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<DIV><FONT face=Tahoma size=2>
<P>RTs, </P>
<P>I thought it would be a good idea to see where "values" are as of
this morning's open in these days of heady multiples…</P></FONT>
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<TR>
<TD vAlign=top width=30%><FONT face=Tahoma size=2>
<P>INDEX</FONT></P></TD>
<TD vAlign=top width=39%><FONT face=Tahoma size=2>
<P>P/E MULTIPLE</FONT></P></TD>
<TD vAlign=top width=32%><FONT face=Tahoma size=2>
<P>DIVIDEND YIELD</FONT></P></TD></TR>
<TR>
<TD vAlign=top width=30%><FONT face=Tahoma size=2>
<P>SPX</FONT></P></TD>
<TD vAlign=top width=39%><FONT face=Tahoma size=2>
<P>23.52</FONT></P></TD>
<TD vAlign=top width=32%><FONT face=Tahoma size=2>
<P>1.66</FONT></P></TD></TR>
<TR>
<TD vAlign=top width=30%><FONT face=Tahoma size=2>
<P>BOLSA</FONT></P></TD>
<TD vAlign=top width=39%><FONT face=Tahoma size=2>
<P>13.44</FONT></P></TD>
<TD vAlign=top width=32%><FONT face=Tahoma size=2>
<P>0.99</FONT></P></TD></TR>
<TR>
<TD vAlign=top width=30%><FONT face=Tahoma size=2>
<P>Footsie</FONT></P></TD>
<TD vAlign=top width=39%><FONT face=Tahoma size=2>
<P>19.41</FONT></P></TD>
<TD vAlign=top width=32%><FONT face=Tahoma size=2>
<P>3.37</FONT></P></TD></TR>
<TR>
<TD vAlign=top width=30%><FONT face=Tahoma size=2>
<P>DAX</FONT></P></TD>
<TD vAlign=top width=39%><FONT face=Tahoma size=2>
<P>31.66</FONT></P></TD>
<TD vAlign=top width=32%><FONT face=Tahoma size=2>
<P>1.77</FONT></P></TD></TR>
<TR>
<TD vAlign=top width=30%><FONT face=Tahoma size=2>
<P><FONT color=#ff0000><STRONG>Swiss</FONT></FONT><FONT
color=#ff0000></FONT></STRONG></P><FONT
color=#ff0000><STRONG></STRONG></FONT></TD>
<TD vAlign=top width=39%><FONT face=Tahoma size=2>
<P><FONT color=#ff0000><STRONG>112.94</STRONG></FONT></P></FONT></TD>
<TD vAlign=top width=32%>
<P><FONT color=#ff0000 face=Tahoma
size=2><STRONG>1.00</FONT></STRONG></P><STRONG></STRONG></TD></TR>
<TR>
<TD vAlign=top width=30%><FONT face=Tahoma size=2>
<P><STRONG>Nikkei</FONT></STRONG></P><STRONG></STRONG></TD>
<TD vAlign=top width=39%><FONT face=Tahoma size=2>
<P><STRONG>59.68</FONT></STRONG></P><STRONG></STRONG></TD>
<TD vAlign=top width=32%><FONT face=Tahoma size=2>
<P><STRONG>1.04</FONT></STRONG></P><STRONG></STRONG></TD></TR>
<TR>
<TD vAlign=top width=30%><FONT face=Tahoma size=2>
<P><FONT color=#008000><STRONG>HK</STRONG></FONT></P></FONT></TD>
<TD vAlign=top width=39%><FONT face=Tahoma size=2>
<P><FONT color=#008000><STRONG>9.08</FONT></FONT><FONT
color=#008000></FONT></STRONG></P><FONT
color=#008000><STRONG></STRONG></FONT></TD>
<TD vAlign=top width=32%>
<P><FONT color=#008000 face=Tahoma
size=2><STRONG>5.22</FONT></STRONG></P><STRONG></STRONG></TD></TR>
<TR>
<TD vAlign=top width=30%><FONT face=Tahoma size=2>
<P><STRONG>Auss</STRONG><STRONG>ie</FONT></STRONG></P><STRONG></STRONG></TD>
<TD vAlign=top width=39%><FONT face=Tahoma size=2>
<P><STRONG>21.71</FONT></STRONG></P><STRONG></STRONG></TD>
<TD vAlign=top width=32%><FONT face=Tahoma size=2>
<P><STRONG>5.31</STRONG></FONT></P></TD></TR></TBODY></TABLE></DIV>
<DIV> </DIV>
<DIV>If we're in a bear mkt with a 23 P/E. I wonder what SMI will look like...
</DIV>
<DIV> </DIV>
<DIV>I guess Mr. Mobius must be buying HK instead of T-Bonds in a few days'
time...</DIV>
<DIV> </DIV>
<DIV><FONT color=#000000>Regards</FONT></DIV>
<DIV><FONT color=#000000></FONT>Gitanshu</DIV>
<DIV> </DIV>
<DIV><FONT color=#000000></FONT> </DIV>
<DIV><FONT color=#000000></FONT> </DIV></BODY></HTML>
</x-html>From ???@??? Mon Jan 12 13:29:10 1998
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To: Jay Mackro <jmackro@xxxxxxxxxxxx>
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Subject: Re: T Bills correlated with Bonds?
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Status:
> I am not a short term trader - but I'm somewhat familiar with the bond
> market. My observations are that the bill market isn't a good leading
> indicator for the SP500 (in fact - there's often a negative correlation
> - flight to quality - etc.).
The bond market is frequently a leading indicator for the SP500 - but the
correlation sometimes breaks down (as it has the last couple of months).
And - I'm not sure that getting the data on a "real time" basis would be a
big improvement over getting it on a 10 minute delayed basis (I just use
end of day data - and I have to note the periods of weeks and months when
the correlation breaks down).
BTW - I don't know much about data feeds - but perhaps you have access to
the options on the 30 year yields (they don't trade exactly like the tbond
futures - but they would probably be better than the bill futures). Robyn
>
>
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