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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: Robert Douglas who wrote (1063)	11/30/1998 4:29:00 PM
From: Greg Jung	Read Replies (1) \| Respond to of 3536

Robert, maybe you should widen your range of readings, if the fed had made its announcement on Friday 4:15 about the unexpected rate drop, or most any other timethan thurs 3:45 pm just prior to index derivatives closings, I would not be so committed to the "fed has intervened" case. Maybe you are not familiar with the tension and potential volatility at that particular time of month. The rate cut invoked a massive short covering that saved many of these brokerages, likely Goldman-Sachs being the biggest beneficiary, millions if not billions of dollars otherwise lost to the unsuspecting holders of the opposing positions. Our market is rigged now, we can't point fingers and say "Tsk, tsk, lassiez faire is best". Nobody knows where the bottom of the equity market is because the market hasn't been there yet. Do you think its on pure logic that equities bounce back 50%? Do you think it is really just retail buyers taking stocks like EBAY, AOL, etc. beyond 200? Do you know what "short killing" is? Our market is the Wild West of the world now. Greg

To: Robert Douglas who wrote (1063)	11/30/1998 6:17:00 PM
From: Paul Berliner	Respond to of 3536

Remember the timing of the surprise AG cut - everyone was buzzing about how a couple of U.S. banks were in deep doodoo... all of a sudden the Fed cuts outta nowhere - it very well may have been 'rigged'. Maybe AG called the head of BT and told 'em to buy S&P futures up the kazoo because he would announce a surpirse cut and that trading gain would ease their cash woes. Yeah, I'm a big conspiracy theorist but in my book, if it looks like a rat and smells like a rat, its a rat.