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To: Lee Lichterman III who wrote (50518)	8/23/1998 1:48:00 PM
From: Electric	Respond to of 58727

Lee, Pat is going to love this part of your post.. The big hazards here are the "whistle pigs". They are like minature groundhogs and if you stray off the fairway, they are likely to run off with your ball or else you can lose the ball in a hole. That is hilarious, as I was reading your post I thought you were going to say that they would bite you in the rough..lol As for the market I completely agree. I have been watching like everyone else has and reading posts of gloom and doom, and in the past there was always the growth component that we could rely on to bring the market back, like when we declined earlier this year, but we are at such high multiples in the overall market that it is impossible to support such high P.E's now, and I cannot say that we ought to. I agree with James that as I have said these last few months, it is the FED that controls how things will go from here out. Our exports are expensive, and although we are not a big exporting economy, it is necessary to some extent and big multi-nationals are going to dissapoint in Q3, like P&G, KO, and others. Plus with sentiment as it is we are on a bubble that could go one way or the other. I do not subscribe to a bear market, I subscribe to volitility. There are a few components that will stop a large market slide that all are discussing.. Money inflows, Intrest rates and a flight to quality. If we did not have huge mutual fund inflows as we do, the low intrest rate environment (long bond at all time lows even with the fed going golfing..) and other markets looking to us as a source of strength. I agree with Don and who wouldnt since his record is so good, that we are going to experience more ups and downs. All this means to me is many many chances to make money. I wouldnt expect us to decline too far since people will jump in to bouy the market or bottom fish, and I also dont think that we will run to 9300 any time soon. I think if we get the senario that Don is calling for, up for 2 days, I will get some OOM OEX puts myself and make some money, then based on resistance lines, if we decline really big one day, or two days of large declines, I will reverse and buy OOM OEX calls.. That is my senario, then wait for DELL to complete the split, sag a little and get in long... Man to think that if I could get into DELL at lower prices, all that means is greater gains come earnings. Everyone ought to be watching DELL and if it declines at all after the split, get in.. It could be an amazing opp. I am looking for another Feb split.. later...