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To: John Pitera who wrote (43584)	5/27/1999 4:42:00 PM
From: Defrocked	Read Replies (1) \| Respond to of 86076

Or maybe the bears have just been conditioned to place close buy stops and run for cover on every backup???? The bears I know are still very worried but painfully respectful of this market. So many don't like to go home short or stay short for long. This creates the potential for opening gap moves down on bad overnight/after-close info. That was some $Yen move today. Smells like yen-carry surrenders to me. Let's see, long bond losses of 9% since February plus $yen gains of only 4% (from 115 to 120) and accrued of only 1.25% equal 3.75% losses in 1/3 of a year. Hmmmmm. They could be making sure they don't get burned as badly as last Oct in that wicked one-week move from 135 to 115. I'm going to wait a while longer before any $yen trades.