Zeev's Turnips Patch-No Politics (ZEEV)

[Joe Stocks]

Mlsoft, I think the Fed has about accomplished what it wanted to for this go around. IMO the FEd knows longer term that valuations are too high and must come down. Their main goal is to avoid a crash scenario. If you read back over some of their white sheets they tend to show a real fear of a "crash" and spend much time discussing how to avoid one. I think their main goal now is to control the rate of descent. Sure they would love to see a sustained recovery but I think a bunch of us know that it's not going to happen anytime soon. I think they know that but they also can't let the market go straight down. The PPT must time their involvment to get the greatest impact with the resources available to them. I think they will back off for a week or two here and maybe pick the efforts back up near Thanksgiving as they take advantage of the giddishness of the holiday season. New lows after the first of the year 2003 IMO.

I'm also very short tech here so I would just love my scenario to play out. I'm also very long some utility stocks. Here's to a big down day tomorrow. Half point cut - what were they thinking!

Joe