Today the 3 month libor fell below 1% which reflects a significant credit thaw and increasing fixed income invetor confidence... that the global financial system is no longer facing Armegeddon. With an expected equity correction likely to coincide with "May go away", I'd like to see some divergence from equities for PCN and PTY as fixed income investors feel more confident in seeking higher yields in longer maturities and riskier high yield investments. Conclusion: If you are invested in PCN and PTY you are in the right place as the fixed income management of PIMCO squeezes yield, adjusts quality and maturity length strategies and the efforts of the Federal government and the Federal Reserve begin to work. I'm still looking for a more dramatic investor response to the changing fixed income fundamentals and the various gov't programs that creates more of a mass exodus from the short end safe haven trade. Look for PCN an PTY to move up dramatically as this happens.