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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (12754)	5/3/1999 5:36:00 PM
From: KM	Read Replies (1) \| Respond to of 99985

Here's an interesting snippet and take on what drove the Dow over 11k. This is from the Street.com's market roundup: Did Goldman Cook the Golden Goose? "This is all Goldman [Sachs]," one market player claimed. "They've been throwing buy programs all day, ramping up the Dow" to ensure a positive backdrop for their IPO. After the close of trading, underwriters priced 69 million shares of the venerable brokerage firm at $53 a share. At $3.7 billion, the IPO is the second largest in U.S. history, trailing only Conoco's (COC:NYSE) deal last October. "I always thought the Goldman IPO would mark the top of the market, but I didn't think they'd spend all the money from the offering to make it happen," said the source, who requested anonymity. Given the anticipation surrounding the IPO, Bill Meehan, chief market analyst at Cantor Fitzgerald, doubted Goldman was up to anything nefarious, or needed to be. "I've heard a lot of mumbling about Goldman doing this, Goldman doing that, but from what I can gather, there's no paucity of demand," Meehan said. "It's a very strange market. Today you had a steady slide in the Nasdaq and Nasdaq 100 futures, but the only spike is this 3 o'clock action where we have a tendency to spike," regardless of what's happening in the IPO market.