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I applaud Mr. Scheier for speaking his mind when such outspoken opinion is
always ridiculed. In a game with almost no written rules I suppose that the
fed can do what they please, for whatever reason. If there is no fundamental
strength the rally will die, if the strength is there then we are likely to
see new highs.
The degree to which everyone speculates should be very carefully determined.
If such a move could wipe you out you are over committed in my opinion.
Prosper
----- Original Message -----
From: "scheier" <scheier@xxxxxxxxx>
To: "Omega Users List" <omega-list@xxxxxxxxxx>
Sent: Wednesday, January 03, 2001 11:44 AM
Subject: the Fed
> I'm very lucky to be able to say I wasn't short the emini
> nasdaq when this Fed announcement came out, but that was
> by pure luck, as I was short twice on the way down for
> moderate profits in what I thought was a normal day. In my
> opinion, there is no excuse for the Fed to treat the market
> and its participants in different manner for potentially bullish
> news as it does for bearish. The right way for the Fed to behave
> for such dramatic reversals of policy is giving small hints. This
> intentional surprise treats such participants like market makers,
> floor speculators, and specialists--who by nature must take short
> positions as part of their daily role-- as if they were second class.
>
> I have previously held Mr. Greenspan in fairly high regard,
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