John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Terry Whitman who wrote (5080)	11/16/2001 5:28:13 PM
From: isopatch	Read Replies (1) of 33421

Hi Terry. Maybe I'm holding the bag<G> Time will tell. But I think we're just in a counter move vs the primary trend. I'd compare it to any good Bear Market rally. Action is always straight up and powerful other wise it wouldn't force traders out of their positions and set us up for a resumption of the primary trend. Remember, I'm not in Treasuries. The huge yield spread between Treasuries and BBB corps provides an important cushion. And that has to narrow significantly. Because IF we're moving into a recovery, default risk is going to decline in a big way. And that supports prices of higher risk medium grade corps. Treasuries take the hit in the ST, if you are correct. But let's wait and see. Isopatch

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