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To: donald sew who wrote (39175)	4/12/1998 7:14:00 PM
From: j g cordes	Respond to of 58727

Don, I actually meant that about the wing. Trying to think outside the box to get a better sense of this market because everyone is using the same boring tools and nobody is getting the numbers and targets right. The analolgy is to point out that most thinking runs the course of money flow, liquidity, and value being the support underneath market prices. With this logic we study valuations, pe, historical norm and all the rest we're so familiar with. But is that really what makes the price go up or down? What I'm suggesting is looking at the market as an opportunistic entity that moves in the direction of greatest profit. The reasons it moves are analagous to the airplane wing rising to fill a vacuum, not because there is supportive pressure underneath. The market doesn't rise on supportive conditions but rather is drawn up into an opportunity of profit. This opportunity of profit can be for many more kinds of reasons than those we typically consider and measure. Likewise if the market is to fall some, as we have been speculating__ then it will be drawn down into an opportunity of profit. What are the conditions and opportunities which will create sufficient attraction to reverse the current trend... its not enough to simply say we are running out of support or that occilators and cycles have run to the edges of historical norms. My thinking here attempts to take into account a YHOO which runs so far outside the norm that it defies logic, and it tries to take into account the irrational confidence of our averages and what, besides a stochastic or falling profits will change the course of this market... There's been a vacuum for prices to move up into, not necessarily "reasons" that have supported their increase.