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To: Joseph G. who wrote (3167)	7/23/1998 3:32:00 PM
From: Defrocked	Respond to of 86076

Dipsters may get doodled this time. One's gotta trade a bear market like a yo-yo and fight euphoria on small victories. I too have plenty of dry powder left.

To: Joseph G. who wrote (3167)	7/23/1998 3:34:00 PM
From: Defrocked	Read Replies (1) \| Respond to of 86076

Sell programs here EST15:33. Been waiting for this. EST15:35 Wow that was nice! Did I miss some news???

To: Joseph G. who wrote (3167)	7/23/1998 5:36:00 PM
From: Defrocked	Read Replies (3) \| Respond to of 86076

Money makes the world go 'round...it also makes it slow down. Using tonight's H6 release from the Fed, note the slowing of money growth in the second quarter as measured by the 13 week prior stats. Since the Fed didn't actively tighten during this period, a substantial lessening of demand may be underway and may be symptomatic of a greatly reduced 2Q GDP number. M1 M2 M3 18-May-98 Feb. 16, 1998 (13 wks.prev.) 1.5 8.4 11.2 Nov. 17, 1997 (26 wks.prev.) 2.5 7.8 11.3 May 19, 1997 (52 wks.prev.) 0.7 6.8 10.0 13-Jul-98 Apr. 13, 1998 (13 wks.prev.) -0.5 6.7 8.3 Jan. 12, 1998 (26 wks.prev.) 1.2 7.5 9.8 July 14, 1997 (52 wks.prev.) 1.1 7.2 9.9 I've always been a proponent of the Lucas school of thought on money growth...its unanticipated changes in money growth that influences real activity. Will next week's(Friday) flash estimate of Q2 GDP prove to be extraordinarily surprising?