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To: re3 who wrote (28895)	12/4/1998 12:33:00 PM
From: JBL	Read Replies (1) \| Respond to of 164684

<There could be a santa or 401K rally (your thoughts ?)> Seems unlikely, but with the speculation we've seen lately, who knows? I believe Japan will report their sentiment surveys (Tankan) around Dec 14, and these may provoke another round of selling in Asia. Mike M has often made the point that I have been too early, and he may be right. What caught me off guard was Greenspan's willingness to prop the markets with his surprise rate cut. His action really had a similar effect to Hong Kong Gvt buying stock on their exchange. By the way, Greenspan recently indicated to the Head the Hong Kong Monetary Authority that he understood why the Hong Kong Gvt had intervened. (I guess he understands them now because he himself had to break some rules in order to avoid a panic.) The downside of this market intervention is the wild speculation we have seen recently.