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To: Frank Pembleton who wrote (92406)	7/17/2001 11:12:04 AM
From: isopatch	Read Replies (1) \| Respond to of 95453

Insider activity continues to point down. (Update Courtesy of Insidertrader) "7/16/01 Insiders' outlook regarding the health of the overall market is not improving. During the week ending 7/13/01, there were 84% more companies with insiders selling than buying, and our Insider-based Market Indicators continue their downward trend. Even if the market has bottomed, insiders are telling us that a secular move upwards is not imminent. So investors should be selective with their purchases, and certainly not be fully invested with the equity portion of their portfolios. You will want to have some ready cash when the market finally does turn." The above, in addition to the other evidence I see, continues to support my contention posted here - for weeks -that we've put in an Intermediate Top in the broad market indices. Right now am 68% cash and not planning any significant portfolio reload before we evidence another important bottom such as was the case in late Mar/early Apr. Isopatch