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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (1509)	3/8/2004 2:11:21 PM
From: Crimson Ghost	Read Replies (4) \| Respond to of 116555

Now that spreads have widened considerably I am going back into junk bonds IN A MODEST WAY. I doubt there is much capital gain potential -- but with treasury yields as low as they are, junk investors should be able to earn the coupon for awhile.

To: mishedlo who wrote (1509)	3/8/2004 4:01:12 PM
From: Wyätt Gwyön	Respond to of 116555

As we've noted numerous times in the past, the only time when we've had both groups applying stimulus simultaneously in the last 5 years was last summer, which eventually led to significantly higher equity prices. i would not want to draw a lot of conclusions from one data point. compared to last summer, equities are now even more absurdly overvalued, sentiment is off the charts, and all shorts have gone home (except for MSO shorts, it seems). sentiment towards bonds is hideous not everybody's sentiment, ha ha ha