Jeff--
Well--hard to say. I think your average SITM would be inclined to sell into strength (they're like that), and it could happen tomorrow morning.
Your average money manager, however, is apt to see this as a confirmation of the strength of techs generally. Hell, even the retailers were up today, just after Circuit City's nasty news. (My guess is that the Street People haven't yet understood that many folks would rather order direct WHY DIDN'T I BUY MUEI AT 13 ARRRRGHHHHH????)
Logic dictates that this irrational exuberance must stop sometime, no? Wellll, you may say that the bond market's doing a bit better, but between you and me it's still pretty poopy. No reaction. No reaction to a Reuters report this afternoon that there are those who fear a rate hike as early as February. (Won't happen, but that's not the point; normally this kind of story, based on this kind of rumor/analysis, would bring first bonds, and then equities, to their knees.)
Oh, never mind. Getting carried away. Wrong thread. Please pass the Puppy. Frog legs. Curried head. Whatever.
Janice |
