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With yesterday shaping up as an inside day, I put on a long S&P Wednesday
afternoon which I planned to run as a position trade. It was going my way
Wednesday when the trade started to leak and I bailed instantly. Wasn't long
before the word hit the wires that Starr's vans were ready to dispatch. I
figure the spoo and currencies are now in the too risky to trade category
until the markets have digested the report - probably by middle of next week
at latest. The sooner they get this thing out in public (especially the
internet), the better. If the report is not that damaging, the president's
polling numbers will remain up and congress will do what it has to do to get
past the report. If the report is as damaging as rumored, the president's
polling numbers will drop like a rock and he will have little choice but to
head off into the sunset. Unfortunately, campaign finance investigations are
looming ....
Earl
-----Original Message-----
From: Robert W Cummings <robertwc@xxxxxxxxxxxxxxxxxx>
To: Omega-list@xxxxxxxxxx <Omega-list@xxxxxxxxxx>
Date: Wednesday, September 09, 1998 9:31 PM
Subject: Starr Report
>
>Not even trying to start a debate on this or President Clinton. But the Dow
>fell today according to financial reports that Independent Council Ken
>Starr sent his report on the President to Congress today. So now I guess we
>got to be careful trading stuff like the S&P for sharp swings from news
>leaking out from this report. This will kin da be like Greenspan talking
>except it will be unscheduled and any news will be bad news at this point.
>It will either be tomorrow or Friday before the report is released but
>rumors will not wait that long.
>
>Robert
>
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