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To: John Pitera who wrote (17228)	1/29/1999 12:30:00 PM
From: Lucretius	Respond to of 86076

I meant PVN (typo) yes, utilities forecast L-T bond yields. they are pointing down in a big way. Transports look like they made the final short covering bounce before they resume their ride to the bottom. --not kidding. I bought more puts on DAL. more new lows than highs today. get to the lifeboats. the lower decks are filling up, and yet tech stocks are still dancin in the ball room. look out below.

To: John Pitera who wrote (17228)	1/29/1999 2:48:00 PM
From: Bonnie Bear	Read Replies (1) \| Respond to of 86076

the utility average has been priced for a 4% bond yield...interest-rate-sensitive stocks should be priced for prediction of interest rates one year from now...it's backing back to the 5% level to say "the feds goofed...at least for now". Check out GASFX, the natgas utilities diverged from the electric utilities and they are helping to drive the DJUA down too. But highly debt-leveraged companies should be going down too, and banks going up as long as the spread is in their favor.