Harry,
Agree that higher interest rates are not a given, but the trend is in that direction, reguardless of yesterday's move. The inventory to sales ratio came in at 1.36 yesterday, lowest in 15 years. I believe this is the type of info that Mr. Greenspan is considering. The reaction to the CPI, in my opinion, was also overdone.
In any case, you got a good buy, longer term, on the 0's. I need to see the LB below 7% for 3 or 4 days before I believe the trend has reversed or the market is stable.
BTW, good article in today's WSJ about Intel/Microsoft strategy to set standards for digital TV. One quote: "By 2000, predicts Ron Whittier, an Intel vice president, there will be 100 million computers equipped to recieve digital broadcasts, compared with an estimated one million TV sets."
John |
