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To: Ken98 who wrote (45167)	6/4/1999 5:36:00 PM
From: Cynic 2005	Respond to of 86076

Ken, the simple answer is I don't know. I have taken a lot of lumps trying to guess things. A new breed of spinmeisters are controlling the shots in the markets. Considering James Carville's remarkable success in turning Clinton's problems in to GOP problem, I am not surprised that every single bit of news is spun positively. My guess is as good as anybody else's. I think at over 6% yields, if bonds continue to take gas, it is difficult even for Carville to spin things. -g- Surprisingly, it is good for the bulls (IMO) if a dash to 6% happens quickly (next two sessions). If up to the time CPI numbers are released (7 trading days) this market is yo-yoing, a bad CPI number can be pretty devastating for both Bonds and stocks in a single session. It looks almost certain that the Feds will tighten this month. I will closely watch for their comments. I am hoping that today's action is more short-covering and "can't wait it is a reversal/breakout" TA bulls buying in to the rally. No matter how they spin it, a lot of liquidity is gone in to thin air. The pain hasn't reached a critical level yet for the real reversal to materialize.