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To: IQBAL LATIF who wrote (19290)	8/13/1998 5:53:00 PM
From: J. P.	Read Replies (2) \| Respond to of 50167

The downdraft at the close today gave me a bearish chill. Perhaps just as tops can get overdone, so can bottoms. This is where steady nerves come into play, because I have established long positions. And I'm not convinced anymore that last Tuesday was a capitulation. What is your take on the close of trading today?

To: IQBAL LATIF who wrote (19290)	8/13/1998 6:16:00 PM
From: FJV	Read Replies (1) \| Respond to of 50167

IQ, There is no one's opinion of the markets and their connection to macro events that I respect over yours. Your calls have been generally uncannily accurate. Today's action in the markets, however, has made me very nervous. The next heavy downdraft, which will, IMHO, happen over the next few trading days, will likely take the SPX below its 200 DMA. I know that this is a technical indicator which you believe to be important. the SPX hasn't violated this level since July of 1996, when the world was a far less economically treacherous place than it is today. Perhaps your clarity of sight about world events allows you to see beyond the peril immediately in front of us. If I am way off base, please edify me. As always, I truly welcome your input of knowledge and wisdom. TIA. Franco

To: IQBAL LATIF who wrote (19290)	8/13/1998 8:39:00 PM
From: James Strauss	Read Replies (1) \| Respond to of 50167

The Market... IQBAL: In a word, "Japan"... A second word, "Russia"... All major indexes are below their 13 day MA... My Mutual Fund Money is in cash until the major indexes rise above their 13 day MA... Jim