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To: Michael Young who wrote (67500)	6/2/2000 2:45:00 PM
From: SliderOnTheBlack	Read Replies (1) \| Respond to of 95453

Mikey; you should have learned by now... re: "the market got this one wrong" If they rallied the NAZ thinking that inflation is dead and that the Fed is done - they are wrong. Doesn't matter much to me; I got mine. Pigs get fat - hogs get slaughtered . The first NAZ bounce was a leverageable play - and I got it large. Traded the next 2 , got a little on the shortside, only had 15% invested in tech on this pop - sold it all into todays rally; and now only have QCOM & 2 other trades open... I see no upside to not taking the money & running vs. chasing this rally headlong into a potential Fed Hike Freight Train again... I made a nice leveraged pop on the first rally in April, traded it thru May, got some on the shortside and in all; have made more than a fair return - which I am sure will surpass the Nasdq's move thru year end. I'll walk away from this one feeling both lucky & good... Besides; since I sold the Oilpatch into the rally - I now get to walk back in with that big ole bag of Tech profits and re-buy my old Oilpatch fav's down 10-20 points ! ...plus; I just might get to buy the "real" Nasdq capitulation blow off if it is truly yet to be seen, or at least a significant profit taking pullback at the least. If the "market" wants to take the NAZ straight back to 5000 Mikey; they can have it... I'll wave bye-bye and sit in Oils...and lick my chops waiting to go short. It's a bubble - it was last year - 6 Fed Hikes ago...the valuation multiples make no sense here given the Interest Rate environment. I will ultimately make a huge short bet against the NAZ - as: 10 year high's in the interest rate environment can not and will not simultaneously exist with 10 year highs in valuation multiples - bank on it. Inflation is not dead. CRB up sharply today ! Wages & jobs still way, way too strong. Oil & Nat Gas and ultimately winter heating oil are strongly inflationary - let alone noting what $2 gasoline is going to do at the pumps... It AINT ever been easier... You can trade the NAZ & TECH - you just need to know its a bubble and not start believeing that you're trading anything other than POGS, Cabbage Patch Dolls, or other mania items..... Soros, Robertson, Shopkorn & Buffet were all right and history will shortly prove them to be so; but, there's no reason that some of us can't have it both ways... knowing which way it will ultimately end.