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Strategies & Market Trends : The Millennium Crash
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To: John Dally who wrote (90)8/8/1997 11:45:00 AM
From: J.T.   of 5676
 
John, Nice chart. You can not underestimate the bond market reversal. The buyers have all dried up and I think we go straight to 6.75% yield over the coming week or two. Right now, the long bond is down 1 13/32 to yield 6.60%. Remember, a week and a day ago, we were at a yield of 6.30% and the new era experts were saying we're going to 6% let alone 5.25%. No way... If we break 6.75%, the stock market will take on an accelerated downside position. Next week we get new inflation #'s out (PPI and CPI) and if the core rate in CPI is higher than street expectations (.02), the yield will soon fast approach 7%. Not much room for error at all. Negative sentiment is picking up and this will take on new dimensions going into Sep and Oct. I will update DOW stocks this weekend or sooner. Now its the bears turn. JT
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