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To: Jeffrey S. Mitchell who wrote (11791)	4/11/2000 1:09:00 AM
From: EL KABONG!!!	Read Replies (1) of 32957

Jeff, Schiller had an editorial article this past weekend in the WSJ-Interactive regarding margin limits. Very well written piece. In all fairness, Schiller has been bearish for a long time now. But that viewpoint shouldn't lessen the validity of his research. From my own perspective, the single element that has most contributed to high valuations was the introduction of Level II software/data to the general public. I can't think of any other event that has had more impact than that one. JMO, of course... KJC

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