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To: Dell-icious who wrote (16081)	9/4/1998 11:29:00 AM
From: Bill Harmond	Read Replies (5) \| Respond to of 164684

I think the financial stocks are pointing to a bigger decline than most of us are contemplating. Years ago there was a genius chief technical analyst at Morgan Stanley, John Mendelson, who called the start of this bull market in 1982. He used to hammer constantly on the point that the market is led by the financial stocks, and in my experience since, the broad market eventually has followed what the financial stocks do. Right now the brokers and banks are in free-fall, testing Tuesdays low. The Philly Bank Stock index is down 17 to 635 at the moment. Tuesday's low for the BKX.X was 621.78.