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To: Sarmad Y. Hermiz who wrote (114030)	1/2/2001 10:08:00 PM
From: Bill Harmond	Respond to of 164684

Must be HJ.

To: Sarmad Y. Hermiz who wrote (114030)	1/2/2001 10:15:40 PM
From: GST	Read Replies (1) \| Respond to of 164684

Sarmad: I think we will start to hear more about mutual fund selling. For those people out there with a life -- the ones drawn into the market by news of big gains year after year -- for these people the market is now very, very unattractive. They are kicking themselves for being suckers and they are saying "get me out of the market". They will not be back for years. They will look very skeptically at the stock market and they will call up and ask for their money back -- and this trend will be reinforced by daily doses of bad news and cooler chatter. Many of the sellers today are older people who did not want to be in the market in the first place -- but they felt they had to do it and their kids encouraged it. BTW, foreigners also appear to be liquidating long positions. This bull traces back to 82 - I don't know if you remember that far back. Most people could not stand to own stock then -- it was like excrement. In 2000 everybody and his dog just had to have this stuff -- at any price as we saw in March. This is the end of the cycle -- the end of a twenty year bull. We are down, yes, but also closer to the beginning of the downtrend than to the end. Sorry to tell you. Good luck.