  We analyse the atomic state obtained by photo-dissociation of a molecular
Bose-Einstein-condensate. This process is equivalent to down-conversion in
quantum optics where it is responsible for squeezing of the field amplitudes.
Monte Carlo simulations derived from the Positive P description of the system,
and approximate equations for second moments of the atomic field operators are
introduced to describe the early stages of the process -- not amenable to the
usual mean-field description.
