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To: John Pitera who wrote (96766)	4/20/2001 12:42:12 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

John, yes, this bond market sell-off/stock market rally combination has definitely had a big impact on the model (i personally think the Fed model to be flawed, or rather, too simplistic...i believe corporate bond yields should be incorporated in such a market valuation model too). put/call improving a little bit today, bit not by much so far. the betting on more rally is still heavy. what struck me as most astonishing was that we had RECORD call volume on rate cut day. after a 70% haircut bear in the NAZ, we get record call volume? it goes to show how very far away from a true bottom we must be, both in time AND price. this is of course more of a long term observation. i've often said we'll have big tradable bounces along the way (pretty obvious anyway), but i'm looking for the bear to end in the same manner as other bears have in the past: with abject extreme pessimism, and/or complete disinterest.