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To: Sarmad Y. Hermiz who wrote (63659)	6/22/1999 1:57:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Sarmad -- If there is any one thing that is clear, it is the relationship between high pe or ps stocks and interest rate TRENDS. A 1/4 point rise, or even taking back the three 1/4 point easings that were needed to flood the market with cash last fall will merely dent the high fliers. However, a rising interest rate TREND would kill off the high pe ps bull -- period -- and we see that every time this issue emerges. This scare will come and go and drive these stocks up and down by 50% -- which we have already seen twice this year. The less sophisticated players will believe it is this piece of data or that piece -- but there are other indicators, and the yen/dollar relationship is key. This relationship is being 'managed'. In the end, the market will overwhelm the managed approach.