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To: Richard Tsang who wrote (12451)	11/29/1999 8:19:00 AM
From: Richard Tsang	Read Replies (2) \| Respond to of 118717

Dale, this from Briefings, kind of what I have been thinking of: "Not the Nasdaq. Its gravity-defying run continues. The index is now up a staggering 57.2% year-to-date and has closed higher on 17 of the last 21 trading days. The average gain during those 21 trading days has been 30.73 points. There was a time when that was considered a very strong increase for one day. Now it's average. We would be lying if we said we expected this run and we would be telling an even bigger lie if we said that it didn't worry us. Some of the recent signs of froth are mind-numbing -- the run-up in China stocks and the Ariel (ADSP) spaceship trading 50.6 mln shares Friday. In a holiday-shortened session, no less! Are we just paranoid, skeptical, cynical? Maybe, maybe, and maybe. For being these things over the past couple of weeks, we often hear criticism that we have missed the run in tech stocks. And indeed we have missed the tail end of it. But then the rest of the market has stalled, much as we expected. Are tech stocks immune to such a stall? Are they immune to a correction? Of course not. We might well be missing out on some of the fun here, but we will also intend to miss out on the inevitable correction. And given the scope of recent gains and the incredible froth in the tech sector, that correction could be quick and painful. With the entire Nasdaq market looking more like Ariel, we'll pass on playing the momentum game for now. It's possible to miss huge short term gains, but it's also possible to miss the death defying plunges that these momentum stocks take when the momentum stalls. - GJ"