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To: robnhood who wrote (8749)	10/15/1998 9:02:00 PM
From: Joseph G.	Read Replies (1) \| Respond to of 86076

Just read it: <<Market explodes on rate news... At about 3:15 p.m. EST, the equity market was in the process of selling off, the Sox was flat on the day and the Nasdaq and Nasdaq 100 still were up a percent and a half. The banks finally had managed to rally about a percent and the market was in the process of rolling over. Then the news that the Fed cut the discount rate hit the tape. It didn't cut the funds rate further; it just lowered the discount rate. The S&P futures rocketed from 1024 to 1075, up 5 percent in about five minutes, in what has to be the biggest move in the history of the stock market. (Conveniently, the futures limits are bigger in the last hour.) There was a tremendous amount of buying and short covering as the averages lit up. The Sox rallied 4 percent, the Nasdaq and Nasdaq 100 finished up 5 percent, and the bank stock index charged forward for more than 6 percent. The timing of the move was most interesting. It was after all the futures had closed. The only markets open were the equity and equity futures markets. >> He's wrong, Spoo rallied in just under 2 min. I guess he looked at 5 min chart, and I looked at 1 min chart. PREM shoot up to 50 (FV = 8), which means Spoos pulled the stocks up, not the other way around. PREM = 50 is the largest I know of since '87.