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To: Gary Wisdom who wrote (51283)	9/1/1998 5:21:00 AM
From: Philipp	Respond to of 58727

<<it smells like manipulation to me>> while I agree with most of your comments on the futs, why would anyone try to manipulate them the day before? It doesn't work. I think it's got more to do with fair value and the fact that Japan did not crash.+ I just based my statement on my observations of the futures contract over the last few weeks; there were strange patterns, often against the daily trend. Futures have been a fairly good contrarian indicator for how the day would end for most of the last three weeks (just a few exceptions). It also seems to me that, if you want to manipulate the market to avoid a crash (by the famous/infamous crash protection team), you would buy thinly traded Globex futures; not that I think that it helps much, though last Friday it gave me a nice opportunity to buy puts much cheaper than I expected on Thursday evening. There was a real struggle going on Friday early morning in the futures contract. Futures up +22 now, but I don't think it will mean much. The selling will start again soon. Actually I don't see how it could not. Many investors will only start bailing out today. Good trading, Phil