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To: Ramsey Su who wrote (13142)	7/30/1998 2:56:00 PM
From: DaveMG	Read Replies (1) \| Respond to of 152472

Ramsey, It's really tiring trying to call the top. I've been shorting the SPYders everytime things start to look nasty, like last week, as a hedge. Needless to say I was forced to cover this morning, no gain and no pain either. I'll just try again after this runup.. Funny that the SOX is acting well depsite weakness in the Hang Seng, which I asume will weaken more if the Yen continues to slide. Check out Fleckenstein at www.stocksite.com if you want your bearish opinions reinforced,but he's been early for a long time now... dave

To: Ramsey Su who wrote (13142)	7/30/1998 3:06:00 PM
From: limtex	Respond to of 152472

RS - If past performance is anything to go by the Japanese are going to carry on doing what they've been doing for the last ?? years and which got them into this mess. Seems to me that their government seems to be quite content with it and seems to resent outsiders telling them what to do. There's nothing we can do about it other than occasionally to moan at them and to support the Yen from time to time. It is a depressing thought but I think we are not going to wake up one morning any time soon to find that the brand new Japanese Government and its new dynamic nearly eighty year old finance minister have done anythying material to help their position at all. and that means that all our negative guys are goinig to carry on worrying the market about Japan for as far as we can see but looks like at least a couple of years given that they haven't done anything like enough to make an impact yet and they're still going downhill fast. How it is possible to expect anything but a slow gradual decline in the market for as long as this lasts I wish someonme could tell me. And therefore what is the point of staying in with anything except a few very special situations and maybe increase cash to nearly 100% or as near as possible will as long as this lasts give the best return? Sad but just MHO. Hope I'm wrong. Regards, L