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To: Les H who wrote (28159)	8/22/1998 3:19:00 PM
From: SargeK	Read Replies (2) \| Respond to of 95453

Tax-Loss Selling, I believe tax loss selling has to a great extent already occurred. Everyone doesn't wait until late November or December to examine tax consequences of trades. I think, using GLM as an example, when the price broke through 20 with heavy selling many investors dumped thereby taking advantage of tax subsidy. I think tax selling has added momentum to the down turn. If you bought into GLM @ the 52 week median of 24 (36 - 12 = 24) and the general trend was down, it makes perfect sense to sell, take the tax loss, and reenter after 30 days (Wash Sales rule) at a lower level, thus preserving capital, garnering the tax loss and using the preserved capital + the tax loss to buy more shares at the distressed level. If this is correct then as the 30 days points of sell elapses we should see significant reentry into the sector. Taxes are a year around consideration not merely reserved for the year end. Having said this, many could have gone to cash waiting for the year end tax sale which may or may not occur. As with other considerations - TIME WILL TELL. K