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To: Lizzie Tudor who wrote (64603)	6/25/1999 11:54:00 AM
From: Sarmad Y. Hermiz	Read Replies (1) \| Respond to of 164684

>> PS My apologies to all on this thread for my Kis arguments yesterday... it was a real KIS-a-thon and that gave me a headache By the looks of the market right now, it looks like our nemesis will have the upper hand again today. Just like the past 60 days or so.

To: Lizzie Tudor who wrote (64603)	6/25/1999 12:21:00 PM
From: Rob S.	Respond to of 164684

The number of analysts who are still bullish is at a very high level. I don't see that the market has turned negative to the point that the argument can be used that it is a major factor to propel stocks up. The high valued sectors moved up until a few months ago because of instability overseas and a generous flood of liquidity. At the very best, the Fed is not going to increase liquidity further. The most probable course the fed will take is to slowly reduce liquidity. Meanwhile, foreign markets look more attractive and safe so money will not flood in from overseas accounts - and will more likely marginally flow out to capture better rates of return. On a positive note, the US economy will remain strong and consumer spending will be great. That adds up to a much less enthusiastic scenario for the highly valued sectors. But also points to a super Christmas sales season. My guess is that money will flow into the Internet sector but not at the pace we saw last year and the sector will be diluted by many more .coms that attract money away from the leaders. A billion here, a billion there, it all adds up to treading water at best until this fall, IMO. We will likely see a July 4th holiday effect and earnings driven rally but then more downside, IMO.