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To: AllansAlias who wrote (88779)	4/2/2001 3:37:26 PM
From: chic_hearne	Read Replies (2) \| Respond to of 436258

Allan, now that we took out the lows on the COMPX, what do you see as the next potential bounce point if it keeps draining? I was a day early on calling new lows on the COMPX. The wipeout I thought would happen Friday, well, we all know that will just never happen. I'm now borderline nuclear short as poots are near the money or slightly in. Booked a few profits, but not much.

To: AllansAlias who wrote (88779)	4/2/2001 3:39:35 PM
From: Perspective	Read Replies (1) \| Respond to of 436258

Yes, the entire point of bear markets is the destruction of liquidity, and they're equal opportunity executioners: they destroy bull and bear dollars alike. The market wants to destroy money here - don't get sucked into giving it yours. A certain amount of everyone's portfolio - the majority, IMHO - should be devoted to positions, not trades. And until evidence presents itself to the contrary, those positions should be on the short side, heavily weighted in SOX and DOWn, and we should be selling more into bounces to keep adequate equity exposed on the downside. We are one year into a multi-year bear market - trade accordingly. Ah, sheesh. When will they ever learn to quit building these damn rising wedges? Bear flag ho... BC