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To: AllansAlias who wrote (3166)	5/22/2001 11:21:04 PM
From: Perspective	Read Replies (1) \| Respond to of 209892

AA - I know you're not terribly concerned with the long-term picture right now. Even the activity five days out is far less important to you than what it will do five hours out. But - if our little correction wraps up in Naz over the next few days, and if it rolls in impulsive fashion, do I read you right that you consider new lows likely, as we enter wave 5 of 3 in the big, big, big timeframes? (Granted Old Econ may be spared the severe damage thanks to Al's printfest.) BC

To: AllansAlias who wrote (3166)	5/22/2001 11:22:47 PM
From: Perspective	Read Replies (1) \| Respond to of 209892

Funds aren't getting any more money. Everybody who wanted in after the fifth rate cut has bought already. The only pools of money I see waiting on the sidelines are 1. Those who are waiting to see the first real evidence of a tech turnaround, ie a bottom in book-to-bill, before buying. 2. Those (like me) who are waiting for a reasonable investment risk/reward ratio; reasonable valuation with reasonable growth prospects. Those in group #1 may buy tech on the back of the horrible book-to-bill; that day is coming. However, those in group 2 are a long way off. Without fresh Clownbux from mutual funds, this market isn't going anywhere. If you had a roadmap of future fund flows, I could tell you exactly what the market would do. It's that simple. They are virtually the only participant these days. BC