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To: limtex who wrote (91063)	1/2/2001 5:16:25 PM
From: puzzlecraft	Respond to of 152472

I think this explanation is the most accurate - people selling winners to take taxes this year - I was expecting it and wrote a few cc's this morning. IMO, the reason why it didn't happen immediately is that people were waiting so see how the day unfolded and once the direction was set, the thing snowballed. A secondary reason for the decline IMO was the very damaging article in the Sunday's New York Times indicating how biased and blind many of the brokerage "analysts" are these days, due to the brokerage relationships with investment bankers. As for the extent of this decline and its consequences, I don't see a 1929 type scenario, rather the completion of the unwinding of the speculative excesses spawned by accelerating technological boom which finally ran into the law of large numbers. The Nasdaq could touch its very long term log trend line of say, 1600 - this decline, IMO, is no big thing in the very long term picture - as the overall social infrastructure built to support basic constantly renewed urges to eat, procreate, etc. seems quite intact.