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To: Vol who wrote (9986)	6/13/1999 12:31:00 PM
From: Jenne	Read Replies (1) \| Respond to of 19700

This week sure does not qualify as the "summer doldrums" and after this week and the next two, we will be begging for some doldrums to appear. While I do expect a relief rally on Mon/Tue, I do not expect it to go anywhere. We are most likely trapped in a trading range between 10,300 to 10,700 until after the Fed meeting on the 29-30th. Even if they do announce a rate increase the earnings announcements will begin the next week and will quickly over power any hike jitters. The Feds have already used their Fed speak to drop -700 points of the Dow in anticipation of a hike and it is now fairly priced. The period we have to worry about is the end of July after the majority of earnings have been announced. The closer we get to Y2K the more impact news and events will have on the market. Y2K is also the reason I expect the Feds to leave rates alone after June. They can't afford to crash an already worried market just before the anticipated Y2K dip. The wild card here is a persistent rumor that they could take advantage of the current market strength to announce a .50% hike and kill two meetings at once. Then they would not have to change the rate again later. While this is a remote possibility it is a possibility. There was a rumor in the markets today that the Fed was holding an emergency meeting today to discuss raising rates before Jun-30th. This was just a rumor but it was just another straw for this bull to carry. A relief rally on Mon/Tue would probably be tradable but only if you are prepared to sell quickly when the tide turns south again. While "traders" should be cautious over the next two weeks, I recommend that "holders" stay out of the market. You know which category you fall into and you should take action accordingly. The triple witch Friday would normally give an upward bias to the market but the economics on Wed/Thr are more likely to take precedence. OPTIONINVESTOR

To: Vol who wrote (9986)	6/13/1999 1:37:00 PM
From: bobby beara	Read Replies (1) \| Respond to of 19700

Ya, Billy has done quite well for himself, but keep in mind that most of his assets are tied up in soft, a high beta investment which will correct more than the greater market whenever the eventual revaluation to the mean comes. As far as Dell, take a look at the chart and you can draw parallel channel lines from the 97 top (leave out the spike low in October 98) iqc.com It blew out of that perfect channel early this year, which is a technical exhaustion or buying climax and now has gone thru the channel to the downside and in the process retesting and making each of the trendlines into resistance. The fundamentals back up this theory (declining ASP's, companies giving away computers to sign up customers for access etc.) Dell is still selling with this big correction above the market multiple and has broken it's trend of blowing out earnings. Most of the big money that entered the market in April was targeted at growth funds, didn't do Dell much good. good trading, bb