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To: Tim McCormick who wrote (22338)	5/18/2000 1:09:00 PM
From: GraceZ	Read Replies (3) \| Respond to of 29970

This is why I always try to hire teenagers, you have to get them while they still know everything. What happened to NASDAQ flyers and never sell? girls, beer and poker.....I bet I could clean you in poker and I'm one of those players where everybody folds when I raise the bet. (and I have to keep that little card next to me that says what beats what) All in good fun...it's always entertaining to see somebody fool enough to take on Ah on economics and the stock market.

To: Tim McCormick who wrote (22338)	5/18/2000 1:34:00 PM
From: ahhaha	Read Replies (1) \| Respond to of 29970

The bubble has not been popped. When brokers are taking jobs in lawn care, and NYC residents start a campaign to turn off the obnoxious NASDAQ building, the bubble will have popped. You are calling for a stock market crash. When will this occur? Your trade data crap is worthless Your commentary is crap worthless because you don't provide any material claims. Your interpretation of mutual fund cash is completely inconsistent. Why not trust the data instead of your emotions which are only a matter of price? The same action happened in '97, '98, '99, '00, and the markets continue upward. So are you trusting your own emotions? Just what data isn't crap worthless? What did such data tell you in July '98? Interest rates were rising in Oct '99 so why did the NAZ ignore that? Why did the NAZ ignore the presumably low levels of mutual fund cash? does Richard Ney still drive a Rolls Royce? Ney was a clown who had no business making air head claims about the activities of specialists. The SEC got so tired of his nonsense that they stopped answering his mail. Could Marty Zwieg run a Mutual Fund? In the late '70s at an institutional conference Marty heard a talk I gave and he thought I was the sharpest market analyst he ever heard. (He had hair then). Marty runs his own fund and has done well. What has that to do with the price of peanuts in Paris? Got it. His mutual fund cash ratio is low. It was that way 4 years ago. That fact didn't stop him from being 100% long during much of the last 4 years. I didn't say I used this as an indicator, you implied it should be growing. No I didn't. You don't know what you're talking about. You don't know how mutual funds work nor do you know the relation between reported cash and the intent to act among managers. Managers can sell one stock and buy another and they can do this in volumes without cash changing. The cash position has nothing to do with market swings. The only connection cash position has is with perceived market risk. Market risk is proportional to the rate of inflation and so cash position is also proportional to the rate of inflation. Not an illusion, irrelevant until acted upon. If this is true, then sentiment is a posteriori and therefore useless. When does some degree of sentiment become an effective decision procedure? When is bearishness thick enough for you to sell? Or does it work that way? Is the glass half empty or half full? If you believe in sentiment, then you need to use it in a contrary way. So where should it be applied first? To yourself. So if you're bearish, you should be buying. Do you know anybody who changed their retirement plan funding allocation to more fixed income or MMF? No. During 1980 and afterwards with interest rates up around 20% there wasn't much changing either. Do you really think the non-participating public is so dumb to play your bullish bearish game? But I forget, you are calling for a crash, so according to you they will finally be wrong. I repeat, when is this crash due?