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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (61348)	6/3/1999 4:27:00 PM
From: Robert	Read Replies (1) of 132070

MB -- Interesting divergence AGAIN today between the Dow and the Nasdaq. Seems the two have completely decoupled and are ping ponging back and forth against one another. Dow up 86, Naz down 29. S&P up about 5 while yield on 30-year is still dangerously close to 6%. I agree with you that the back up in rates will be more or less self-correcting, as the piercing of 6% ultimately triggers a sharp drop in equities, leading in turn to a flight to quality back into Treasuries and a repeat, perhaps on an even greater scale, of the action of last October. I have this feeling in my gut that we are close to some type of financial Armageddon, but I am just not sure what the immediate trigger will be. Rates? (most likely I think) China problems? Kosovo? Something else? Take your pick, but things are NOT looking good in the world right now. I guess the best thing to do is curl up with some nice warm puts and wait for it all to blow over. <vbg> What do you think about the broader market/macro backdrop heading into tomorrow morning's number? As always, TIA. -- Robert

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