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To: DJessen33 who wrote (65416)	9/30/1999 2:23:00 PM
From: pater tenebrarum	Respond to of 86076

i bought LTV and BS...while it is true that there are dippers waiting for a chance to buy, my own mindset serves me as a proxy for market psychology here. yes, i am prepared to nibble at beaten down value stocks, and no, i won't touch the overvalued darlings here. there are big short positions in many of the overvalued stocks which is imo the main reason why they have refused to drop any further so far. but the shorts can get cleaned out quickly, as they are most certainly the most nervous bunch of market participants. in the meantime days like today will reinforce the complacency that can be detected in the put/call ratios. '99 has been a record year in terms of complacency...for the better part of the year we had the bullish consensus in the polls at 13 year highs while dollar volume in OEX puts scaled record lows. the correction we have seen so far means nothing in terms of the punishment such high levels of complacency usually beget. that is why the recent increase in bearish sentiment doesn't count for much imo. we'll see, but i think there's a good chance that the worst is yet to come.