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To: D.J.Smyth who wrote (32262)	3/4/1998 11:28:00 PM
From: Leo Francis	Respond to of 176388

I think I'll be closing that short this week. I might get greedy and go into next. $119? LF

To: D.J.Smyth who wrote (32262)	3/6/1998 1:33:00 AM
From: Erik H. East	Respond to of 176388

I am referring to the possibility (admittedly small) that a normal correction could snowball out of control as the blue chips appear to have unfavorable comparisons going forward. Contraction in the rate of earnings growth in the S&P 500 could result in dead money or persistent selling, and under performance of the big index. PEs are at an all time high. I sold my SPY holding today, on the assumption that it was dead money until the PEs reset at lower levels. I continue to own stocks with growth rates and industries that are above average.