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To: Tom D who wrote (72301)	8/6/1999 12:40:00 AM
From: GST	Respond to of 164684

Tom -- watch the yen -- its easy and will be a good rule of thumb. Look for something significant -- above 117 or 118 would be the start of a reversal -- above 120 with NO intervention and I would come crawling back to impristine for forgiveness.

To: Tom D who wrote (72301)	8/6/1999 1:38:00 AM
From: Robert Rose	Respond to of 164684

Tom, I will not consider this rebound real unless the jobs data tomorrow is benign and the market responds positively (ie follow-through). However, today the market performed about as I would assume for a reversal day. Volume was a little light - respectable, but not breathtaking. The sector leading previous rallies (the inets) rebounded sharply, as would be expected. Within this sector, the inet 'blue chips' performed terrifically on excellent volume: amzn tested Feb low, then up 10% on 2x ave vol; ebay tested Feb low, then up 23% on 3x ave vol; yhoo tested 1999 low (June), then up 6% on 3x ave vol. Only aol among the inet blue chips faltered, given its special situation. Tomorrow, if government data cooperates, the rally should broaden. I'm taking it a day at a time.

To: Tom D who wrote (72301)	8/6/1999 2:33:00 AM
From: Marshall001	Respond to of 164684

Tom, My take on todays action is simple. The market is not now or ever was linear. This morning simply ran out of sellers. Any weaker hands were shaken out already and now its the shorts turn to sweat a little. Looking at all the charts we were due for a technical rally. All I-Nuts are extremely oversold. I was lucky enough to cover my short this morning at 83 1/2 and then reshorted at 86 (the first bounce) And now I am boxed in with a purchase at 91. So theoretically I am down 5 points but will close one or the other based on the report in the morning. These bounces are hard to figure out. Everybody knows it needs to happen but no one knows exactly when. I actually thought it would happen sooner. If the employment report holds no surprises, I think the shorts will get squeezed a little. But with no real reason to go up yet, we should retest the lows before a christmas rush later this fall. Just my humble opinion... M

To: Tom D who wrote (72301)	8/6/1999 2:50:00 AM
From: Mark Fowler	Respond to of 164684

Tom watch bonds Yields. Big Al is behind this and he'll keep this market in check...Look at this chart quote.yahoo.com^TYX&d=1ys and you can see the inverse correlation between bond yields and the S&P 500 going on right now. When yields rise money moves out of stocks and into cash, short term bonds and value stocks. Foreign countries have pulled back some in our markets this is an intermediate top in the business cyclical. The bull is in tact, the market will go higher when yields stablize --internet stocks are very sensitive to interest rates... Productivity figures came in good again Message 10834161, this is the key to this expansion with low inflation and good earnings...becareful about emotionalisms and hype on SI there's a lot of poison here take your time there's time to get back in...Good luck! On interest Rates 30-Year Treasury Bond Yield (6.11%) remains firm and continues to push up against near-term resistance is seen at 6.20%. Potential is building for a move through 6.20% over the next one to two weeks. Upside to 6.36% would then be seen over the near term. Near-term support levels are seen at 6.00% and 5.93%. In the interim, near term parameters remain for a 6.00% - 6.20% range. Intermediate-term expectations are notched up modestly to a 5.85% - 6.36% range. Long-term upside potential is seen to 6.50% and 6.70%. Long-term parameters currently exist for a 5.41% - 6.50% range.