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To: MythMan who wrote (37648)	4/30/1999 2:29:00 PM
From: Defrocked	Read Replies (1) of 86076

RE: "It appears that rates have broken out to the up side." Bonds(rates) will be impacted by how far and fast equities drop(if at all). I'm still looking for another point drop in bonds before next Friday's employment stats. That would take us to 5.75% Could see a great deal of volatility in bonds surrounding that number, easily one to two point gap-like moves in either direction as bidders emerge or dealers disgorge and possible Fed action or inaction is assessed. I'm long bond volatility here. Its increased 1.0% this week and could go to 10% by May 7. FWIW. To state the obvious, a strong employment number next Friday will further erode bonds and potentially be the catalyst for stock "profit-taking". Unemployment rate consensus is Apr. 4.2% vs. Mar. 4.2% and nonfarm expectations are currently 239K for Apr. vs. anemic 46k for March. March will be revised up IMHO and economists will likely be revising up Apr. guesses next week. BWDIK.

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