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I think the Fed has been punishing the market most of the year. After being a strong buyer of bonds in the open market last year, it switched its posture early in 2000. This is the main reason I am cautiously optimistic about a bottom here. Even though I think we are ready to move up once the election uncertainty is resolved, this fundemental difference from recent October lows will likely keep a lid on the upmove.
>>> proffittak@xxxxxxx 11/28/00 10:39AM >>>
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