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To: patron_anejo_por_favor who wrote (68832)	2/16/2001 10:01:09 PM
From: Earlie	Respond to of 436258

Patron: It was a stressful, but nicely profitable week at this end. I am now carrying only AMAT NVLS, and a bit of JNPR for a Tuesday morning interlude. Taking short term profits on small short positions that are put out as the rallies have occurred, has proven a good strategy so far. We shall see how it works as the economy continues to sink. I worry as much as any about the vicious rallies that a bear market can unleash, but I also think we need to keep in mind just how much negative momentum is building. Negative flows to the funds is a big item. So is the rapidly slowing economy, and its related negative wealth effects. Add in the big margins that still exist, the commencement of repatriation of foreign funds, and above all else, the impact of accumulated debt and it is hard to see how we can escape a continuing grind-down. Given the dicey conditions, I suspect that there is much less risk playing the short side of this tulip than the long side. As we go forward, even poorly timed entries will likely be bailed out as stocks continue to grind downward, the reverse of what occurs in a bull market. Best, Earlie