Dear Friends,

If it is too expensive to buy all the bonds in the world to support that market, then go for supporting the dollar at a lower cost for this day is most certainly on the Asian time schedule.

You do this hoping that the dollar appreciation will offset the terrible bearish nature of the Treasury bonds.

You do this because you do not see the big picture and think the weakness of the long bond is primarily because of the heavy offerings at auction this week.

Respectfully yours,
Jim