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This
is sickening.
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Why
blame technology and America? Both are here to stay and will
grow.
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The
problem is the terrorists, the countries that help them, and the lack of
a worldwide effort in counter terrorist activities.
It is
the US, it's technology, and it's taxpayers that have been the major peacekeeper
of the world.
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Please
place the blame where it belongs.
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<BLOCKQUOTE
style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #008080 2px solid">
<FONT face=Tahoma
size=2>-----Original Message-----From:
owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]On
Behalf Of Macromnt@xxxxxxxSent: Wednesday, September 12, 2001
2:28 PMTo: metastock@xxxxxxxxxxxxxSubject: The day
after.Theday
after. While we mourn our friends, acquaintances and colleagues
ourduty is to understand what will be the impact of yesterday’s tragedy on
thefinancial markets. This major event could mark a shift away from
America’sheavy reliance on technology and have tremendous consequences on
the wayAmerica function on the way. Firstly the failure of
American intelligence is obvious. American intelligence relies heavily on
signals intelligence (SIGINT). Signals intelligence includes any
intelligence collected from intercepted communications, such as microwave,
landlines secret writing, or electromagnetic emanations (e.g., foreign
radar signals or telemetry from an object of intelligence
interest.) This strategy has clearly shown its limits in
fighting terrorism, which is likely to be the war of the future.
Secondly, the “Star War” pet project of president Bush has been proved
today to be a dream that would be unable to protect the American
population from terrorists attacks. Again high tech and huge amount of
taxpayers’ money is of little help to fight determined terrorist.
Thirdly, we all go through metal detectors and X-Ray machines before
boarding aircrafts. Yet fanatics have been able to smuggle weapons in
order to highjack several airplanes. As for the World Trade center
itself, it may look as another failure of technology. It was planned to
stand a 707 crash. The fact that the World Trade Center has been targeted
twice is no coincidence. To gather so many people in the same place was an
accident waiting to happen. The fact that the technology did exist to
build it should not have been a reason good enough to do it. Again there
was a huge amount of money spent and a naive belief in technology.
Yesterday’s tragedy may lead the American people to reassess its belief in
technology. A very possible consequence of yesterday’s horror may be
a continuous slide on the technology laden Nasdaq index. All the stock
indices will suffer, as whole sectors of the economy will be hurt:
financial services of course (some of them head-quartered in the World
Trade Center, other had their back offices), airlines, hotels etc. but the
Nasdaq is likely to suffer the most. In last week’s newsletter (see our
web site www.alterama.com) we were
forecasting a drop of the S&P500 to 930, an objective that we might
reach sooner than we thought. As for the Nasdaq 100, we reiterate the
objective of 1,100 that we stated several times in 2001. Jean
Jacques Chenier Alternative Asset Management, Inc. Tel: 646 840 0385
E-mail: JChenier@xxxxxxxxxxxx
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