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To: Secret_Agent_Man who wrote (255603)	8/14/2003 7:49:22 AM
From: Earlie	Read Replies (1) \| Respond to of 436258

C4T: Good comments in that article, virtually all of which I agree with. As I noted earlier, the risk/reward ratio associated with being short is now biased to the extreme. Yes, in a mania, prices can go to any level, but for this to occur, the buyers must outnumber the sellers and my reading of the situation suggests the opposite. Yes, the massive hit taken by the "bond boyz" will chase some dough elsewhere, but a huge amount of dough just disappeared and the recipients of that nasty slap will be dazed and gun-shy for quite some time. Also, these guys are not wandering sheep. They know how insane the current stock market is and they are not likely going to wander into that collapsing building to find shelter while they lick their wounds. Selling pressure on bonds has very little reason to abate and dozens of reasons to accelerate. The pressure this places on long term interest rates is not the stuff of which rising bull markets are made. Shorts R Us. Best, Earlie