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To: Thomas M. who wrote (3708)	9/23/1999 7:41:00 PM
From: Gary M. Reed	Read Replies (1) \| Respond to of 17683

<<<Absolutely wrong. Merrill said sell in the summer of 1998, around Dow 9000>>> Tom, You are wrong as rain, my boy. I remember distinctly Merrill's chief market analyst, in October, with the market at 7600, proclaiming we were going to 6200. CNBC can and has verified this. Also, they came back and reiterated their "market sell" opinion at Dow 9200. As far as Ned Davis, I stand corrected...looks like he is basically matching the mkts' performance...but Russell, the guy quoting the Dow theory...you are wrong again...this guy was quoting Dow Theory as his basis for being short...I will not hold my breath waiting for you to show me a chart of how the Dow Theory has outperformed the market, because it hasn't...nice try though. So you're wrong on Merrill and you're wrong on Mr. Dow Theory. You were "right" on Ned, although being up 13% YTD is nothing to brag about...my fund is up 50% YTD, and yes, those figures are audited...waiting for Ron Insana to call me...not gonna hold my breath though. I'm not bearish enough and I don't work for a wirehouse (thank God!)