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To: MR. PANAMA (I am a PLAYER) who wrote (30594)	3/19/1998 12:14:00 AM
From: Earlie	Respond to of 53903

Grim: Getting to be interesting times, I'm sure you would agree. Earnings evaporating, even as markets soar to new highs. The market's long time tech darlings showing up for the warnings parties with tatty "emperor" type clothing and sloppy makeup....., but not to worry, there's still all that liquidity to keep even the ugly girls with dates, at least for the moment. A bit of care my old friend, as the sea-winds are changing. The market has now got most of the dough, the public's got a debt hangover and the PCs, chips, cell phones, modems et al are piling up in the warehouses. Asia will buy rice if credit is extended, but the IMF cheques are NSF. The Japanese banks have their swords to their tummies, but where's Japan on the map, and who cares about banks. Are derivatives herbs that cause market indigestion? (don't ask J.P.Morgan). The analysts maintain open fax lines to First Call for Q1 and 2 revisions but still bloat Q4. Interest rates remain "low", "so where else can we put our (borrowed) money?" Is the "Euro" a new foreign car? (that could well have an accident with the $US). Is M3 a new James Bond movie? ("excessive violence" rated for sure). Do most investors now own a stock-split warning pager? Can Omega sell even more copies of Supercharts? Does Greenspan make more (coupon) passes than Clinton? For how many days will "the long term" last (in a down market)? Do any brokers still sell stocks rather than mutuals? Aren't stocks "government guaranteed", just like savings? Is anyone's granny , or cat or computer not "in the market"? " What's a margin call?....I don't own a margin" "I can't sell, I'd have to pay taxes". "If I sell now, I'll miss next week"s rally". Could one imagine a better "bear heaven" than the above if one's timing were reasonable? (G) Close, real close. Best, Earlie