Why you ask? It has rally nothing to do with the Gulf, Asian market, or our economy, however those might be used as the excuse. Take a look at historical spreads between short rates and long rates, and the difference on average is usually 1.5%. With the 30 gov't treasury yielding 5.94% less the fed funds rate at 5.5%, we have a spread of .44%. I believe in reversion to the mean, which means short rates must go down or long rates must go up, to get back to a average spread of 1.5%. I look for long rates to test 6%, break through and test 6.25% and maybe 6.5%. On 2/24/98 when the yield on 30 year bonds backed up .12%, FRE fell $2.00. A 30-50 basis point move will be brutle on this stock. Technically stock ready to move lower.