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To: bill meehan who wrote (73704)	11/4/1999 5:30:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 86076

Bill, the arrogance of some of the bull market cheerleaders is amazing. it will come back to bite them one day. i happen to be of the opinion that the long term investor, once he has determined that we are in a bubble that's getting a bit long in the tooth should simply get out...it's not so important WHEN he gets out, only THAT he gets out. very few can hope to catch THE top. but everybody who got out of the Nikkei at 35,000 in '89 looked like an idiot for a few months and 5,000 points and has looked like a genius ever since. btw, the target of 770 for the SPX that you have mentioned on one occasion looks a bit generous to me...the secular bear should exaggerate to the downside just as the bull has exaggerated to the upside. regards, hb