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Guest Gtnworse

Hey Guys,

So this is where the action is during the day. I heard that Bernstien over at Merrill has raised his bond allocation and is calling stocks "highly speculative".

Piles, are you going short via BEARX today? I thought your indicators were not there yet? Why are you changing your plan to wait for the turn?

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Thanks Greg.

Bernstein also claimed that the equity market still appears highly speculative. Such speculation, he claimed, is typically indicative of the end of a market cycle, and not of the beginning of a major bull market.

Am very impressed by Mr Bernstein this morning!!

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HUGE DRAIN! 8B or so by my guestimate.

 

Temporary Open Market Operations: 12/03/2002

Maturity Date: 12/4/02

Delivery Date: 12/3/02

The Desk has entered the market announcing: O/N RP

Temporary Operations Statistics:

Treasury Collateral Operation Agency Collateral Operation Mortgage-Backed Collateral Operation

Weighted Average Rate

1.241 NA NA

Stop Out Rate (Lowest Rate Accepted) 1.240 NA NA

Highest Rate Submitted 1.250 1.260 1.270

Lowest Rate Submitted 1.200 1.220 1.220

Total Propostions Submitted (In $Bil.) 21.650 10.550 1.600

Total Propositions Accepted (In $Bil.) 2.250 0.000 0.000

 

Total Money Value of Operation (In $Bil.) 2.25

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Eric Fry (of Apogee Research - formerly Grants Investor - and Daily Reckoning fame) is on CNNfn as guest host this morning. His comments are a true fresh breath of reality - so much so that Sasha (who covers the NASDAQ) asked if they were starting to throw tomatoes yet!! :D :D :D

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