mlsoft-
If you go back to the beginning of April when the Greenspan Gambit is clearly in place, you will notice that Fridays have been conspicuous in their uneventfulness. They are either slightly up or slightly down with one exception--April 25th. Also, as I have said before, AG never allows a big down day to be followed by another. After yesterday's market performance, I fully expect today to finish green (best guess--up 20). Watch for the patented "Greenspan Goose" at the close, where the market miraculously rises 80 points in the last half hour of trading.
BTW. Took home several long positions yesterday (UTX, DIS, GE, HD) and couldn't sleep worth a damn. What does that say about this rally?
Also. WSJ says that 1/4 pt. cut in rates is firmly on the table and there is the possibility of more. I thought your comments yesterday about buttressing the Gambit by not cutting were sound, but I guess the economy is worse than we think. If he cuts, he is admitting things are going poorly. However, his ability to successfully spin things is fast entering a league of its own and he may get away with cutting without causing any concern at all. Something like this-- "While the economy is steadily improving, it is only prudent to insure that there is no backsliding at this critical time."
schloss
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