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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (16356)1/14/1998 2:14:00 PM
From: Lee  Read Replies (1) of 50167
 
IQ, Update as of 2 pm eastern. March bonds hit my buy level, but only for a nanosecond, so I did not buy the Feb 122 puts or sell the March 125 calls. Bonds are redefining "overbought". People are buying the dips and I don't know how long this will last but I suspect it has to do with decreased supply due to "balanced '98 budget". Maybe we should consider going long until this condition (buying the dips) plays itself out. Until government auctions pick up and amount auctioned increases, or until the stock market can exhibit more enthusiasm for the upside, short positions might be premature.
Lee
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