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To: Lucretius who wrote (537)	6/1/1998 10:22:00 PM
From: Thean	Read Replies (3) \| Respond to of 14427

LT - where did you get the sense that people still see no fear? Did your Gold Sucks broker tell you that? From talking to the main street people I also get the same feeling. Over the 90's, the worst people have felt have been the biotech bubble burst in the early 90's and the several tech corrections. I can swear most people don't understand or simply refuse to believe the market can actually go down. The case about the drillers is actually an excellent case study where people become permabulls and refuse to see the other side of the coin. If the Nov-Jan period taught them nothing then they are truly blinded by their own hopes and wishes. The reality hits very hard today on those driller bulls. MU - MU is near its 52 wk low and if it breaks below $22 without news then it means this collapse is driven in part by the shorts and in part by the folding hands. We know this can absolutely happen - just see how the momentum shorts do it to the drillers. But there is a time premium to all these as the shorts need to cover at some point. Therefore, a put option is a better way to play MU from this point on as the worst case is to lose the put should MU rebound. Don't see that happen anytime soon though.