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To: stockman_scott who wrote (138204)	8/1/1999 11:58:00 PM
From: PAL	Read Replies (2) \| Respond to of 176388

Hi Scott: OT OT OT Peter Lynch says that to know the stock, just look around you. Just use common sense. The same thing can be said about the market. For the first time after many many years, I am concerned, probably just plain scared about the market. Ten days ago I was in Washington DC for some vacation. I bought gas in New Jersey for $ 1.029/gallon. I checked the market ending July 23th. AG spoke at HH meeting that week. The market went south. Last week the market went south again. I came back to the West Coast to be confronted with gas prices as high as $ 1.649 per gallon, about 25% more than before I went on vacation. Then, the economic reports giving pressures on the ineterst rates. Basically I am an optimistic person, but I am realistic as well. Look at gas prices: it is the fuel of the economy. Looking at the heat wave and the prices of produce will go up. You can always argue that we need to look at the core items only. To me that is just ignoring the eventuality. While we are experiencing oil prices pressures, I am sure there will be "analysts" who will issue scary reports about Y2K. Ineterset rate will more likely go up in August gift wrapped by AG. That will not be good for internet stocks, mortgage companies, banks, and that the compounding effect: dollar will be even stronger with interest rates higher: multi national companies will have a harder time to sell the products overseas although imports will cheaper, but what are the imported goods? Those products that are labor intensive, raw materials, and how about oil? Just food for thought, but I am thinking about taking defensive moves. Best regards Paul