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To: Oeconomicus who wrote (132561)	10/4/2001 5:25:36 PM
From: GST	Read Replies (1) \| Respond to of 164684

There is no question that the jury is out. But pay attention to what is pouring out of corporate America -- Gateway just announced further cuts -- I believe it is another 25% of its workforce. Nobody knows where we will be in December -- not me, that is for sure. But it is polyannish to think 2 million for the year is not in the ballpark IMO. This is serious stuff. Liquidity can make people rush to cover shorts -- we have seen that in the past week or so. But, looking at reality and faced with valuations based on profit outlooks that are from alice-in-wonderland, there remains downside risk here -- and I am not even talking about event risk -- yet. I am not a perma-bear, but I am not ready to believe that we are seeing anything more than the lift that a patient would get from a shot of adrenaline while in the ambulance.