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Strategies & Market Trends : Paint The Table -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (17850)	3/6/2002 3:30:45 PM
From: John Pitera	Read Replies (1) \| Respond to of 23786

Yes credit spreads widened during most of 2000 and then for the first 8 months of 2001. Now the direction is reversing....of course we can't be certain the spreads will continue in that direction. WHat's been interesting is that the underlying financial situation has improved markedly, but the perception has been that credit conditions have continued to deteriorate. Enron, WCOM and other companies have contributed to that. But when it's front page news everyone knows it and everyone has acted on it. A good example of that was the energy merchant stocks look to have bottomed when the Enron hearings started in Congress. we've seen nice moves DYN, EP, WMB since early FEB, and it took until the end of FEB for MIR, AES, CPN to finish bottoming. Message 17028230 companies like AES got hit with additional problems with currencies coming off pegs in South America in mid Feb.