We had a euphoric day yesterday because the market thinks Mr. Greenspan is going to be benign today,
I think what really triggered the rally was the surprise cut by (Federal Reserve Chairman Alan) Greenspan in interest rates. But earnings have been good enough to continue the rally. Now the concern going forward is: Can earnings grow in 1999.
The economy looks good. Greenspan told us that.
Does Mr. Greenspan in the recesses of his mind think 'I've got to take back all 75 basis points'? That's what we're going to start worrying about at 2:20 on Wednesday afternoon after we get the 2:15 announcement.