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To: bill meehan who wrote (53700)	7/29/1999 5:17:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

Bill, the 'fully invested bears' could quickly become less fully invested bears if the dollar continues to sink. i expected actually that today would see a continuation of the bounce that began on tuesday since yesterday's put/call ratios were very high. now the SPX has turned back down even before it could complete a 0,38 retracement of last week's fall. not good at all. interestingly, in spite of the old saw 'don't fight the Fed', the anecdotal evidence points to continued complacency. most analysts interviewed on CNBC still urge everyone to buy, especially tech stocks. rarely is a word of caution uttered, which goes to show how deeply ingrained the bull market psychology has become. lately the phone-in segments on CNBC have 10-12 yr. old children calling in...the stock market now pervades every segment of society, it is incredible. regards, hb