's a thought from Tom Galvin, chief investment strategist at Credit Suisse First Boston, for investors who want a quick end to the pain the market has been inflicting: If the Dow continues falling at the 400 point rate it did last Friday it will reach zero in just 20 trading days. (KJT) 10:03 (Dow Jones) Merrill technicians say losses over the past few months have pushed intermediate-term momentum indicators to historic extremes. Monday, the S&P 500 moved to the band 25% below its 200-day moving average. The index has only moved below this band three times over the past 75 years - in 1973-74, 1937-38, and 1929-32. In the first two instances, the move provided at least a short-term buying opportunity. (The Great Depression provided an extension below this band for the final year, they say.) They also note the S&P 500 has neared the 50% retracement level connected to the 1974-2000 advance, at 806.90.