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To: accountclosed who wrote (17964)	2/4/1999 9:55:00 AM
From: Defrocked	Read Replies (2) of 86076

AR, yesterday I covered OEX puts because I hit my threshold. Then I got pissed at AG and sold bonds again as a relative money growth and wealth effect play because equities can't have it both ways: go higher and have lower rates. I sold more today on the opening because the UK is adding even more money to the world's coffers. It still appears equities may ignore the current rate rises. If they do I'll add back OEX puts later. In the meantime, too many people were leaning on the wrong side of the boat, expecting rates to continue falling. (Now keep your eye on the PMs and oil.) Just some history for my thought process: Message 7488243 "Maybe I should see a shrink<g> but I like being short Tbonds here. Everybody is lined up for lower US rates(except the droves of corp.issuers)." Message 7629522 "My bias is evident as I have recently been short Tbonds and expect rates to increase mildly over the year as wealth effects manifest and additional stimulus is applied by our trading partners." The danger in my strategy is an updraft in bonds due to an equity crater. Somewhere in here I may use some profits and buy OOTM bond calls for protection.

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