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To: Jorj X Mckie who wrote (53416)	7/27/1999 5:28:00 PM
From: pater tenebrarum	Respond to of 86076

JXM, i see an outside chance for a marginal new high in late August, but assign a greater probability to a hefty correction continuing to unfold. if the market simply streaks higher from here, we may be in for an'87 replay later this year. a market with weak internals ignoring rising rates is dangerous. at some point the economic imbalances that AG continues to mumbingly bemoan ("the economy is stretched in a number of dimensions")will come home to roost at some point. the first whiff of this is the swift decline in the dollar following the latest trade deficit data. the stock market merrily ignores a host of warning signs imo, but as we all know, the durability of this mania is legendary. so better not rule out higher prices. hb