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To: Steve Misic who wrote (7437)	6/13/1999 3:40:00 AM
From: Dale Baker	Read Replies (2) \| Respond to of 118717

If you are really concerned you should have lots of cash plus some shorts and puts. Personally I don't think the situation is as clear cut as everyone says. When the herd is all poised and ready to run one direction, you can often do well if you are prepared to go the other way. Just don't get stampeded, of course. I am in a position where another big drop in Internet and tech stocks will dent my 1999 gains but not wipe them out by any means. They have already withstood a substantial pullback. And I don't see a broadbased fall coming during earnings season. The US economy is still doing great and the top companies are still making money. Put me down as definitely uncertain about the next few months.

To: Steve Misic who wrote (7437)	6/13/1999 8:00:00 AM
From: Dale Baker	Respond to of 118717

Briefing.com for June 14:General Commentary: Ugly combination of rising rates, disappointing earnings from CMGI (CMGI 89 3/4 -11 3/4), and server problems at eBay (EBAY 165 7/8 -16 13/16) conspired to short-circuit the tech sector in Friday's trading... With CPI data looming on Wednesday and Greenspan testimony set for Thursday, investor anxiety over inflation likely to keep sector/market under wraps for at least a few more days. Sooner or later, however, market will begin to focus on earnings... And the earnings news is good... Tech sector escaped warnings season relatively unscathed as fewer than 20 companies warned... Software companies issued most warnings with 6... Given street looking for Q2 year/year earnings growth of 10%, lack of warnings suggests that techs positioned for a very good quarter... With so many stocks having pulled well off their 52-wk highs, earnings news likely to serve as a buying catalyst.