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To: Gersh Avery who wrote (40696)	4/22/1998 1:07:00 AM
From: Dwight E. Karlsen	Read Replies (1) \| Respond to of 58727

Wow. Cool, Gersh. Thanks for pointing that out, I hadn't seen that b4. Now in a normal mkt a comment like that would send the mkts into a tailspin real fast...remember A.G. comment about "irrational exuberance"? I have to say I think the mkt is providing a very good demonstration right now of good ol' irrational exuberance...and it can't continue. Why? 'Cause I'm short, that's why. -GG-

To: Gersh Avery who wrote (40696)	4/22/1998 7:09:00 AM
From: donald sew	Read Replies (1) \| Respond to of 58727

Gersh, WASHINGTON, April 21 (Reuters) - The U.S. Federal Reserve will raise interest rates to prevent the world's top economy from overheating unless Asia's crisis dampens the frenzied pace of growth soon, Fed Governor Roger Ferguson said on Tuesday. I purposely posted the first paragraph of the link you gave. Its pretty powerful, and if that was stated during a normal trend the the futures would be down a whole lot more than 10 cents, as it is now. It is quite obvious that such report is being discounted. I also realise that most are discounting the fact that interest have climbed substantially over only the last 2 session and getting real close to 6% again. I know, many feel that the rates will just drop again and never cross 6% and DEFINITELY WONT go any higher. Gersh this is such a dangerous period to trade in, with either longs or shorts.