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To: Jack of All Trades who wrote (68905)	10/14/1999 6:35:00 PM
From: Madharry	Respond to of 86076

Garzarelli was on CNBS earlier today and quoted one index (Columbia?) which she said AG follows closely which reported inflation 6.8%. Anticipates 10-20% correction at the most, and would look to buy bonds and financials at this point. NOt exactly bullish.

To: Jack of All Trades who wrote (68905)	10/14/1999 6:48:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 86076

Jeff, what's your conclusion re. pricey OTM puts? i have observed that whenever premiums on longer dated puts are much larger than short dated ones, the market is likely to decline (or continue to decline, as it were.) on that front everything still points to lower stock prices ahead. however, what does it mean when the expiring otom puts are pricey? i don't know, but my guess would be that the sellers find them a risky bet. i don't get this excl.food,energy&tobacco business...we always seem to exclude whatever would be inconvenient to include. this is complete nonsense, as all items must be paid for. energy is one of the most important input cost factors in the economy. this is all just WS spin imo. btw, the forecasts are regularly off the mark...and i don't give a hoot what the Fed will look at, what's important is how the bond market interprets the numbers. the Fed will follow the bond market, as always. the next hike is a fait accompli imo, unless a miracle happens. one such miracle would be a crash in equities...<gggg> anyway, i have lots of indications that we should rally tomorrow...so if we don't, it would mean things are even worse than they look right now. market internals were again horrible today. hb