No SPAM, You were close. !!!!!!!!!!!!!!! Today is the day the market looks like it could tank.

-- (DowGuy@wallstreet.com), October 15, 1999

Answers

But remember, they shut the market down if it gets just a little ugly. Would take a week for the market to meltdown. Dont know if they can muster enough negativity for that long a period of time without some "advisor" telling people its time to get back into equities.

-- hamster (hamster@mycage.com), October 15, 1999.

Reuters) - Wall Street is expected to open sharply lower Friday after a strong rise in wholesale prices compounded remarks from Federal Reserve chief Alan Greenspan that banks should prepare for a financial downturn.

The Standard & Poor 500 future index for December dropped sharply after the PPI data, down 30 points at 1,260. The benchmark 30-year U.S. Treasury bond was down 4/32 with the yield at 6.33 percent.

``These numbers are significantly more than expected. This almost assures the fact that we'll see an interest rate hike in November,'' said Barry Hyman, market strategist at Ehrenkrantz, King Nussbaum Inc. ``Coupled with Alan Greenspan's remarks last night we'll see significant weakness in the bond market.''

The Commerce Department said the Producer Price Index jumped 1.1 percent in September, its biggest rise since September 1990.

The ``core'' PPI, which excludes the volatile prices of food and energy, rose 0.8 percent.

Economists polled by Reuters had forecast the PPI would rise 0.5 percent compared to a similar rise of 0.5 percent in August. The core rate was expected to rise 0.4 percent, compared to a decline of 0.1 percent in August.

``The market is going to get hammered,'' did Dan Ascani, president of Global market Strategists Inc.

``It's going to be a nasty day. It's going to be a Greenspan market today,'' said Peter Cardillo, director of research at Westfalia Investments. ``When Greenspan is on everyone's mind, it's hard to focus on anything else.''

August business inventory data for August was also released Friday morning, showing an increase of 0.3 percent. Economists polled by Reuters had expected an increase of 0.2 percent, compared with 0.3 percent in the previous period.

The data and Greenspan's remarks will be carefully weighed for indications as to whether the Federal Reserve will move to hike interest rates again in November.

Thursday night, Greenspan told a banking conference that sudden losses in investor confidence ``inevitably'' occur from time to time.

Greenspan is scheduled to speak Friday as well, this time in a lunchtime speech titled ``Business, the Economy and the New Millennium.'' The event, sponsored by the Italian-American Congressional Delegation and the National Italian American Foundation is scheduled for 12:00 p.m. EDT (1600 GMT.)

``He might maybe tame what he said last night if things are getting too much out of hand,'' Cardillo said. The last thing Mr. Greenspan wants to do here is create a market crash. He just wants to fine tune things here.''

Other economic data expected Friday morning includes September industrial production and capacity utilization numbers.

Companies in the news included Sun Microsystems Inc., which reported first-quarter earnings that were better than Wall Street expected.

Consolidated Edison Inc. missed Wall Street expectations as it posted a slight dip in quarterly profits. Costs from Hurricane Floyd and a summer heat wave wilted profits.

Office Depot Inc. reported a third-quarter net loss of $1.07 million and announced a management shuffle involving the exit of its president.

Heavy equipment maker Caterpillar Inc., a Dow component, is expected to report earnings Friday morning.

Miller Brewing Co., a unit of Philip Morris Cos. Inc., is eyeing Boston Beer Co. Inc., whose brands include Samuel Adams, for a possible takeover, according to Business Week magazine.

The Dow Jones industrial average Thursday closed 54.45 points higher, or 0.53 percent, at 10,286.61. The Nasdaq composite index was up 5.57 points, or 0.20 percent, at 2,806.84. The Standard & Poor's 500 index was off 2.13 points, or 0.17 percent, at 1,283.42. Reut08:52 10-15-99

-- y2k dave (xsdaa111@hotmail.com), October 15, 1999.

CNN is expecting a 200-point drop from the opening. Based on Greenspan's remarks last night. Producer Price Index up 1.1%, exc food and energy, 0.8%. Reporter says "Well beyond anybody's expectations for wholesale prices. . ." Dollar down 1.75 yen, 1.25 against Euro, $1.57 to the pound. CNN thinks that money is going into cash. NASDAQ down 64, Dow 42.

-- Old Git (anon@spamproblems.com), October 15, 1999.

Do we a "FLight to Quality" that Dr North stated so many times or just a little drop, buy on the dips market??? Going to CASH sound very much like the "Flight to Quality" to me...

-- y2k dave (xsdaa111@hotmail.com), October 15, 1999.

Talk to us Spam.

It looks like today was the precursor quake and on Monday the bottom falls out as much as the brakes will let them. Just like October 1987. Precursor on a Friday, everybody thinks about it for two days, and then on Monday the blood is ankle deep.

So you picked 10/14 and missed it probably by only a few days. How in the hell did you do it ??? What led you to pick that day ???

-- Dana (A_Non_O_Moose@xxx.com), October 15, 1999.

DANA: I can't speak for SPAM, but if you know ELLIOTT WAVE THEORY, you would have known. WARNING: UPDATE--PRE-CONDITION FULFILLED FOR CRASH ON DAY FIBONACCI 55. This is the 55th day from the DJIA all-time high.August 24/25. MONDAY WILL BE DAY 55. The pre-condition is that the markets exhibit pronounced weakness for several days leading up to the day 55. PRE-CONDITION MORE THAN FULFILLED.

-- profit_of_doom (doom@helltopay.ca), October 15, 1999.