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To: Charles Webster who wrote (12500)	3/16/2000 10:05:00 AM
From: Kirk ©	Respond to of 15132

re Why did this market open to the upside with this PPI report. Because the market is smarter than just reading the top number. suite101.com Remember it takes 6 months or more from a tightening for it to show and those with a good looking glass are finding signs of slowing. (Like it is hard to build new houses to take out loans to fill with new stuff when permits and housing starts are down significantly) Is 2000 going to be a repeat for the timing model of 1987?

To: Charles Webster who wrote (12500)	3/16/2000 10:25:00 AM
From: Justa Werkenstiff	Read Replies (2) \| Respond to of 15132

Charles: The market took out the volatile numbers and liked what it saw. Sentiment is strong in the market. All the sentiment around is positive and so things look good to folks if they can find the good news. But let's see the market close. Crude and intermediate prices are up strongly but companies cannot seem to pass along the costs. If that is the case, watch for more earnings shortfalls in the "old" economy stocks. Plus, there is some pressure being put on the bond market as a result of the buyback. This is really causing problems in getting a good look at what the bond market is doing. Prices are going up and yields down. And this trend appeared after the date was set for the buyback. Financials like what they see but is what they see real? Is it the buyback or is the bond market discounting a slow down? Charles Biderman wrote yesterday that without the margin money the bull market would be toast. I think it is interesting that with all the money being put in and then some we cannot get a sustained move up. The broader market sucked some money from the Naz yesterday and then today that trend continues. What we have is fish jumping from one pool to another with no real overall direction.