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To: DAN KACKLEY who wrote (2425)	2/5/1998 12:03:00 PM
From: Chris	Read Replies (1) \| Respond to of 8219

my ibm comments Message 3349117

To: DAN KACKLEY who wrote (2425)	2/5/1998 7:34:00 PM
From: Earlie	Read Replies (1) \| Respond to of 8219

Dan: A quick comment, for what it's worth. This run-up has not been backed by fundamentals, at least not from my perspective. A serious number of companies "missed" in Q4, and now the Asian problems are starting to show up as a rash here in N. America. Early indications show U.S. exports to Asia down 10% year-over-year already. Still, Clinton slides off the hook, the money is still flowing into the funds, and the Olympics are about to begin. The bulls will prevail for a bit yet. The next nasty period starts in late Feb, as Q1 warnings get underway. This will provide lots of ammo for the bears, especially in the tech sector. Keep powder dry for a bit yet, and let the bulls "retest" the old highs, with or without solid footing. Best, Earlie