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To: TheStockFairy who wrote (32838)	4/12/1999 6:35:00 PM
From: J. P.	of 86076

The Nasdaq 50 dma has cyclically dropped to the Nasdaq 200 dma for the last 5 years in 9 month cycles. finance.yahoo.com^IXIC&d=5ym We're right around the point where the cyclical top has flattened out to begin the descent. And we have great fundamental drivers to support it in the PC margin wipeout and the Y2K spending freezes. If you're going to capitalize on this with puts, it's my opinion you have to be early and stomach the volatility, because the bulk of the slide occurs in only a few trading sessions. The bulls are celebrating, and I'm hearing a lot of normally staunch bears allowing that the market looks like it's a clear shot skyward. Schwab puts are deader than Kelsey's balls, but I still have many many assorted July options, and I have conviction those are going to be profitable. I don't think Intel is going to pop the bubble tomorrow, because they're being discounted. I just hope Intel pops Intel! Goldman IPO is in 3 weeks now. They may be able to get it done before the sky falls on them, and they can watch their newly minted shares fall to 1/3 their IPO value over the balance of the year.

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