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To: mansan who wrote (1546)	7/5/2002 12:27:01 PM
From: mansan	Respond to of 10157

Something to read from Philip B. Erlanger comment this morning. <<The S&P 500 took a peek at the abyss on Wednesday by briefly dipping below 944, but managed to close up on the day. With morning futures up, no doubt the calls for a major bottom will be legion.>> <<From a strategy point of view, we have been gradually pruning our portfolio. We are mostly in cash, or trading from the short side. Any long positions must be treated as speculative, which means tight stops must be set. Our strategy for now is to see if the S&P 500 can rally to resistance, where we will contemplate reestablishing more short positions. Moreover, if the market rallies big today, the final value this week for the weekly "buy" confidence will be even lower.>>