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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Crimson Ghost who wrote (4691)	1/9/2004 6:47:37 PM
From: mishedlo	Read Replies (1) of 110194

I know this is getting tiresome, but my junk fund surged again today. Junk right now is a no lose investment. Junk goes up when treasuries rally as they did today. Junk also rallies when treasuries drop because spreads tend to narrow on such days. That plus yields that are still in the 7% area. Never in my long investment career have I had a large position in a sector that acts as perfectly as this one. I still find it hard to believe. Has not had a down day since Thanksgiving. Fillmore, please rest assured it is NOT a tiresome report. I am very reluctant to short this market until junk turns. Every time I do I get my ass handed to me on a platter or I stop out quick, or I make a dime and be happy. When junk turns, NO ONE WILL WANT TO BE LONG EQUITIES. I appreciate these reports and ask you to provide a daily report. You are my window to the turn. Mish

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