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To: Cragganmore who wrote (25950)	12/8/1998 10:45:00 AM
From: joe	Respond to of 45548

Impeachment & the market I agree with you on the impeachment issue. If the House even looks like it will pass it over to the Senate, I think there will be a pullback, but like you, I don't think it would be a major correction, even if Gore took over the job (of course, he might be the next to get impeached :-) ) The thing complicating the voting on friday, is that options week is immediately after. From what I can tell of the options open interest, there is an optimistic bent, so I wonder how options week and bad impeachment news will mix. Somehow ol' Clinton should be able to slide out of this one, but then again, maybe the cat has finished it's 9th life already. >>I am little concerned with what Mr. G will do on the next fed meeting. Is there an expectation of another cut priced into the market?<< So, far the general concensus is that there will definitely not be a rate cut this year. This was due to strong unemployment numbers. But concensus is that the economy is indeed slowing down, lots of unemployment in the manufacturing section, and the unexpected ramp in job growth recently is just a Christmas effect. Whatever, the Fed will probably feel they can wait a bit. OTOH, IMO, Europe may have cut to late. It's hard for them to coordinate cutting, I would imagine, due to the installation of the EU regime. Europe may be sinking quicker than we all realize. If this is the case, then who knows, maybe AG will cut some more. Inflation is not the problem... Credit markets are still not healed, so, IMO, there is still a "wildcard" effect for the next month or so. >>pullback, if any, how will it affect COMS?<< COMS will probably trade with the market. But once the earnings come out, (and they're good), then they will be a little ahead of the market because they're showing they can make profits in rough times. JMO