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To: Defrocked who wrote (53103)	7/26/1999 10:47:00 AM
From: John Pitera	Respond to of 86076

I agree with your assessment of underlying strength of the US economy. anecdotally here in Houston We have as much building and new construction , as we had during the oil Boom days of the late 1970's early 1980's. Yesterday I was driving past a 25 acre field that was dense woods on Friday and had been totally gutted by Sunday at 1 PM. There is massive new, home, apartment, mini-storage buildings and new office construction going on. The 10.6% rise in June existing home sales is a record and IMHO indicative of the underlying strength of the US economy. Furthermore, the increasing turnover of US housing stock continues unabated despite the rise in mortgage rates suggesting that the wealth effect from stocks is moving into real activity and will eventually show up in the price indices. BWDIK.