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To: Bill Harmond who wrote (86003)	12/2/1999 4:36:00 PM
From: Jan Crawley	Respond to of 164684

Bill, Buy and hold is the only way and you know that I appreciate your advice along the way. But I am still holding large posititions(for me) in Intc, Lu, and Wfc and some Emc and Slb. So I keep telling myself that "market will always be there". Not sure what to do sometimes. Bought 600 Pcln today after I sold Amzn. So now I am holding 1K shares. I am going to follow you on this one!!

To: Bill Harmond who wrote (86003)	12/2/1999 6:09:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

US Treasuries slip further on growing rate worries (Recasts, updates prices, comments. New byline) By Richard Leong NEW YORK, Dec 2 (Reuters) - U.S. Treasuries posted fresh session lows late Thursday afternoon as surprising vigor in the housing market intensified worries that more rate hikes are on the horizon, traders and analysts said. The benchmark 30-year Treasury bond was off 12/32 point at 97-11/32 to yield 6.32 percent. ''People are concerned that the (Federal Reserve) is not done'' with raising interest rates, said Raye Kanzenbach, chief investment officer at Inside Investment Management, a unit of Dain Rauscher Inc., in Minneapolis. ''The economy appears to be strong.'' The bond market, in preparation for Friday's November job report, was rattled a day early by record U.S. home sales in October. The Commerce Department reported that new home sales in October jumped 16.3 percent to a record seasonally adjusted annualized 986,000 units after a weak September when sales posted an 848,000 unit pace. The October rate was well above an average market estimate of 858,000 units. The steep pickup in new home sales went against recent statements from Fed officials and other housing data that rate-sensitive sectors like housing have slacked off amid higher borrowing costs after three Fed tightening since spring. Earlier Thursday, St. Louis Federal Reserve President William Poole said the run-up in interest rates was slowing the housing and automotive sectors of the U.S. economy and further slowdowns may be ahead. He said inflation was ''more or less in the right ballpark'' while wage growth remains controlled. Moreover, market participants said Treasuries are out of favor with some investors and fund managers who prefer higher yielding securities like agency paper and corporate bonds. ''I don't like Treasuries. I'd rather be in agencies and (investment grade) corporates,'' Kanzenbach said. Traders said selling of five-year and 10-year Treasuries picked up after Fannie Mae reopened its benchmark five-year agency notes due Aug. 2004 and increased the size of the issue by $4.5 billion to $11.0 billion. While the market tone remained negative, many players stayed on the sidelines before the Friday job figures. ''It was just position-squaring ahead of Friday's numbers,'' Martin Mitchell, head of government trading at Legg Mason Wood Walker Inc. in Baltimore, said of Thursday's trades. At 3:00 EST (1800 GMT), Treasuries trade volume totaled $39.9 billion, at 10 percent below its five-day average, according to GovPX, a market pricing firm. Economists surveyed by Reuters forecast, on average, that November nonfarm payrolls likely grew by 226,000 jobs after October's 310,000 increase. The hourly wage rate probably notched up 0.3 percent following a 0.1 percent rise. Economists estimated, on average, that the jobless rate likely stayed at 4.1 percent, the lowest level in three decades. The Labor Department will release the payroll report at 8:30 a.m. (1330 GMT). Late Thursday, three-month bill rates were down one basis point to 5.10 percent, six-month rates were unchanged at 5.32 percent, and year bill rates were up three basis points at 5.43 percent. Five-year notes were down 5/32 to 98-25/32, yielding 6.16 percent, while ten-year notes were down 8/32 to 98-8/32, yielding 6.24 percent.