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To: Rarebird who wrote (38101)	7/31/1999 5:15:00 PM
From: Rarebird	Respond to of 116753

Wall Street Notes: July 22 " The Percentage of Bulls in many sentiment surveys has climbed to the highest level since 1987. This year put/call ratios have dropped to extremely low levels, which are often associated with market tops. Short Interest has declined on the NYSE to 4%, which indicates that capitulation among the bears has taken place over the past several months. Without a doubt, there is plenty of anecdotal evidence of a sentiment top as Mom and Pop are selling their houses to invest in the stock market, college kids are gambling with their tuition money and doctors, electricians and pizza delivery men are giving up their jobs to become day traders. If there is a single most important indicator that points to a final top, it is how much money remains on the sidelines to put to work in the market. Obviously, this is the ultimate bullish/bearish consensus. Despite what people say, if they are fully invested, they have a 100% bullish exposure. In that respect, it is clear that the potential of money is exhausted. Cash reserves among individual and institutional investors are at all-time lows. Margin debt has skyrocketed. the savings rate has dropped below zero. A recent survey by the American Association of Individual Investors reports that almost all liquid assets held by individual investors have been invested in stocks, strongly suggesting that the risk to the downside in this market is tremendous." Michael Berger, In Barron's, 08/02/99 p.46.