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To: robert b furman who wrote (4305)	2/8/2003 9:58:22 AM
From: Alastair McIntosh	Read Replies (1) \| Respond to of 13403

Hi Robert, I think that the rally on payroll and unemployment failed as it was quickly realized that the improvements were more statistical than real. If the numbers were perceived as real perhaps the market would have rallied for more that 10 minutes. I agree that next week should be "interesting".

To: robert b furman who wrote (4305)	2/8/2003 4:58:30 PM
From: Jacob Snyder	Read Replies (2) \| Respond to of 13403

<good ole fashioned purging> Yes. For a long time, I thought that purging happened in 9-10/01. But, I gradually concluded I was wrong, and we need to see more and worse. A lot of big-cap (or formerly big-cap) are at risk of hitting a stock price of 5. If that happens, we will see a huge wave of margin calls among tech investors. That's one reason why I'm using LT calls instead of margin, for leverage (and that won't even begin till we get back to SOX around 200). I expect 2003 is going to see huge volatility. Right after we deal with Iraq (and the conventional war will be only the start, that is just the punch that gets us stuck to the Tar Baby), when (without any respite) we start the buildup to "regime change" in N. Korea. We're going to have our noses glued to CNN all year.