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Strategies & Market Trends : Currencies and the Global Capital Markets -- Ignore unavailable to you. Want to Upgrade?

To: N who wrote (883)	10/12/1998 3:12:00 PM
From: Robert Douglas	Read Replies (2) \| Respond to of 3536

Is it real or is it Memorex? We have had two large moves lately in two large assets. I speak of the rise in the yen and the decline in the T-bonds. Each of these moves has something in common. Both have been attributed to the unwinding of the “carry” trades put on by “OSPs” (obscenely leveraged partnerships, I refuse to call them hedge funds). Outside of the OSPs putting these positions back on are there reasons to think that we will see reversals of these recent moves? I am more inclined to go long the bond futures, but it seems that either one might make a good trade. Any brave traders out there willing to go long the bonds with me? Bond pit was closed today, so we can't do any damage until tomorrow. -Robert