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To: Ron McKinnon who wrote (28708)	1/30/2001 8:40:57 PM
From: E.J. Neitz Jr	Respond to of 53068

Ron, Took profits heavily today. The early January rate cut was unexpected--this one is certainly well known by everyone, so most buying going into it. I, like you ,will protect my substantial profits for 2001, and am adding to it trade by trade, and minimizing substantial holds. I will be in there buying on any sell-off. Best wishes.

To: Ron McKinnon who wrote (28708)	1/31/2001 7:43:55 AM
From: chartseer	Read Replies (3) \| Respond to of 53068

FWIW?nothing Would like to say I am out of the market but I cannot. Sold down my margin to a manageable level. Bought some more core issues. Expected sell off not here yet. Seems to me we retest lows after fed acts. Retest lows, strange concept I suppose if one really understand meaning. Means lows may or may not hold. I would expect fed action already priced in the market. HILO index still at 94%. I believe 96% is it's historic high but needs 3 box reversal to signal short term down. When ever in doubt it is best to be out of the market but when one depends on dividends to pay ones bills one cannot afford to sell everything. I do not want to guess the highs or the lows of the market. I just want my small pieces out of the middle. At these levels I see more down side risk than up side gain here. Still afraid of that large gap down opening. There are large amounts of money that wants to enter this market because there really isn't any other game in town that gains 30% or more per month. This is causing a new inflation. An inflation of equity pricing rather than an inflation of consumer goods pricing. We need more IPOs to absorb this excess cash or else equities are going to be priced out of sight. Of course all inflationary trends end in deflation. Does Greenspan really want to fan the fires of irrational exuberance? And if so why? then again what the heck do I know? chartseer