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To: Eric Wells who wrote (68536)	7/21/1999 1:28:00 PM
From: GST	Read Replies (3) \| Respond to of 164684

Eric -- well said. I spent some time this morning taking losses on calls that dropped yesterday in value. It hurt, but I would rather do that than sit and watch it get worse. I have a very bad habit of buying gold calls, which are really hard to buy in quantity because the markets are too thin. I am now basically in a defensive posture -- long gold calls with a little cash. I enjoyed your level-headed but slightly dark assessment -- enjoyed because I think it is an accurate assessment of the rising risk level in this market. At times like these bad news seem to come out of the woodwork.