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To: Investor2 who wrote (9622)	11/13/1997 9:19:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 17305

A "3.8" cash position means they have 3.8% of their assets in cash. Otherwise they are fully invested. So any redemptions have to be accomodated by selling stock because inflow is down.

To: Investor2 who wrote (9622)	11/13/1997 9:43:00 PM
From: Patrick Slevin	Respond to of 17305

For a further discussion. First of all, all these investors who have been convinced by their advisors that "Now is the time" are getting real bored when they find out stocks like, for example, DELL was a steal at 80+ and now is a steal at 70. MU will still be a neato buy around 17 or 18. (Posted that when it was around 30). Expiry will be a non-event with this exception. The "smart-money" crowd is long puts from 880 and above. If the OEX is weak at/below 880 look for them to force it lower. And....with respect to these Nueral Net kids, I had to think about it for awhile but bear markets are noted for their Friday rallies. I'm not betting on an up day Friday....quite the opposite...but this Neural Net horse manure seems to act like a trend following system, they always predict Fridays to be up during a down market. What else is new?