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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: donald sew who wrote (16873)	6/11/1999 2:10:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Don, re: foreign money leaving U.S. markets: this is why the good news from Japan is such bad news for the U.S.; an analogy used to describe the U.S. bond market is that the U.S. have the house, but Japan holds the mortgage. even if only a small amount of the japanese funds in U.S. treasuries leaves the market the effect will be felt. i do think that is what is happening now and some hedge fund managers 'in the know' are trying to take advantage of this by shorting bonds at these key technical levels. the most worrisome aspect of this is that the stock market has by no means 'priced in' current bond yields. as i have mentioned in my post to Jim yesterday, what's priced in, is a rebound in the bond. if no rebound comes, the 'pricing in' phase is still ahead of us and likely to be violent. regards, hb

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