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Pastimes : Ask Mohan about the Market

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To: Snowshoe who wrote (13876)	2/5/1998 4:02:00 PM
From: Zeev Hed	Read Replies (1) of 18056

Greg, I felt that the denouement of the Asian situation will bring about a wave of downgrades, Adding to that the technical picture was not too pretty (and the recent rally actually made this worse). Finally I expected long term rates to bump against the 6 to 6.25% range (it did go as high as 5.98% on the last run) as a result of BOJ repatriating some funds. All these together, I felt could bring an immediate turn down, once the excess money sloshing in the system was absorbed (excess money from all those pension funds), and indeed Jan's volume was quite heavy with barely any movement, then we got the beginning of Feb with a "little roar", but I think that this rally is rapidly being spent. Zeev

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