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To: Patrick Slevin who wrote (3806)	9/10/1998 12:36:00 PM
From: Tom Trader	Read Replies (1) \| Respond to of 44573

Could be Pat--it obviously depends on when this was figured out since people have continued contributing to their plans. At some point if the slide continues we will hear a drum-beat of how the average person is now under water and then one would see some liquidation -- possibly. When I went short the OEX calls, I asked my Schwab guy what the mood was among other investors. He said there was still buying on the dips -- people who are using margin to the hilt to do so--and this is the Schwab500 clients who are supposed to represent the more savvy group. Probably bears out what Don Sew was saying. Schwab is advising clients who are buying on margin that it may not be wise to do so -- but ultimately it's the clients call.