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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (19739)	7/9/1999 10:12:00 AM
From: dennis michael patterson	Read Replies (2) \| Respond to of 99985

Haim, Tisch has cost NYU billions with his wrong calls on the market. I don't understand why anyone would think it "stupid" to have made 30 percent a year for the last 3 years, like most people have who have been in SP Index funds. People like Tisch, Fleckenstein and Tice can beat their chests all they like, for they have been WRONG!

To: Haim R. Branisteanu who wrote (19739)	7/9/1999 11:09:00 AM
From: Les H	Read Replies (2) \| Respond to of 99985

Supply Finding Homes Strong interest in the Ford Motor Credit deal and the successful placement of other issues is causing some rate locks and hedges to be unwound, putting a bid into treasuries. Thirty-year bonds are up 6/32, yield 5.98%. Two-year notes are unchanged, yield 5.56%. Rising foreign bond prices is also helping our market tone. In Japan, a Bank of Japan official confirmed the country was still targeting a near zero interest rate policy in order to insure the domestic recovery. European bond prices rose as yields hit their highest level in more than a year. There is speculation the Bank of Japan intervened in the currency markets this morning and sold yen and purchased euros. The dollar rose from its lows against the yen on fears there would also be dollar purchases. Yesterday, the Fed said consumer credit rose $12.1 billion in May. Expectations were for a rise of $5.4 billion. Borrowing is growing at a 10.9% annualized pace. Credit, as a percentage of disposable income stands at 21.22%, close to a record high. This number does not include mortgage borrowing. Next week will bring lots of economic data. The most important will be PPI, CPI and retail sales. Fed Chairman Greenspan will appear before Congress on 7/22 to present his Humphrey Hawkins testimony. Have a great weekend. bonds-online.com