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To: marginmike who wrote (111208)	7/4/2001 12:33:41 PM
From: Bull RidaH	Respond to of 436258

Agreed on 10's & 30's used in the valuation models. And what have we seen in the 30 yields since last week's cut? One month highs, right? Why did they back up after a .25 cut in short rates? Should be obvious that the fed's read of the economy MUST have been that the risks of recession were moderating, else why wouldn't they go .5, especially when it would not have surprised anyone if they had. Bond Traders seem to put more faith in the fed's read on the economy than anyone else's, so they took appropriate action, which did indeed make stocks less valuable in valuation models. Yes, new lows were made after the January rally, but you better d*!n well have been long during January in the face of a 20% Naz rally & 10% SPX.