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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 687.70

+0.7%

Jan 5 4:00 PM EST

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To: James F. Hopkins who wrote (18289)	6/23/1999 1:31:00 PM
From: HairBall	of 99985

Jim: I posted at the beginning of the year, the TYX put in a significant bottom on Oct 5, 1998. However, I still believe we will see a pullback on the TYX and that will provide a last gasp for the Bull. Of course, I could be wrong, so I am in protection mode for now. In addition, as stated in my post around the first of the year, competition for US Bond investors would result in higher interest rates for US Treasuries. I expected Japanese interest rates to begin to increase and would begin to attract and repatriate increasing amounts of overseas Japanese wealth as part of their efforts to fund a recovery. I am not sure of the exact amount, but I believe the Japanese two-year note has gone up around 300% in the last couple of weeks. Still low if compared to US rates, but a large increase just the same... Regards, LG

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