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To: Defrocked who wrote (2707)	7/1/1998 4:43:00 PM
From: Cynic 2005	Read Replies (3) \| Respond to of 86076

Def, the fuel for 1st Q manic rally was 1) mutual funds/retirement money/Roth IRA scam; 2) European bank financing of equity purchases; and 3) flight capital. I presume some of them have already taken enough bumps. Now, how much more dumb capital is out there to flood in to the US markets? How long the 'smart money' continue to ride this speculative frenzy? I think the dollar should start deteriorating in a very short order. What are your thoughts? I personally don't read too much in to today's rally. For one, today is the 1st day of the month. A lot of money from automatic withdrawls found its way to the 'wise.' I think it will fade out by next Tue or so. If the rally persists beyond next Tue, I will be worried. I think the next move down will be extremely violent - a 10% correction in 5 trading sessions.