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To: UnBelievable who wrote (7827)	8/1/2000 8:13:01 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

i see what you mean. often such gaps provide a measure of support, but my view remains that the bear market is NOT finished yet, and that eventually new lows will be seen. the NAZ has become even narrower, its a/d line keeps hitting fresh lows. the leading stocks are probably the most crowded trades in the market's history. and one after the other they get shot... the chief must-have stock CSCO is expanding its float at breakneck pace with the spate of take-overs...imo these take-overs will be the source of future problems...everybody has become convinced that management can't fail with those, or overpay. in a way it's true, since they pay with funny money. anyway, whenever you hear x billion takeover, think about the likely fair value of the payment... also it's a highly suspicious game, a big push to squeeze everything out of pooling of interests accounting while it is still legal..to make the numbers. every q. they beat by exactly one cent...and then you look at the report and it's an effing jungle.... the other leaders, if not shot from their perch already, suffer from problems of their own...many simply don't have the growth in operating income to justify current valuations. it's really become extremely bizarre if one stops to think about it.