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To: GST who wrote (62478)6/14/1999 6:41:00 PM
From: Sarmad Y. Hermiz  Read Replies (2) | Respond to of 164684
 
>> This is called 'pricing in higher rates'. The Japanese government saved the
butts of many here. If they had not intervened last night to stem the tide it would have
been much worse.
<<

I'll have to accept your interpretation. I hope you did OK with your puts. Still the dow was up, which is a puzzle to me. And only internets were down.

Did you know there is a new multi-millionaire on the thread ?



To: GST who wrote (62478)6/14/1999 8:11:00 PM
From: Elmer  Read Replies (2) | Respond to of 164684
 
You are right about the Japanese saving the market with the intervention. If they can't keep the Yen low, the long bond will go to 7% from the hedge funds unwinding positions. That is the real risk to the market right now.