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To: bcrafty who wrote (77652)	7/21/2003 4:20:09 PM
From: Perspective	Read Replies (1) \| Respond to of 209892

Distribution is institutional selling pressure. O'neill (whom I have a fair amount of respect for) has a pretty lame definition of it. I define it as above-average volume selling, and you can pick your average. I think 50-day average works well to smooth seasonality and secular volume trends. BC

To: bcrafty who wrote (77652)	7/21/2003 4:24:07 PM
From: Perspective	Respond to of 209892

I wouldn't touch those mo-mo perpetual motion liquidity machines until the positive feedback is clearly broken. Yes, I'll be late, but the risk/reward isn't good until the uptrends are broken. I'll wait to see if they have any support at 50day averages. On second thought, I might short a test of 50-day. They pretty uniformly failed all recent tests, and you can anticipate that the mo-mo types will have stops there. Might be worth a few points, then cover. BC