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

To: russwinter who wrote (44662)	11/2/2005 3:59:39 PM
From: Mr.Creosote	Read Replies (1) \| Respond to of 110194

It is very strange. To borrow a phrase from you I'd say it's probably "residual heroin" coming in from program trading. But we can't ask the market "why", we can only observe and react to what it does. After today the trend is no longer down but sideways. It shouldn't be but it is. My take is that we could be at the moment of recognition of the much anticipated "Santa rally" and people becoming fearful of missing it. If it holds up into the end of the week, we could be looking at another flagpole in the making. Then the usual back-and-fill and sideways digestion of the gain before the next up/down leg forms. Long gamma is the play to go with this environment.

To: russwinter who wrote (44662)	11/2/2005 4:26:28 PM
From: Crimson Ghost	Read Replies (3) \| Respond to of 110194

Russ: Looks like rates -- both long and short -- simply are not high enough yet to seriously impair speculative juices. That is the bottom line as I see it.