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To: Square_Dealings who wrote (76177)	6/18/2003 6:34:43 PM
From: reaper	Read Replies (3) \| Respond to of 209892

<<I think bonds gapping down here is a signal that the free money days are about over.>> bonds gapping down here doesn't mean squat. TNX traded to 356 bps on 09 October last year; 7 trading days later it reached 425 bps intra-day. TNX traded to 355 bps on 12 March this year; again 7 days later it reached 412 bps intra-day. we've moved 30 bps in a couple of days, which is perfectly consistent with those moves and i'm thinking in terms of us getting back to what used to be the bottom, i.e. the 355-ish bps range. then the bond bull market can resume. the 'free money' days are only just beginning. Cheers