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To: SeaViewer who wrote (31655)	5/8/2000 1:08:00 PM
From: Les H	Read Replies (1) \| Respond to of 42523

They're bidding up the stocks before they go into the Regional Bank HOLDRs. Today, the semiconductor stocks are falling off now that the Semiconductor HOLDRs started trading on Friday. Same true with utility stocks being bid up today.

To: SeaViewer who wrote (31655)	5/8/2000 1:16:00 PM
From: pater tenebrarum	Respond to of 42523

Jeff, i don't think so...imo nothing untoward has been priced into the bank stocks. see my earlier comment on mindless rotation...which is what this is imo. note also that the derivatives positions are not marked-to-market in the quarterly reports. who knows what problems are already lurking out there. here's a look at credit spreads: note they are much worse now than during the heights of the Russian crisis. someone is losing money here...whoever is sitting on the wrong side of the swaps. 216.46.231.211