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To: Poet who wrote (9838)	3/4/2001 5:15:12 PM
From: Poet	Read Replies (2) \| Respond to of 10876

A snippet from Hahn's market commentary, posted yesterday: he vulnerable players are not on the “short” side, as several savage short covering rallies were manufactured last week to run out those who had “piled on”. Those vulnerable to more pain are investors who believed the “sell side” stories of investment growth over the long term with “almost no risk”. A chart lower on this page shows continued high levels of margin debt. Speculation continues to be excessive. Highly margined positions currently under water may contribute to the acceleration of a decline. This close to the breakdown levels, a whiff of panic will “spook the herd”. There has been technical damage to the markets. Risk to the downside is simply too great to encourage fresh money to enter the market, although CNBC pushed hard on that idea, Friday.