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To: bill meehan who wrote (19190)	2/11/1999 6:11:00 PM
From: Defrocked	Read Replies (1) \| Respond to of 86076

Bill and Thread: The following is IMO a self-expanatory table providing a rationale for shorting bonds, especially if stocks continue higher. The periods shown are the only times money grew at double digits since 1960. FWIW. M2 M3 CPI 10YrNote 1972-Jan. 13.38% 14.32% 3.3% 5.95% 1973-Jan. 12.90% 14.35% 3.6% 6.46% 1976-Jan. 13.31% 9.89% 6.7% 7.74% 1977-Jan. 13.58% 11.98% 5.2% 7.21% 1982-Jan. 10.20% 12.36% 8.3% 14.59% 1983-Jan. 10.88% 9.32% 3.7% 10.46% 1998-Jan. 5.87% 9.49% 1.6% 5.54% 1999-Jan. 11.80% 13.70% 1.6% 4.72% (Money growth using simple annual rate; Constant maturity yield for 10Yr.Note)

To: bill meehan who wrote (19190)	2/11/1999 7:16:00 PM
From: accountclosed	Read Replies (2) \| Respond to of 86076

On a day like today, do you debrief traders to get information on where the buying came from? What firms were conducting most of the transactions? What types of clients such firms have? Do you dissect whether stocks led the way and brought the futures along, or whether buying initiated with futures? And what does that tell you about the nature of the buying? The talking heads on tv tonight will pull ideas out like the impeachment winding down, greenspan not saying anything negative...But what actually happened? Did money come in in volume from overseas? Or did mutual fund managers jump all over stocks to not miss the updraft so they could stay pace with the indexes (holding their noses as you say)? Or some other factors? With low volume it seems to be more of an absence of sellers than anything else. Or are all my questions here hs, and the market just went up? tia