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Traders Thread - Wednesday 24th September (SMIN)
Crocodile - 23 Sep 2003 22:30
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Late-session Nasdaq rally boosts other major indexes, with buyers returning after Monday's selloff
News will be posted at 7:35am
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TomL
- 24 Sep 2003 08:07
- 3 of 3
Fwiw, the Fed has pumped over U$6billion into the stock and bond markets in the past 2 trading sessions and looks like doing this on all mkt dips for the foreseeable future.
By supporting the domestic mkt this way, you have a recipe for another bubble. Interest rates are kept low, dollar falls more, US export/import ratio becomes much more favourable to US corporate earnings etc, inflation rather than deflation becomes the issue of the day. As to overseas investors - fact is, it doesn't cost much these days to hedge your U$ exposure which avoids withdrawl.
The golden scenario here in theory is that economic recovery in the US becomes all the more assured despite storing up possible problems down the track.
The short point is that, as long as the Fed supports the US stock and bond mkts plus continues to print money, shorting the US mkt may become decidedly unattractive to most large players and weight of money into equity could squeeze the mkt up, not down.
The current bearish count by "Elliott wavers" may be doing a recount in the days and weeks ahead.
Have a very good day.
TomL..:>)
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