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To: DAY TRADER who wrote (10039)	6/14/1999 11:24:00 AM
From: KM	Respond to of 19700

Bargain hunters, something to consider: The Brutality of Margin Selling By James J. Cramer 6/14/99 10:51 AM ET If people are still margined, and you think that today amounts to some sort of crescendo selloff for the DOT, you might as well wait until the margin calls go out and the clerks start the forced selling. When I was a broker at Goldman Sachs (GS:NYSE), I would learn which of my clients had margin calls right about now. I would then contact them and urge that money be wired in so we would not be forced to sell their stocks to raise capital. If the money could not get in by wire by 1:30 p.m., I would plead with the all-powerful margin clerks to spare my clients. By 2 p.m. my entreaties would be crushed, and the forced selling would commence. That's the pattern all over the Street. Margin clerks come in with sickles and slash whoever can't come up with collateral. And the result is a shake-out of people who did not want to sell but had to. Margin selling is brutal and knows nothing of momentum or value or profit. It is the pruning shear that allows a better market to grow back. But boy, are those DOT trees ugly after the scything. Stay tuned. Feels big today. Stay tuned.