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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (7536)	8/6/1999 2:47:00 PM
From: marc ultra	Read Replies (1) \| Respond to of 15132

re:CIBCR up again etc. Fed's valuation model looks like it's still 40% overvalued or so, probably not much improved despite this minor correction if I understand correctly that valuation is somewhat interest rate dependent in their model. While it can be argued how much inflation there is I have little doubt that in the Fed's mind there is inflation around the corner that they feel will get out of control if action is not taken. When I had my fairly large hedge on I was worried that this type of deterioration in the outlook for stocks would continue and we could see some heavy loss "blue Monday" kind of days. I closed my hedge very early hoping for a rally to test the July 16th highs but it is becoming less clear whether that will occur or not. I just put back a small Ultrabear hedge today to lower my exposure a bit until we either get that rally and see if we get a sell signal then or if we might get a few ugly days next week. In the meantime it's nice to see the big semi capex doing well here. I just sold the small amount of UTEK I picked up as I want to keep cash reserves up very high. Marc