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The Fed proved my point. All I was saying is that they will cut rates if
they think they have to, not buy stock futures!!
Steve
RAY RAFFURTY wrote:
>
> -----Original Message-----
> From: steven poser <swp@xxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Wednesday, October 14, 1998 9:24 PM
> Subject: Re: [Doom and Gloom Dow Industrials Forecast]
>
> >TQuinn211@xxxxxxx wrote:
> >This makes no sense. If the Fed was that worried about the markets
> >(which I think they should be) they would have at least cut the discount
> >rate on 29-Feb. Interventions do not work unless they are done big time.
> >Witness the sad history of central bank intervention in the forex
> >market. All it does is clobber the shorts and give those who were not
> >short an opportunity to short at a better level. If the Fed wants to
> >prop up the market, all they need to do is say that they are looking
> >into LEGAL ways of buying stocks. That'd scare the heck out of anybody
> >shorting the market.
> >
> >Caroline Baum just wrote a great piece for Bloomberg News talking about
> >similarly idiotic conspiracy theories that always crop up in the forex
> >market and bond pits, the latest of which called for a rate cut over the
> >weekend following an emergency meeting last week of the Fed.
> >
> >Watch out for the little green men. If they start buying spooz,
> >Andromeda's the limit!
>
> I guess the Fed members wanted to play golf this weekend and got the
> rate cut out of the way early {;-) Seriously, if someone is short bond
> futures, how bad will they be hurt by this move? Does anybody think the
> timing was deliberate, similar to the way Ruben nailed currency speculators
> a few months ago?
>
> Good luck and good trading,
> Ray Raffurty
>
> P.S. What's the exchange rate on the Andromidian {IYB)YV%R&^ to US$
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