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Politics : Idea Of The Day
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To: James Strauss who wrote (23829)2/25/1999 12:04:00 PM
From: Judy  Read Replies (1) of 50167
 
The issue is how long will it take for the bonds to settle, and until they do the market should trade in a constricted range.

With the overall market forecasted for a 7-8 percent annual growth by Abbey Cohen (queen of the bulls) and 5-6 percent by most other analysts, bond yields greater than 5.5 provide an attractive, risk-less investment vehicle rather than a volatile market. Fund managers will reallocate their portfolios, shifting funds from high PE stocks into bonds. I see it happening now on the tape as I type this post. Should the bond yield hit 6 percent, the market will crap out. John Murphy basically said the same thing if the bond hits 6 percent.

Mikey, this is not a headfake by the bond ... this is true macroeconomics at work. The bonds will compel the market to readjust with the proper PE contraction.
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