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To: Glenn D. Rudolph who wrote (80919)	10/17/1999 11:18:00 AM
From: Eric Wells	Read Replies (2) \| Respond to of 164684

Glenn - I don't see any inconsistency in Helene Miesler's remarks. Essentially, Helene is commenting on the fact that massive selling has yet to take place in this market - and she is postulating on two possible sources of selling that we 'might' see in the coming months: 1. Some people are holding on to stocks that are sitting at prices lower than where they were purchased - this is especially true for anyone that bought any of the inet stocks in April at the height of the mania and has held. Certain investors in this situation have endured the pain and have held hoping the stocks will come back - yet at some point, the pain may get to be too much - or the outlook may appear too gloomy that they will give up hope and dump the stocks at a loss. 2. Regarding tax loss selling - some investors do have realized capital gains for this year. And if such investors are sitting on unrealized losses in stocks that don't look like they will recover anytime soon, then they will sell, realize the loss and avoid the taxes. Helene's remarks seem very sensible to me. Please let me know where in her reasoning you see a flaw. Thanks, -Eric