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To: Nancy who wrote (31655)	12/20/1997 7:38:00 PM
From: Tom Trader	Read Replies (1) \| Respond to of 58727

Hi Nancy re>>How do you see today's turnaround ? Lots of volumes. It was impressive--given how far down we were. Clearly what we have is a battle between the bulls and the bears. But now let us see how spirited the rally is -- the last two rallies have been unimpressive. I suspect that what we will see is this tug of war that will finally be resolved with some fundamental event--and IMO it will be resolved on the down-side when we break current support levels. The SOX acted very well and gave a buy signal on Friday based on my system--a pity given that I am short AMAT. May close out my short call position on AMAT, for now and re-establish it at a higher level. >>Looks we would have a January rally to implement the protection side. Hope after the insurance is in place, we have a decent sell-off then.<< I think that we will see this sell-off some time towards the middle of the first quarter with a bottom in March -- caused by earnings warnings, Asia, and so on. >>A friend e-mailed me last night, he has closed out all his shorts, after achieved a 225% return for the year, he went into 100% cash and would not trade till Jan. What an envious position he is in.<< That is very impressive--what is your friends background in relation to investing. Perhaps you could keep me posted as to when he decides to get back into the market and in what direction.