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To: Ilaine who wrote (31139)	7/7/1999 4:04:00 PM
From: PCModem	Read Replies (1) \| Respond to of 71178

"As of the end of March, 1999, with the market near an all-time high, less than 5% of stocks were within 5% of their highs." The DOW, which is an average of 30 really big stocks, is not the entire market, nor does it really reflect the entire market. It is nothing to sneeze at, but comparisons such as that one do not generally give one an accurate reference point for judging the performance of the entire market. But that quote would have you believe that those 30 stocks are "the market." Personally, I think the DOW as an indicator needs to be scrapped. The NYSE composite is what you should be watching rather than the DOW if you want an indication of what the New York market is doing. It is more like the NASDAQ composite, S&P 500 etc. hope this helps. PCM

To: Ilaine who wrote (31139)	7/7/1999 4:17:00 PM
From: Jacques Chitte	Read Replies (1) \| Respond to of 71178

Last year this was really acute - just before the Fake Bear in early fall. The market "narrowed", with leadership concentrating into the blue chips and index Atlases. Meanwhile the Average Stock was hurting more or less badly. From my limited reading - it is a bear alert. But we've had so many Really Good bear alerts, and each time the bears got faked into giving up another hunk of their hides. The single troubling thing is that the Top could be in or it could be two years off after a 140% (from here!!) runup. It'd take good timing in&out of a real serious bear mkt to go short now and not lose in that latter scenario. I am long for now. I wouldn't know WHAT to sell short on this day.