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To: Glenn D. Rudolph who wrote (68468)	7/20/1999 7:47:00 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 164684

The analysts and fund managers interviewed on cnbc feel that this is a sharp correction only... three days or so, Eric Gunderson (?) who they intervied said he was a buyer today. I agree this is a correction only. Thats my story and I'm sticking to it. I'm not adding, but I'm not really worried either.

To: Glenn D. Rudolph who wrote (68468)	7/20/1999 8:56:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Glenn -- I got things really backwards yesterday. So take what I have to say with a grain of salt. I missed the down move by thinking I had a day left -- and was beaten to the exit by the momo crowd. So here is my take on what is next. 1) We had a big run-up -- and lots of people waited to jump out at peak earnings-driven values -- that was today's story. 2) Earnings have been good but failed to be supportive because of point 1. 3) Interest rates look like they are going down. That is yet to be supportive -- but of which stocks? 4) There is a glut of new issuance -- that is a problem for stocks that are being sold to make room for new ones -- like the nets. 5) There are few 'undervalued' sectors and many overvalued ones. Conclusion: A sideways correction/rotation in which techs slide and some cyclicals do ok -- principally stocks like GM. If AOL does ok, they could pull away, but watch out for the really crappy ones that are still over-owned -- you know, the ones that bark like a dog, smell bad and scratch a lot <g>. BTW -- there is lots of potential 'bad news' to help power a move down -- like China, and China and China -- and the dollar.