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To: MileHigh who wrote (26061)	7/30/1999 9:40:00 PM
From: Richard Habib	Read Replies (1) \| Respond to of 93625

The interesting thing about the previous article is that if a percentage of us think the market is topping - it can't be topping. I'd argue that whether we realize it or not our actions are influenced by each other. While I don't agree that bearish sentiment is rampant (Check out the Intel thread where people seem to have no concern when PEG values are competely out of historical whack), it seems many people are moving to cash. A more perverse but realistic outcome is that the market dips, we savvy traders buy the dip, a false breakout occurs and we all go down in flames together - savvy traders, silly traders and buy and hold folks. As Milehigh points out it's difficult to arrive at a true Bear market scenario going forward, a mentality almost all of us share. That of course is precisely the mindset that will cause us to buy the dip, that results in the false breakout, that . . . The question is how do we short circuit the circular logic except by identifying the factor that will result in a true Bear market which historically is not identifiable until after the fact. Rich