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To: Steve Porter who wrote (27823)	7/3/1998 11:01:00 AM
From: Dale J.	Read Replies (1) \| Respond to of 33344

Steve, Those are good points. And with the Nasdaq trading at about 70 or 80 times earnings and the Dow near record levels I think adding a few short positions to a portfolio is a smart idea. This has been an astonishing bull market and I am glad I stayed long on all my stocks, but at some point the ever expanding multiples will contract (probably after an interest rate hike). I was reading an article in the WSJ about the Japanese market. How it soared throughout the eighties only to finally burst in 1989 (today 1998, it still is about only half of what it was). One thing is for sure, stocks and markets always go down at some point, and when they do go down, the descent is usually much more precipitous than the rise. That is why I am careful about all my stocks including Intel. Dale