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To: Lizzie Tudor who wrote (50807)	7/6/1999 9:54:00 PM
From: John Pitera	Respond to of 86076

~~The thing is, there really hasn't been the runup we saw in the past either. I just can't see the inets starting to tank on wednesday. ~~ I know it seems hard to believe that the nets could be making quick reaction top with more of a decline to ensue shortly. I have 3 items that indicate we may have done the upside of this move since May. 1) a couple of market forecasters including Robert Bronson, were looking for 1420 on the advance , and we got very close today on the futures. 2) the put call ratio is signaling a poss. top 3) the VIX is getting into a area where an intermediate top could be formed.....I am agnostic about the short term, but am paying attention with stops on my longs, and will consider some strategic shorts, I have very few at the moment , other than CAT, UNPH and EGRP.