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To: Oeconomicus who wrote (2486)	1/8/1998 9:23:00 PM
From: Richard Makowiec	Read Replies (2) \| Respond to of 2601

<<<...resulting in another Black Friday/Monday pairing>>> Good points, I've already started trimming. Intention is to do it slowly, worst thing to do is sell all "Longs" too fast and then have the market suddenly reverse. My goal is to have 30% cash again tomorrow. I havn't been discriminating either, all get trimmed, no matter how attractive. I'm getting tired of trying to determine the best time to go "full boar" in this market long. Reducing exposure here sounds real good to me. Next week, if things continue, sell another 10%...keep doing that until it either reverses or I'm down to peanut holdings I guess. Doing it slowly at least gives the comfort of this Circus being short-lived, if wrong at least I was reducing prior to a potential drop (like the Black Fri/Mon you mentioned). Another reason I'm going slow is the holidays have just past...the market knew everyone was expecting a New Year rebound, so what happens? Exactly...the opposite, should have figured this one out before the holidays...it makes sense now. I still have beliefs that Jan/98 earnings will propel this market...just do not want the whole portfolio riding on it:( You thinking what I'm thinking? If Japan closes worse than 300 down (despite recent gains days ago) I think a critical support level will have been breached. It may tumble like HK further...what stinks is our economics are so interwined with theirs. One hope is some major fund players strat pumping the small caps...it's common before the bull becomes too tired to run. Rich (hedging and hoping...getting tired of this waiting game) AOL puts are looking real good (to me anyway, even without the market jitters))