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To: Robert Graham who wrote (46962)	6/27/1998 4:11:00 PM
From: AAC	Respond to of 58727

Your perspective of today's market is spot on, Robert.

To: Robert Graham who wrote (46962)	6/27/1998 10:07:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 58727

Robert, You are the kind of fellow that makes people work. I hate that in a person. Um, the fact of the matter to my way of thinking is that the market must accelerate to the upside simply because of momentum. Ehh, I just re-read your thoughts and I'm a bit disappointed in you. Do you really think that this market is driven by people who think that the worst is over? And by the way, the window dressing issue you attribute to Don's observation, this was the first note you picked up on? Anyway, the thrust of what you are saying comes down to a "blow-off top" Ain't happening. These markets don't crash from highs. What we have here is new highs in the SPX, the OEX, working on the SP8U..... The market may be in a stairstep decline but I think the motion continues to new highs first......that is a more normal pattern. Well, I was just brought down to earth. I am afraid I cannot sufficiently analyze your remarks because I am distracted by family stuff. So although I recognize that your remarks are much more well thought out than my own, I can only say that I sense you are incorrect in interpretation but I have not the time nor your ability to describe my points to the degree that you are able to. Anyway, I cannot possibly compete head on with your analysis of the market. I'm just giving you my off hand thoughts.