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To: Susan Saline who wrote (16082)	8/31/1998 4:12:00 PM
From: tom pope	Respond to of 53068

Capitulation? HA! This is the battleship Missouri - unconditional surrender.

To: Susan Saline who wrote (16082)	8/31/1998 4:32:00 PM
From: tom pope	Respond to of 53068

Futures are closing at a 3 buck discount to the cash. They were at a five buck discount a few minutes before. We are not going to come out of this one very easily. Even if we see a bottom in the next few days, it would be prudent to expect that it will be revisited weeks or months later. That's the optimistic scenario, in my opinion. More realistically, we may be seeing a secular valuation contraction. And since pendulums have a way of overswinging, we may go way past the mean before we are done. It will be interesting to see how much harm has been done to the public's psyche, and whether money will flow out of the market to safer havens, rather than flow in because buying on dips has been profitable for so long.

To: Susan Saline who wrote (16082)	8/31/1998 4:39:00 PM
From: Ron McKinnon	Respond to of 53068

>>>>tell me today is capitulation day ... right ??? tell me it is so please ok I'll tell you it is even if I'm not convinced there were some huge selloffs and the new low and A/D list says we may be close but this is still nothing like Oct 87 nor the early 90's at this point I think that it is a matter of when the funds start to buy in size as an example, today Waddle and reed, that manages something like $18b said they have been selling for four months and their funds are now 50% in cash that has to change before we will see a turn in the big caps I'm not sure what might turn the small caps at this point good luck to all