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To: High-Tech East who wrote (32970)	6/21/2000 2:37:00 PM
From: JDN	Respond to of 64865

KEN: Get your head back under the blankets before the Boogie man gets you!! JDN PS: could it not also mean the professionals are continually having to roll over their positions as the drop they expected didnt occur? If and when they decide to roll out of their positions you might find incredible UPward market forces at work.

To: High-Tech East who wrote (32970)	6/21/2000 2:43:00 PM
From: Steve Dietrich	Respond to of 64865

... the commercial hedgers (the institutions) are net short the S & P 500 futures by a larger margin than has existed since at least sometime in 1994 (or earlier) ... usually, the individual investor is the opposite from them, and mostly wrong ... Don't know if this applies but i recently read (in a Cramer article i think) that the institutions will short the underlying stocks when customers buy a tradable index, like QQQ. They do this so that (like Vegas does by setting spreads so that bets on either side will be about even) they can be sure of their commission without taking a position on how the index will perform. Is this so, and is it possible that this is what you're observing? And if institutions indeed do this type of thing, isn't buying indexes somewhat self defeating? Steve