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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: stevenallen who wrote (25653)	2/1/2005 11:41:23 AM
From: mishedlo	Read Replies (4) \| Respond to of 110194

For all of his shortcomings, I wouldn't underestimate Gate's business acumen - he was a "pioneer" in making widespread use of paying employees with options, and of contracting out major sections of projects (to avoid paying benefits as well as high wages). He clearly has a taste for money and knows how to play with it. Then why wasn't he betting against the US$ at .82, .95, 1.05, 1.15, 1.20, or even 1.25? No he waits until after an enormous move then figures out its time to short the US$ at or near 1.30. Seems rather silly to me. Maybe he gets .15 out of it. Maybe more, but to announce it as if it was such a great revalation now looks more contrary than anything else. Mish

To: stevenallen who wrote (25653)	2/1/2005 12:24:22 PM
From: russwinter	Read Replies (3) \| Respond to of 110194

Treasury replaces today's maturing $10 billion repo with $6 billion, due 2/11. fms.treas.gov The big one is manana, $13 billion. Fed replaced today's maturing 8.25 repo with 4.75 maturing manana, bringing total Wed, to 9.25. So a bit of liquidity withdrawal. Note the rates in today's (2.465) and yesterday's (2.505) repos, effectively an early rate increase. ny.frb.org I'm going ahead here midday and reestablishing two-thirds of my put positions sold on Jan. expiration, and will do the rest tomorrow if the market still holds, and there is a net decline in the repo activity prior to FOMC announcement. Note that synthetic economics stock CME blew up today (new competition: the financial glut), a bearish overall sign.