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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: Bill Wexler who wrote (1256)	6/8/1999 9:59:00 AM
From: Marconi	Respond to of 10293

Hello Mr. Wexler: WCAP Had a nice run up yesterday. Closed end fund with mid single digit assets. The public was gobbling it up as if it had a P/E rather than P/assets. It can effectively be arbitraged for nearly 20 points. Trading volume continues to diminish as the hooplah is dying down and it may be trickling in to those who ran it up that they are buying into a closed end fund at a about a 500% premium. I am short a few thousand to take advantage of this very unusual turn of events. I missed shorting in the 40's 50's chasing minor points. Have been in at the 30's and teens and boxing to try to take advantage of the 2 to 4 point swings, but not so successfully as the fundamental value. Timing largely eludes me, yet. Best regards, m

To: Bill Wexler who wrote (1256)	6/9/1999 12:20:00 PM
From: Graeme Smith	Read Replies (2) \| Respond to of 10293

Bill, Is it just me or is the market just a little bit to bullish. Long Bond just hit 6%, the S&P 500 is up 50% in 6 months, and just 3 1/2% off its high, yet every single analyst is saying that a rate hike is already built into the market. If just one analyst was to say that I would just laugh and scour the employment section of the paper for his next job. But when every article I read quotes a different analyst saying that a rate hike is already built in to the stock market I begin to doubt myself. 30 year bond is up 29%. That's a rate hike built in. The stock market is not even 4% off its high. I'm sorry but there's no rate hike built in there.