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

To: Lee Lichterman III who wrote (36121)	12/29/1999 12:56:00 AM
From: Les H	Read Replies (1) \| Respond to of 99985

New Highs and Lows for Market ( 3640 stocks sans CEFs, trusts) sector 20-days 40-days 63-days 1-year ---------------------- --------- --------- --------- --------- General Market 12/28 483 - 308 301 - 156 193 - 106 12/27 436 - 328 303 - 169 198 - 110 12/23 478 - 247 367 - 152 324 - 118 223 - 68 12/17 336 - 457 266 - 287 237 - 241 159 - 168 low 12/14 231 - 650 202 - 395 170 - 329 117 - 226 12/10 369 - 525 313 - 347 273 - 299 189 - 184 high 12/03 487 - 277 399 - 167 343 - 141 251 - 89 low 10/18 72 - 904 48 - 715 32 - 613 22 - 289

To: Lee Lichterman III who wrote (36121)	12/29/1999 10:37:00 AM
From: Cathedra	Respond to of 99985

I was also struck by how tame the bond market was yesterday; and today's action seems to be confirming it. (Leading Indicators rose 0.3% in November versus consensus of 0.2%, while October was revised up 0.1%; long bond yield dropped 0.022%.) I am at a loss to explain this. When the yield on 13-week bills started plummeting late last week, I thought it was foreign money seeking a safe haven for Y2K plus some stealth profit-taking. I think those factors are still at work, but why the drop in long bond yield?? This has got to encourage the bulls to even greater excess. I noticed at 9:49AM that the dollar dropped below 102 (101.92), the level at which the BOJ recently intervened. A sideshow worth watch.