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To: wlheatmoon who wrote (58928)	8/27/1999 7:47:00 AM
From: John Pitera	Read Replies (2) \| Respond to of 86076

Mike, look at the DJTA for a very bearish looking chart. decisionpoint.com we just bounced back off of the 200 dma, and the descending upper trend line. It a hard to spin it as positive. The best I have seen is that Cramer says the Transports don't matter He's a real character when he is arguing his side of the market. * * * some Y2K info from Briefing.com For some time now, we have argued that Y2K related liquidity concerns would underpin the market heading into the new millenium, particularly with the recent focus on the lack of contingency plans at major corporations to deal with some of their offshore business and trading partners that may not have implemented the proper measures. Helping to soften some of the concerns, a recent report by Goldman Sachs does note that problems in China may not be as bad as expected, with 10 out of 11 companies compliant on 100% of their mission-critical systems. However, Goldman does note that its survey of 96 Asian companies (excluding Japan) "may not be representative of the overall situation," adding that "as Y2K focus increases, investors will likely concentrate portfolios, reducing exposures for less-prepared companies." Finally, we would point out that just 53% of the companies surveyed said they expected their mission-critical corporate partners to be fully prepared. Despite the backup in the market today, liquidity concerns remain evident by the outperformance of the bond, which will not see any new supply in November, to the rest of the curve. --------------------------------------------------------------------------------