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To: chic_hearne who wrote (53695)	1/4/2001 6:34:04 AM
From: Oblomov	Read Replies (2) \| Respond to of 436258

Excellent points... But, IMO, yesterday's action does not represent a speculative orgy. The record % move notwithstanding, the rallies in a bear market are typically short and sharp. Such rallies are hardly bullish, since they lead quite quickly to exhaustion. The greatest moves were in some of the most heavily shorted stocks, and so short covering certainly accounted for much of the rally. A speculative orgy is self-reinforcing due to the expansion of margin debt, and so it results in a market like that of November 1999 - March 2000. I'm not convinced that this rally is sustainable. Today and Friday need to confirm today's move.