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Strategies & Market Trends : InvestRight - Short Term Trading St -- Ignore unavailable to you. Want to Upgrade?

To: Ray Tarke who wrote (85)	9/9/1998 8:29:00 PM
From: Jeffrey L. Henken	Read Replies (2) \| Respond to of 939

Great article Ray. It certainly points out the pitfalls of attempting to market time as opposed to either staying invested or dollar cost averaging. InvestRight Regards, Jeff

To: Ray Tarke who wrote (85)	9/16/1998 12:18:00 AM
From: Jeffrey L. Henken	Read Replies (2) \| Respond to of 939

The Dow Moves Higher; Await Clues On Interest Rates By Marjorie Olster NEW YORK (Reuters) - Wall Street stocks drifted higher Tuesday as the market paused after two straight sessions of big gains and looked for clues on the direction of interest rates. At 3:25 p.m. EDT, the Dow Jones industrial average was up 50.72 points at 7,996.07. On Monday, the blue-chip index gained 150 points on relief that Independent Counsel Kenneth Starr's report to Congress on the White House sex scandal was less damaging to President Clinton than had been feared. The gain followed Friday's 180-point jump when the report was first released. In the broader market, advancing issues led declines by a 15-14 margin on volume of 608 million shares on the New York Stock Exchange. The Nasdaq composite index was up 2.11 points at 1,667.80. Analysts said investors were waiting for more signals from Federal Reserve Chairman Alan Greenspan on the direction of interest rates. ''The market is in a holding pattern pending what Mr. Greenspan has to say tomorrow,'' said Jack Shaughnessy, chief investment strategist at Advest. ''There is a hope, or expectation, he will have some positive things to say on interest rates.'' Wall Street is eagerly awaiting Greenspan's speech to the House banking committee Wednesday for any hint the Fed is prepared to cut rates to offset a global economic slowdown. Many think Greenspan hinted at lower rates in a speech early this month when he said the United States could not remain an ''oasis of prosperity'' in a world experiencing greatly increased stress. But hopes for a concerted rate cut by the Group of Seven leading industrialized nations were dampened Tuesday by German central bank President Hans Tietmeyer. Speaking at a news conference in Frankfurt, Tietmeyer said that economic conditions around the globe were too varied for a coordinated policy easing and that, at least in Europe, there was no fundamental reason to cut interest rates. But Shaughnessy said Germany would be pressed to cut rates if the United States did because a U.S. rate cut is likely to push the dollar down against the mark and drive up the price of German exports. Shaughnessy said he doubted the Fed would cut rates at its next Federal Open Market Committee meeting on Sept. 29 even though the central bank is probably leaning more toward easing now. ''I don't believe he will move this soon because our economy is in good shape,'' he said. ''That would change if Brazil or China devalues and there is fear of an impending collapse of the global financial system.'' Traders said the market had already discounted a rate cut and could be hurt if one does not materialize. Meanwhile, corporate earnings pre-announcements picked up this week, but with Wall Street expectations for the third quarter already quite low, profit warnings were not having a major impact on the broader market. dailynews.yahoo.com This article says it all. I've been saying for weeks that are markets were marching to Mr Greenspan's beat. If he fails to mention an interest rate decrease then we can count on a down day. I expect a sell off in the morning that could really roll downhill if a cut is not once again inferred. Overseas markets are mixed as I write this tonight. Asia looks ok but Europe is not very strong at all. If Mr Greenspan makes another inference towards an interest rate cut then we will close strongly up again. quote.yahoo.com InvestRight Regards, Jeff