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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Steven Finkel who wrote (3307)	2/11/1999 3:46:00 PM
From: Bucky Katt	Respond to of 57584

Old norms" can't explain US stocks--Cleveland Fed NEW YORK, Feb 11 (Reuters) - The Federal Reserve Bank of Cleveland said on Thursday old norms cannot explain the performance of U.S. equities. ''The seemingly inexplicable odyssey of equity prices has been chronicled many times by now,'' the Cleveland Fed said in a commentary appearing in the February issue of the bank's Economic Trends. The commentary is written by Cleveland Fed Director of Research Mark Sniderman who also is responsible for the monthly publication. ''True, equity price movements can be explained through adjustments to standard equity-valuation models. Capital gains taxes have been lowered over time, and people accept risk more readily,'' Sniderman added in his commentary. ''But these adjustments are merely rationalizations after the fact. The reality is that the old norms no longer provide sufficient guidance.'' Boy, I'll say <LOL> Looks like my post about money on the sidelines, and your posts about the big guys shorting it down were right on the money, Rande......What a monster day,,,,,