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To: Duane L. Olson who wrote (11036)	3/21/1998 1:40:00 AM
From: shane forbes	Read Replies (2) of 25814

TSO: I tend to agree with you - this has all the earmarks of a "blowoff top". I need to check this week but the rise in the markets is bordering on nonsense. When the pundits speak of Internet Stocks as safe havens instead of switching asset classes you know that the game is up. I've been reducing exposure but not too much since my tech stocks pretty much suck all round... Unlike Oct. I am not really holding "overpriced" stocks as the Techs have been doing a great job standing still while the rest of the market surges; no make that large cap issues that have earnings predictability or are just a good choice for index funds. Amazing how unbalanced the market is these days. In the left hand corner those large caps and sectors like internet-related and weirder thingies like stock-split companies and in the right hand corner most of the small caps, a lot of the mid caps, and a lot of the techs. Right now that left hand side of the swing is way way way up there while the right side is way way down there. Something's gotta give... need to check fund flows... perhaps IRA money though I've never been a believer of the school of thought that says cash moving in automatically justifies the moves in markets... we need to have more IPOs (but not many techs will be standing in line unless they are internet related I would guess) or ADRs or some way to spread this savings money around! ---- Humor: Coin Flip Decides Seller of Bonds The flip of a coin on Wednesday decided which underwriting syndicate won the right to sell $450 million in municipal bonds being issued by the state of North Carolina. Merrill Lynch, which had tails in the flip, prevailed over a syndicate headed by Lehman Brothers. The two syndicates had submitted identical bids of 4.773707 percent for the cost to the state. The bonds are to be used to finance public school construction. "I've been in this business for 20 years, and I've never seen that before," a municipal-bond trader told Reuters. ----

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