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To: Yogizuna who wrote (43)	9/12/2000 7:02:54 PM
From: Mark Adams	Read Replies (1) of 111

So far I have to agree that passing up JCP at 13 15/16 looks like a poor choice. I also agree that higher energy is going to hit the people who can least afford it the hardest. If the prices persist north of $28, and there is no fiscal policy adjustments I think most retailers are going to take it on the chin. On the other hand, if there's a change in tax policy that rebates money partially offsetting the energy impact, retailers should do quite well. People might be a bit numb with the past X years of improving economic performance. "Sure, gas costs me more today but I'm earning more and jobs are plentiful." That might make for good holiday sales. The increased friction resulting from transportation surchages will trickle through eventually. So maybe retailers make a good short term play, but longer term we may have to wait for policy makers to make their decisions.

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