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To: Joseph G. who wrote (2313)	6/16/1998 5:48:00 PM
From: Cynic 2005	Read Replies (2) of 86076

Joe, based on the NH/NL, my read on the Naz strength today: Major short-covering rally in the last hour, triggered by strength in NAZ index as a whole. This is pretty much similar to the strength we have seen on the perspiration day in Oct 97. It is possible that the rally will continue for the rest of this perspiration week - though with narrow volume. Towards the end of the next week the market will crack and another mini-kahuna in the week of 29th. BWTFIK? -g- The big ones on the Naz are relatively safer to short/put now. For puts, time-frame has to be October and out and for shorts, need guts and a plan B. -g- -MMV

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