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To: Bill Harmond who wrote (72087)	8/5/1999 11:11:00 AM
From: re3	Respond to of 164684

rotflamo ike

To: Bill Harmond who wrote (72087)	8/5/1999 11:17:00 AM
From: 16yearcycle	Read Replies (3) \| Respond to of 164684

William what do you think about the msft/aol news this am? Is the market overreacting? Aol is on an e pace of about .60 but will do probably .80 in the next 12 months. A reasonable pe on a 75% revenue and e grower. However, the problem is that the e numbers can't be thought of as very solid now. TIA

To: Bill Harmond who wrote (72087)	8/5/1999 11:22:00 AM
From: GST	Read Replies (2) \| Respond to of 164684

William --the downside dynamic looks like it is going from first gear to second or third gear -- not looking like it is going to reverse. The institutional selling continues the theme -- from strong hands to weak hands -- and the weak hands are already surely feeling the squeeze, suggesting that they will 'puke' them up when we get to the next stage. Money continues to leave the US. And we have data coming out tomorrow which is more likely to reinforce the downside momentum rather than easing it. Conclusion -- more downside ahead in a 'sell the rallies' market'.