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To: Kelvin Taylor who wrote (29613)	3/3/2001 6:17:00 AM
From: Larry S.	Read Replies (1) \| Respond to of 53068

KT, just a reminder that things often seem darkest before the dawn. Sir John's quote was something i remember from 1982, when everything was doom and gloom and no reason to buy stocks - inflation, lower earnings, declining stock prices. We are approaching maximum pessimism. Assumming we don't go into a crash from here, the odds are very large that we are in a major bottoming process. Stocks have reached quite reasonable valuations, especially compared to where they were. AMAT and INTC are selling at 17 PE (trailing). GLW is selling at 20x forward PE, and is being punished because growth in photonics was ratcheted down to 50% from 90%. You have apparently reached a good trading program, of longs and shorts. that's great. not many people are successful at that. most people invest for ltbh thru mutual funds. mutual funds are building up incredible cash reserves. when the sentiment changes, there will be an avalanche of money coming back into this market. I donno when this change in sentiment will occur. By historical standards, we are somewhere in the middle of a recession and should start seeing some relief soon. Markets typically turn in the middle of a recession. Its just hard to tell when they ring the bill. larry

To: Kelvin Taylor who wrote (29613)	3/3/2001 1:36:46 PM
From: Larry S.	Respond to of 53068

Greenspan on interest rate cuts (from last week): Greenspan rebuffed criticism that the Fed had responded too slowly to signs that the economy was abruptly downshifting, saying a premature move could have led to a deeper economic malaise. ``Had we moved too soon we would have altered the path of adjustment and conceivably created a higher level of economic activity than we are currently seeing, inducing far greater imbalances and a far greater correction of adjustment than we are seeing at the moment,'' he said. whew, must be tough playing God and master tinkerer of the economy. full article: biz.yahoo.com larry