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To: Jeff Leader who wrote (47151)	7/15/1999 2:14:00 AM
From: Carl R.	Read Replies (2) \| Respond to of 53903

Yes, I'm aware of that, but if the selling price falls below the marginal cost, there are great incentives to reduce output (or to get out of the business altogether). I think that this rally may partly be due to prices falling low enough that they are below marginal costs of some producers. Thus a price increase should have been anticipated, and the same applies to the MU rally. I was expecting it, I just missed it. At least I wasn't short or buying puts. Carl