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Bullwinkle

06/26/05 2:30 PM

#4947 RE: skono4 #4945

Hi S4, agreed, but don't forget about that $17+ Bln into MM funds. The money has been funny lately. In and out of the money market with little making its way into domestic funds. A lot of positioning going on, but still not sure what to make of it. Could be in preparation for the summer dols. I think I last read that fund managers were nearly all in and at 3% cash levels, but that may have changed. I will need to review that stat. More impressively though is the commercials taking the other side of that trade and increasing short side exposure. Could be some fireworks coming and I'm not just talking about the 4th of July >8^)