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-----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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