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To: Brent Hogenson who wrote (46745)	6/22/1999 12:48:00 PM
From: Richard D	Respond to of 95453

That may be true, but futures are hard to handle. They have time value built in, and the gas futures will likely incrementally change as we approach the year 2000. I think it will be very hard to outsmart the market by the time it makes sense to buy futures. If you are wrong, then the futures plummet. If you hedge in equities, you can buy now. If you're right, the short plays go lower at the same time the long positions go higher. If you're wrong, your loss in either the short or long position will likely be offset by your alternate position (long or short.) With equities, you don't have to worry about time value as much, so you can place your bet soon and just wait. Still, it's not a bad idea (gasoline futures.) You may be on to something. Richard

To: Brent Hogenson who wrote (46745)	6/22/1999 12:55:00 PM
From: Gary Burton	Read Replies (1) \| Respond to of 95453

Interesting thing about Y2K---When I looked at the EW count on the OSX going down from 140 top, I noted to myself that there was one alternate count that suggested a new low after a retrace to roughly 80...That count has bothered me for some time and in fact assumed a somewhat higher possibility when the OSX didn't break 45 in Feb (if it had it would have eliminated this count later) and instead retraced back up (unfinished business-'should' have made a new low, I said to myself at the time)....So here we are with everyone now bullish and along comes Y2K--could it be?----At any rate, i'm not buying until at least a break of 70 and if and when that happens we shall see.