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To: Michael Young who wrote (10928)	6/26/1999 10:39:00 PM
From: Jenne	Respond to of 19700

To: Michael Young who wrote (10928)	6/26/1999 10:40:00 PM
From: LOGAN12	Respond to of 19700

What we are attempting to do is speculate. I have my opinion and you have yours. There was a short term rally, but the tip of the iceberg. We'll just have to see what happens. I don't think this is a bubble slowly leaking.

To: Michael Young who wrote (10928)	6/27/1999 12:02:00 AM
From: Gut Trader	Respond to of 19700

To: Michael Young who wrote (10928)	6/27/1999 5:50:00 AM
From: Mike Torrence	Read Replies (1) \| Respond to of 19700

I wouldn't call that single day's action a "relief rally". The market began worrying about interest rate hikes following the announcement of that CPI number almost immediately. One thing is needed to get us started again, in my opinion, and that is a change in the Fed's bias. If the Fed announces a 25 bp rate hike and states that their bias is now neutral, we go up. If the Fed announces a 50 bp raise and hints at no further action on the upside for now, I think we'll be up bigger. Anything else will leave us where we are, stuck and uncertain, unfortunately.