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To: donald sew who wrote (50761)	8/26/1998 7:46:00 AM
From: Philipp	Read Replies (1) \| Respond to of 58727

Don: Earlier this morning the futures were down 1-3 points, but after 6:00 they started falling, and now down around 10. This morning's drop in futures is a knee-jerk reaction to Russia's de facto partial default on its bonds (which has been expected for a while now and is, in fact, broadly in line with expectations). If that were really able to move the U.S. market decisively, imagine what hurricane Bonnie could do? If the market really were at a breaking point, it could be the straw that breaks the camel's back, but I doubt that we are at this point already. If I were a daytrader, I would go long on a gap down this morning. Good trading, Phil