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To: bill meehan who wrote (21325)2/24/1999 3:23:00 PM
From: John Pitera  Respond to of 86076
 
well I was amazed at how anemic the rally from 5.42 to 5.30 was last week....3 day move to 5.30 and that is it??? 5.42 just goes
kaputt...I'm sure there are alot of surprised people on the Street today....more to be surprised tomorrow and next week.

SHort-term a 5.50 yield should give us a bounce.

But we will need to trade a day or 2 below 5.42 to get us off
a DEFCON alert on higher rates.

I don't think we will be back below 5.42 -5.40 anytime soon as I don't think the street is net short the credit markets by any means.