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To: re3 who wrote (54119)	7/31/1999 4:16:00 PM
From: pater tenebrarum	Respond to of 86076

ike, i would say that if the market continues to decline, the brokers are usually one of the most profitable groups to short. remember MER fell to a low of 35 3/4 in last years debacle and i suppose any of the old style brokers would do as a proxy here. re. the e-brokers, it seems to me their fortunes are closely connected to the fate of the i-nut stocks, which contribute a lot to their trading volume. so if you are negative on the market as a whole, there's absolutely no reason to be positive on any of the brokers. note also that trading volume has shrunk perceptibly since april, so commission income is bound to suffer already.