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To: PeterGx who wrote (7380)	2/16/1998 1:41:00 PM
From: Bankceo	Read Replies (3) \| Respond to of 27307

Key question: When we attacked IRAQ last time the market went WAY UP: What do people think this time?????????????????????

To: PeterGx who wrote (7380)	2/16/1998 3:00:00 PM
From: Don Earl	Respond to of 27307

Hi Peter, That's what it looks like to me. A combination of news and fund money to panic the short sellers, plus the usual lemming run assisted by trading money. So are we looking at a blow off top to end a seven year bull run? Short covering saved the day in October but what will happen on the next round when a good percentage of the short money has been shaken loose? Japanese banks are still in big trouble. Food riots in Indonesia. Unchecked inflation in Korea and Malaysia. Hong Kong facing a renewed attack on their dollar. Consumer debt in the US at record highs, with major companies cutting back labor to meet slowing growth. What started in November and December was just a warning shot across the bow. It's a long way from being over. For now, I'm looking to put together a small portfolio of put options going out 3-6 months, and avoid holding long positions over night. Most of the market hasn't reached highs I feel comfortable with yet. As a rough gauge, I'm looking for the Dow to approach 9000 and AMAT to hit 50. We'll see. Regards, Don