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

To: William H Huebl who wrote (27163)	9/10/1998 7:24:00 AM
From: N	Read Replies (1) \| Respond to of 94695

markets are a discounting mechanism of a future stream of earnings discounted at anticipated interest rates, the two sources of uncertainty. Thought AG really was at labor listing all the uncertainties of the business cycle, crises of confidence, loss of faith in contracts, political instability etc in the former. Didn't see the speech as much about the latter. And he did, in the end, put in a reassuring word for the long term perspective, when all the current stuff washes out. Nancy

To: William H Huebl who wrote (27163)	9/10/1998 8:32:00 AM
From: Tom M	Read Replies (2) \| Respond to of 94695

Morning Bill, found this interesting (I'm sure Jim will too) in WSJ this am: "Recently as the market has skidded, Fidelity delayed disclosing the hourly prices of five Select funds until the end of the day, thus damping the appeal of day-trading the vehicles. Instead, Fidelity introduced fair-value pricing for the funds. (Fair-value pricing occurs when the fund companies disregard closing market prices of stocks and instead rely on other information, such as trading of futures, to determine the "fair value" of stock prices.)" From page C25 of today's WSJ Give me a break, we're starting to sound like some of those Asian markets now. Now we a market that trades to fair market value, and a back office to recalculate the "real" fair-value to mask reality. see ya, Tom [Edit] Bill, are you changing from your Sept 17 BK timing and is that the fib 55 day? TIA

To: William H Huebl who wrote (27163)	9/10/1998 9:18:00 AM
From: flickerful	Read Replies (1) \| Respond to of 94695

If you buy any of this, then that leads to the conclusion that the path of least resistance is UP and not down... hmm, i imagine we could construct a path of least resistance however, whereby a few subtle reshadings might not just reverse that direction. if we truly bought the premise of discounting mechanisms, of course...