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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 687.57

+0.7%

Dec 10 4:00 PM EST

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To: pater tenebrarum who wrote (35503)	12/20/1999 7:15:00 PM
From: Cathedra	Read Replies (1) of 99985

heinz, the yields on all the Treasury maturities tracked by Yahoo reached new 52-week highs today: 30-Year Bond ^TYX 2:59PM 64.28 +0.51 +0.80% 10-Year Note ^TNX 2:59PM 63.40 +0.53 +0.84% 5-Year Note ^FVX 2:59PM 62.63 +0.68 +1.10% 13-Week Bill ^IRX 2:59PM 53.80 +1.00 +1.89% Tomorrow's FOMC meeting has to be responsible for a portion of the spike. But bond traders are probably also bracing for the feared Y2K cash withdrawals. As you observed, the breakout was especially sharp in the shorter-term Treasuries. Is the stock market prepared for bad news from the FOMC meeting? Lord only knows. The SP 500 index put/call ratio is a gentlemanly 2.2 to 1, which suggests that the stock market is more complacent now than the beginning of this month.

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