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To: tonyt who wrote (9061)	7/6/1998 5:53:00 PM
From: Robert Duncan	Read Replies (1) \| Respond to of 164684

Thanks to all for the comments on my last post... Another amazing day. There is no question that those who play the irrational side of human nature won big again today - I guess the only question is how much longer can it last. One idea I have is it may last until no one seems willing to play the short side anymore. Obviously, there will always be shorts but what I mean is when everyone is saying "I give up on shorting this stock even though it is at insane levels" then we will top out. I own some 110 puts but I am not expecting much out of them, hopefully I will be happily surprised but who knows? One general question for those willing to answer: Those of you that have been trading a long time (which I gather is many of you) have you found that you have profited more from trying to read irrational behavior or from calm, cool rational trading? What I mean is have you made more overall playing runs on stocks (either short or long) or have you made more buying on issues like P/E, market stregth, earnings growth, etc. I have always heard the best traders are those who do not let emotions get in the way of their trading - but maybe the trick is really to try and figure out the emotions of the masses and play off of that. (All the while keeping your own in check.) Any comments are appreciated - I have learned much from this thread and appreciate all the interesting comments. Thanks, Robert