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To: epicure who wrote (73907)	11/5/1999 6:55:00 PM
From: pater tenebrarum	Respond to of 86076

X, quite right, enthusiasm has swelled immensely and that may be enough to stop the rally in it's tracks. however, there is still the issue of delta hedging to consider...every time a strike price with a great number of outstanding calls falls by the wayside, a wave of buying results to hedge the calls that have been sold short. this is one of the reasons why i give this thing until expiration at the latest before the first significant pullback. it could came earlier of course in view of the extreme moves in certain stocks. today's p/e - expansion - forever justification marathon on CNBC was definitely a sign that this thing is getting long in the tooth. it sounded like the arguments that one could hear in Japan in '89, if not worse. hb