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To: Boplicity who wrote (14979)	4/18/2000 10:02:00 PM
From: pinhi	Read Replies (1) \| Respond to of 35685

Greg, do you think it's possible that we just had the retest of the drop 2 weeks ago? Remember the panic selling then to 3650 and then the recovery to about 4300? This second drop more vicious and deeper than the one two weeks ago? Could it have been the blowoff on the sell side. Seems to me there was great fear. Put/call ratio went to .9 - very bullish. Your thoughts? Pinhi

To: Boplicity who wrote (14979)	4/18/2000 10:31:00 PM
From: Ex-INTCfan	Respond to of 35685

Greg, as you say, there is logic to a retest, but I think they are just playing it up because they have no balls. If they say we are recovering and we don't, they look like fools. If they were instead to say we are going retest, and we don't, they can say "oh, well, this wasn't a typical bottom," and save face. A 100 point blip down wouldn't suprise me, but a 500 point drop would. Who's going to sell? This is the chance the MMs have been waiting for to buy. What I do see is some rotation out of some of the tenuous high flyers and into the more proven stocks as people reduce risk that way, rather than changing asset allocation. This rotation won't be as apparent at first because of short covering on the really beaten down stocks. People want out of the stocks without PEs. INTCfan