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To: Haim R. Branisteanu who wrote (76910)	3/7/2001 9:54:32 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

Haim, i keep pointing out that it is not so much the net commercial short position that is of concern - it is the fact that the small speculators hold a record high net long position. the commercials hedge - they presumably hold a lot of offsetting inventory. the fact remains that no major market bottom has ever occurred with the small speculators heavily long. that's just not on. lots of small, and especially mid cap stocks have moved higher while the extremely overvalued big cap segment has been shredded. the result is that those mid caps are now overvalued too, while the big cap valuations are far from having corrected to the point where they represent value. so now there's no value anywhere.it's a traders market, yes. but imo not one for investors.

To: Haim R. Branisteanu who wrote (76910)	3/8/2001 1:46:04 AM
From: oldirtybastard	Respond to of 436258

Speaking of YHOO check out FD the great retailer who earns no money but doubled since summer as are many other retail stocks. The game is one but the players are in other stocks. Check out also home builders like NVR IMO, the collapse will not be just tech, but stocks as an asset class. First, everyone must be sucked in, even those that buy boring homebuilders and retailers. Remember, stocks are great, until everyone owns them...since the liquidity pool got so big, all of them will end up overowned at a time when rotation will no longer make sense. Just a mythical possibility -g-