[RT] Dec. T-Bonds - S&P 500

["Norman Winski" <nwinski@xxxxxxxxxxxxx>]

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face="Times New Roman">Dec. T-Bonds – SPY (S&P 500 
Spyders)
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<FONT 
face="Times New Roman" size=3>  This is the spread between Dec. T-Bonds and 
Spyders which is the S&P 500 divided by ten.<SPAN 
>   This shows what approximately 
equal dollars, in this case long T-Bonds and short S&Ps has done.<SPAN 
>  Please note the nice inverted head and 
shoulders b<SPAN 
>ottom 
and that now the market has broken out to the upside.<SPAN 
>  This shows that the asset allocaters are 
selling stocks and buying bonds. The chart pattern indicates that this trend is 
likely to continue until the spread gets to a minimum of 12 with a good 
possibility for the 16 – 18 level. 
<SPAN 
>During 
the past six months, the high was 30 and the low  was 1.  The low 
occured
<SPAN 
>the 
first week of Sept. 2003. 






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