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To: Elwood P. Dowd who wrote (90572)4/3/2001 5:58:57 PM
From: Captain Jack  Respond to of 97611
 
El -- those guys are real optomists! We keep hearing the word ' capitulation' from those experts that only saw a downturn in a text book. I'm not so certain it will come this time. The erosion came steady,,, people held. Now they believe their holdings are too low to flush. They have faith, in time, holdings will do better.We also must remember many holders never saw a downturn that lasted more than weeks prior to going to new highs before. If capitulation does not come real soon due to tax selling or fright at the sight of their fund qtr report there may not be another catalyst for capitulation for some time. Foreget capitulation and think lower fed & tax rates equal earnings!