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To: wlheatmoon who wrote (55921)	8/10/1999 6:22:00 PM
From: Defrocked	Read Replies (2) \| Respond to of 86076

Oh Yeah??? I've met RealMan on occasion too.<g> Today's Inut portfolio action triggered substantial short covering which will, IMHO, reappear as new shorts along with further long liquidation. Note that in the broader market, today's "recovery" was not pretty with Decl>Adv. by almost 4:1 and NL>NH by almost 10:1 at one point. Ten percent of all NYSE stocks traded today hit their 52 week lows. While this should be somewhat normal, since the SPX also hit its 200DMA today, the number has doubled from last week. Is this indicative of a buying opportunity??? Put today's Inut action into perspective by pulling up a YTD chart: A very ugly chart indeed. Are we supposed to believe the fundamentals improved substantially today vis-…-vis their valuations and new IPO supplies??? Is Christmas truly going to usher in massive revenues and, more importantly, net income that justifies such valuations?? The incontrovertible fact is the Fed is tightening and will continue to tighten. Long rates may even exceed 6.6% by Oct.1. GDP growth will slow eventually. The dollar should continue to be "for sale". And profit taking may accelerate as the EOY approaches and Y2K fears crescendo. While there are a few good stocks out there in equityland the risk/reward ratio given extant P/E's and the interest rate outlook are not compelling to me. I also find the 30Yr/10yr spread, only 9 bps., foreboding, especially with the Fed's perceived monetary stance. We very well could see a bounce here. But I think we have not seen the lows this month. August is notorious for thin days, especially for currencies and I think the direction for the dollar is still down, potentially leading the way for stocks. BWDIK.