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To: wily who wrote (9075)	11/2/1998 2:20:00 AM
From: wily	Read Replies (2) \| Respond to of 93625

This guy seems to know a lot: gold-eagle.com Partial quote: The U.S. stock market retraced a significant portion of its recent decline over the last few weeks. It briefly flirted with what looked like a serious decline. Then, once again, right in the middle of a large intra-day decline, a massive futures buy program came in and turned things around. This is the fourth time (in the last year or so) that the market was saved by a massive futures buy program that came in without any fundamental change or news to account for the sudden change in market sentiment. I'm not suggesting foul play here. (Cough! Cough!) There could be a legitimate explanation for this market action. Short covering and even "supposed" bargain hunting are both a possibility. But it is sort of suspicious. A skit from the Arsenio Hall Show best describes my feeling about these same day wonders. "Things that make you say hmmm!" The ensuing rally was reinforced when Alan Greenspan surprised the world by cutting interest rates before the next scheduled meeting of the Federal Reserve Board. The rate cut was timed right near the end of the options period and according to observers caused a significant short covering rally. I'm not suggesting that the Fed was blatantly using monetary policy to ramp up the stock market and benefit his friends on Wall St. who were in a bit trouble (at the expense of other investors). (Cough! Cough!) There were legitimate reasons to expect a rate cut anyway. I just think it was an action that falls into the category of: "Things that make you say hmmm!"