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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Joseph G. who wrote (11120)	12/8/1997 4:52:00 PM
From: Cynic 2005	Read Replies (1) \| Respond to of 94695

Joe, but the bull-spin is: biz.yahoo.com I have my own doubts - exchange2000.com -Mohan

To: Joseph G. who wrote (11120)	12/8/1997 4:52:00 PM
From: Defrocked	Read Replies (1) \| Respond to of 94695

JG, I agree with that possibility and it is why the Feb and May auctions are so very interesting. Couple that up with recent 10% M3 growth, last week's coupon pass, and today's YC steepening, the weakness in bonds may continue. AG will lose his credibility pretty soon if he's not careful. Seems to me that a 25 bp. discount rise should be implemented. After all, the US equity market has removed any "salutory effect" of the Oct. buying opportunity (as press pundits now call it). Moreover, 25 bps up on the discount rate has no real or even monetary significance given lack of borrowing from Fed and current system net free reserve position. On further thought, since such a rate rise would be of a "signalling nature" only, another buying opportunity would quickly ensue after a brief equity drop I'm sure.<g> (But watch out after the second tightening.) BWDIK.