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To: Yiqun Xie who wrote (17097)	5/6/2000 5:31:00 PM
From: Patrick Slevin	Respond to of 17305

I tend to agree. I'll tell you what, I'm the last person in the world to preach about position trading. It's not my style. On the other hand I don't have a lot of exposure in terms of long term positions because most of my Long term stuff is based in Buys I made in the 1980s so the risk is not palpable. But I don't think the Reward Upside is worth it, so for the first time since I opened a bunch of Mutual Funds in the mid 80s I'm almost completely out of these Funds except for IRAs. This money is going into the next Bill Auction around June 1st. My Short Sells on the Indices are double what I take on the Long positions as a rule. For the first time in my life I'm taking contracts on June Gold out of Chicago. I'm trying to posture the Yen. This is stuff that never would occur to me normally. Usually one can make a fair living trading the US Market. But it bothers me as well. My stance at the moment is to be very risk-adverse with respect to the upside of the US Stock Market. If it's incorrect to presume that then the error is on the side of caution. I don't think it's imprudent to make such an error. The Rally on Friday was fairly predictable, or at least I think so. I used it to take a Long at the Open and I shut down more Mutual Funds on the Close. Bear Markets are punctuated by astounding, senseless rallies. If this is a Bear Market then nothing is out of place,