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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: wmwmw who wrote (26312)	5/17/1999 4:51:00 PM
From: James Strauss	Read Replies (1) \| Respond to of 50167

Wang: We had over 2000 Decliners today vs 1000 Advancers... We had over 70 New Low vs 28 New Highs... All this on low market volume... This type of activity is more indicative of a declining rather than advancing market... The next two days will tell us a lot... Jim

To: wmwmw who wrote (26312)	5/17/1999 5:01:00 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 50167

Wang: IMO a change in bias is not priced in. Too many people expect the FED to pass at this meeting and AG has not laid any ground work for a change in sentiment. We need to remember he has been very good at preparing the markets for his moves. The only time he hasn't prepared the markets is during a crisis (87 and 98 come to mind <g>). I'll go by Ike's read if they change the bias we'll see a drop. Could be in the range of 5 to 10% on the Dow. Again IMO its the ability of oil to stay above $15 that will drive inflation and by inference force the Fed to raise rates (hopefully only a quarter point). I think we'd see this July / August time frame, not now, if inflation starts (continues). FWIW I didn't expect us to go above 5.5% on the long bond (I didn't anticipate OPEC's ability to coordinate production cuts). I'm hoping the FED doesn't change bias and AMAT has a good report for the semi sector. Good investing. Tim