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To: dpl who wrote (3050)	2/18/1998 5:16:00 PM
From: Jay Morrison	Read Replies (1) \| Respond to of 12617

>Particularily in the current market, there are many people going blindly into the stockmarket as traders. < I think that is a very inaccurate description of the current market atmosphere. The VAST majority of new money going into the stock market is going into mutual funds handled by professional money managers (as it should be). That is not irrational. That is very intelligent investing by the general public in my opinion. Day Traders, SOES or otherwise, are statistically very small compared to the number of investors saving in a 401 K. Those of us on a thread like this one think it is more prominent than it actually is because it is in front of us daily. I do not see HUGE numbers of people quitting a career to do this. I see a few thousand who are fed up with their current career giving it a try. If it doesn't work (8 out of 10) they move on to their next career (of the 7.4 careers they will have in a lifetime). Let's face it, trading is like any other career. Some people excel and most do not. But the key difference is, if you are successful, then you will likely be VERY wealthy. If you can't concentrate for 6 1/2 hours per day, then you will move on to another job and earn a salary, thus making the companies we watch move up and down. We are a small niche in the overall marketplace. I do not see a lot of people dropping everything with wild dreams of striking it rich. Jay

To: dpl who wrote (3050)	2/18/1998 7:41:00 PM
From: Robert Graham	Read Replies (2) \| Respond to of 12617

Yes, there are similarities, aren't there? What is that Wall Street axiom of contrary opinion? If you find that everyone including the "shoe shine boy" is talking about their own stock investments and offering stock tips to their clients, then you know you are near the end of the bull market. For instance I recently have had a woman as a watress in a small family restaurant give me my first unsolicited stock tip for this bull market. Talking to her I knew she does not understand the market and is just passing along this "tip" from someone else. But she sounded confident in the stock tip. I think the substantial participation in small caps can be used to support this view of the market and its participation by the average Joe "I-wanna-be-in-too" Public Investor armed with credit card in hand. There is definitely very positive sentiment in the market place right now. Between this and the money flow into the stock market from institutions, and its evidence in the accompaniing breakouts of key stocks, and markets (indices), I thought this rally would end up with some staying power. What is surprising me is how the bond market is holding up to the transfer of funds from the more defensive position in bonds into stocks considering the ongoing rally in indices like the NASDAQ and DJIA. But then some of this money that has been moving into the "blue chip" DJIA stocks has been from foreign participation in our markets. Even though the Asian markets appear to have firmed up for the time being, I think allot of foreign money is looking for a safer place. I think this began as movement into our bond market, which may continue to be helping to keep that market from a more significant falloff. And then there are the "died in the wool blue chip" type of stocks that everyone in the world has heard of like GE, Walt Disney, and others. I think once our market started to show strength, foreign money started to once again move into our markets through this type of investment. Just a "coffee house" style opinion here. Bob Graham