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To: bw who wrote (1531)	8/4/1998 8:27:00 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 14427

as the big dog spoke: only 3 drillers are trading OVER asset value as of last friday. after today's crunch. it is hard to say. One of my only two holdings(HAL) got creamed today so what do i know? so much for buying strength. i don't see how much lower it could go without getting bought out. one thing for sure, mdco has less downside exposure than the DOW, LU, INTC, AMZN or a thousand other bloated ticks. -g-

To: bw who wrote (1531)	8/4/1998 8:32:00 PM
From: Broken_Clock	Respond to of 14427

mdco could hit 4 or 5 i suppose. latest from Mike burke(read #4!)https://www.siliconinvestor.com/readmsg.aspx?msgid=5410191

To: bw who wrote (1531)	8/4/1998 8:53:00 PM
From: Thean	Read Replies (2) \| Respond to of 14427

After missing most of the intraday action, I listened to CNBC after close and they were making a simple minded story that this has become the Ralphie market and his decision to change from bullish to bearish caught the market off guard and fueled the selling. OK. This is the guy that has made all the right calls. Remember way back during last Christmas he was on Lois Rukeyser show and shorted TDW outright? I say this guy can shake the market. Guess what he said during Maria's interview with him, he is telling the viewers to get together with their financial planners real soon like within the next few days and really sit down and go over their entire portfolios. Now we are talking about market psychology here and I say this statement is going to cause some fear never before had by many buy-and-hold guys who have made it rich. Therefore, I am very comfortable shorting some more here as today is the confirmation day USA that was necessary to really turn the tide on everybody, big, mid, small caps and all. The longer (next two months) trend is now pointing down. I am working on my shorts for tomorrow. Will compare notes later. Regarding MDCO, well, you asked for it and I say you trade out of it when you have the chance. I had an order to buy FGII at 21 11/16 before open today and it opened higher and quickly stalled at 22 and change and I also quickly cancel the order. That is the sign everyday for the last few weeks - open higher, fade the rest of the day. We should be very familiar with what a bear market looks like, unlike many fund managers who have never been in a bear market. Why? Our experience with the drillers will help us here. Remember the period from last Nov till today? Well, that is what a bear market looks like and the market now will likely take on the trading characteristics of the drillers because the pressure that pushed the drillers down was primarily the reverse mo-mo and it is going to be this same pressure that will push the overall market down. Think of it as a macro redistribution of wealth. The capitulation of the market cap of the US (and maybe global) equity market will make a lot of people poorer but some (hopefully us) richer. It is too early to talk about stocks that have good short term rebound potential but there will be periodic short term rebounds as well. We have seen this with the drillers until recently. I say the recent high flyers like CSCO, DELL, MSFT, AOL, etc. will be the temporary leaders during these periods of rebound. However, the trash stocks will remain trashed. Therefore, I would use more cautions when trading these big names.