Zeev's Turnips Patch-No Politics (ZEEV)

[yankee]

mlsoft, I am beginning to question whether the PPT is going to go away until someone decides that the economy has fully recovered in 2004 or 2005.

I could understand the PPT's existence when the market was continuously sinking. The PPT was there to prevent panic and calamitous gut wrenching drops. Their job was to let the air out slowly.

But after the market gains of the last month I would have thought they would allow the market to resume meandering on it's on. Yet, in my opinion, we are still seeing their intervention if the market starts to drop. Maybe now that they have learned they can control the market they have adopted an expanded long term agenda.

I am beginning to think of the PPT as a possible semipermanent fixture of the market.

If we don't see a convincing retreat soon I am going to come to the conclusion that bears may be denied any food for the next year or so until the economy is back running full tilt.




Yankee