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To: Lucretius who wrote (2051)	8/23/1998 11:21:00 PM
From: Thean	Respond to of 14427

Yelsin just trashed his 4 month old cabinet. Japan market is off 400 points, back below 15000. All Asia in red. bloomberg.com@@@slLSwYAgNkJrMuj/bbn/index.html However, as we have learned in the past weeks, a -10 S&P future at the open means little to the overall direction of the market during the day. For us shorts, the enemies are not the fund managers but the moms and paps who have no fears. If I can draw a parrallel to the driller situation, when the drillers peaked in Oct and began to turn south, the funds were the first to pull out (last Nov), the moms and paps (ourselves) were in a pretty deep limbo for two months thinking this was only a temporary correction (during Christmas time). Then some of us began to throw in the tower and turned negative (January) and then became decisive when the declining fundamentals were widespread (February). The overall market peaked last month (July), and fund managers became more negative since then and the big caps (favorites of moms and paps because of name recognition) have corrected quite a about 10% from the top. As more shakeouts appear and the state of the US economy becomes more negative, the sentiments of these moms and paps may begin to slowly turn, though there will always be those who buy on every dips. Will our driller experience enlight and reward us to better prepare for the scenario ahead of us only time will tell.