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To: ild who wrote (248858)	7/8/2003 1:16:22 PM
From: SeaViewer	Respond to of 436258

From 7/1 low to today's high, QQQ gained almost 10% in less than 5 sessions.

To: ild who wrote (248858)	7/8/2003 1:27:57 PM
From: Pogeu Mahone	Read Replies (1) \| Respond to of 436258

<<Don’t get me wrong. There are fundamental reasons why stock prices might be expected to be rising now. The tax rates on both stock dividends and capital gains have been lowered, making stocks a more attractive investment. Corporate earnings have improved and are expected to continue to do so given an improved economic outlook. But if the Fed is providing the financing of leveraged stock purchases of corporations and/or individuals, then stock prices are receiving a bit of an artificial extra boost. Nevertheless, it all counts in the box score, so to speak. And I do not see the Fed becoming unwilling to finance these leveraged stock purchases in the foreseeable future. Moreover, state governments such as my own, Illinois, are floating bonds to finance the purchase of stocks for their pension funds. So, happy days are here again – until, perhaps, the Fed decides to cut back on spiking the punch. And that is not likely to begin until at least a year from now. Paul Kasriel>>