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To: Robert Graham who wrote (4139)	12/11/1997 11:48:00 AM
From: Chris	Read Replies (1) \| Respond to of 42787

bob g. looks like the mcclennan mkt newsletter is on the ball again.. gotta go.

To: Robert Graham who wrote (4139)	12/11/1997 12:40:00 PM
From: Mark[ox5]	Respond to of 42787

Bob, I agree with what you say .. good post. I also think that its BS about co's already blaming Asia for THIS Q's shortfalls. But it will affect many next Q (April reporting period). I think the US market is understating the affect Asia will have. Also, when/if China (the future powerhouse in the region) states the same thing every other country has fallen to in the region it could be trouble. Each of these countries has a separate and diverse set of problems, and the popular media just groups it all together as "Asia problem". Its going to take a few years and a lot of suffering for them to work out their problems. The solutions will help both them and us a lot in the long term (5 years out) but we just have to hope we stay ok in the shorter term. The U.S. went through a similar stage a few years ago (i.e. slashing of jobs, problems with the dollar) in the early 90s and look at us now. Dont get me wrong, Im not a bear.. actually I think its a damn shame that with such a wonderful economy as we are having, we are suffering from all these other factors. But things dont look too good past January (lots of earnings shortfalls IMHO), especially for tech. Pick your spots carefully. Im looking for some kind of rally in late Dec/January but then again so is everyone else. Many times that is a contrary indicator. I hope not. Good luck, and set your stops tight =). Mark

To: Robert Graham who wrote (4139)	12/11/1997 7:57:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 42787

I want to add to me previous post here that I recently came across evidence that the move down by bonds in relationship to the move up by the stock market may not necissarily be due to recent institution participation in the market throught their liquidations in the bond market. CNBC reported that there already has been bond selling by Japanese interests. If this heats up, IMO it can spell trouble for the stock market. Out of all the negative things that I can see happen to the market, this would rank up there. The Japanese sell off of their bond holdings in our market was one of the most significant concerns that I had as an outcome of their current economic problems. But this situation is still too premature to call. Bob Graham