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To: AllansAlias who wrote (12101)	9/5/2001 11:58:22 AM
From: JRI	Read Replies (2) \| Respond to of 209892

Great point.....Dude on CNBC saying only 48% of stock on NYSE is common stock, the rest preferred and bond/related instruments.....so the bulls who have been citing good breath on NYSE for the past many months...well, if you back out that 52% non-common stock good breath (which would stand to follow, given lower rates in last many months)....the breath numbers on common stock NYSE look very mediocre, and destroy that bull argument..

To: AllansAlias who wrote (12101)	9/5/2001 12:05:15 PM
From: The Freep	Respond to of 209892

So, clearly, we did not enter any 3 of 3 yet this morning. At what point can the jello go on long enough to put that possibility in doubt? The p/c's spiked nicely today, as did the VIX, so perhaps yesterday's decline was not the start of a new wave down? Or is this just morphing into something more complicated (yet again)? Heck, I think I should go to the gym and forget about it. the freep (who notes that the NDX futures just made a new low as I typed this)

To: AllansAlias who wrote (12101)	9/5/2001 12:25:39 PM
From: Perspective	Read Replies (4) \| Respond to of 209892

AA - this market is extremely sick. My heaviest positions are all falling through immense air pockets on long-term charts, and they are literally crashing at this point. Some of them: ONIS SONS VRTS BEAS MERQ QLGC CHKP CLS NETE INFY They are just latched at this point, not even posting any decent bounces. There is a serious liquidity crisis afoot somewhere in the tech investing industry. I'm getting that same nagging "gee I oughta cover here" feeling, but there is something evil afoot. Smelly can't even put together a micro-bounce. Granted, Janus may be letting it fall until right before the close so they can jam it, but I think even they believe that we need a thorough retest of the lows now. There - that should mark the low for the move! BC

To: AllansAlias who wrote (12101)	9/5/2001 12:34:09 PM
From: Perspective	Read Replies (1) \| Respond to of 209892

One more thing: I've come to expect that the institutions launch the direction for the day by around 10AM. They bring on the volume and tend to set up impulsive-looking moves. Then we tend to get corrections of those initial moves during lunch jello. Then, if there is unfinished work, you get another afternoon impulse. If not, shorts will eventually launch a short-covering rally that may or may not take on impulsive characteristics. The absence of corrective upward activity here where it should happen is waving another liquidity flag for me. If the institutions aren't done yet, the afternoon impulse will make it into one ugly day. Two scenarios avoid this: 1. If the institutions are selling MORE than they need to in order to attempt to spring an afternoon jam job. 2. If the institutions are done selling and the short covering rally launches of its own accord. Something smells really rotten here, and I would advise against all long scalps until a true retest of the April low. BC