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To: Bonnie Bear who wrote (526)	12/13/1997 8:28:00 PM
From: Don Earl	Read Replies (1) \| Respond to of 686

Hi Bonnie, Yep, I'm almost as annoyed with myself for talking myself out of shorting AMAT when it hit 108, when it was the best company in the world, as I am for not buying it at 28 last fall, when it was the worst. I'm still trying to figure out if this is a cycle or a trend. Several people I've exchanged messages with, that have been doing this a lot longer than I have, seem to think we are at the beginning of a bear market. So much of the business news on the NASDAQ site looks to me like pure hype, designed to create short term movements in the techs, that I find myself questioning everything. Last March when interest rates went up it was the end of the world. Inflation was out of control. Everyones earnings would be hurt. Interest rates would keep going up forever. Etc. Is this an instant replay with a different imaginary villan or are the wolves really howling at the back door this time? Kind of reminds me of the childrens story where nobody believed the kid when it hit the fan, cuz he was lying all the time. What happens if this is a set up for a short squeeze of epic proportions? A lot of people that would never have assumed the risk associated with short play are jumping in with both feet at 52 week lows. From what I understand most market makers consider taking money from short players to be like shooting fish in a barrel. Funds make me nervous, but I have been trading some puts lately. Took a 56% profit on some that I held for less than 2 weeks on Wednesday. Regards, Don