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To: GST who wrote (113339)	12/22/2000 7:58:51 PM
From: craig crawford	Read Replies (3) \| Respond to of 164684

I realize a couple up days doesn't make a trend, but I am encouraged by three things. 1) After this long weekend, there are only 4 more trading days of tax loss selling. It will be nice to get rid of that albatross around our necks. 2) Only 4 more days of window dressing. Managers who have done well all year with old economy NYSE type stocks don't want to get rid of those until after the new year because they have been winners--and they like to show winners on their sheets at the end of the quarter. They also like to push out capital gains into another quarter if they can get away with it. That's even more important for many individual investors who only pay taxes once a year. If they have some drug stocks or health care stocks that have done well this year they don't want to sell until January so they can push out the capital gains. When they do free up all that cash in January they will have funds ready to be deployed in beaten down areas like tech. 3) Shorts. Ahh, those lovely little Smokeys. They have been coining money the last few months going short. Just like longs want to wait until after the new year to take their capital gains, so do some shorts. If they've been short and have big gains, they would like to push those gains out into the new year as well if possible. I realize most shorts are short-term oriented and don't care about waiting to cover, but there have to be some people that shorted YHOO at 100 or something this year who aren't anxious about taking their cap-gain with just a few days left. The other interesting thing to gauge is how many people do you think have a balanced portfolio, tech and old economy safety stocks, and are selling their drugs, biotechs and consumer stocks before January because they have tech losses to offset those capital gains. These people fall into the category of cash raisers (selling many things) and it certainly can't hurt to have people raising lots of cash at the end of the year. Chances are they will be ready to redeploy that cash going into the new year. (or maybe even right now). I'm sure there are more scenarios that I haven't listed here and haven't thought through thoroughly, if you or anyone else has any ideas on end of the year positioning feel free to air them.