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To: Oeconomicus who wrote (14150)	10/1/1998 5:17:00 PM
From: Bill Harmond	Read Replies (2) \| Respond to of 27307

Well, arent' you cheerful! I suggest you start following the numbers of NYSE new lows. As I recall, the 9/1 bottom saw over 700 or 800. Today 300.

To: Oeconomicus who wrote (14150)	10/1/1998 11:32:00 PM
From: Michael Collings	Read Replies (1) \| Respond to of 27307

>>FWIW, I don't see much more upside in bonds<< Actually bonds are not in a rally, only the highest quality and US Treasuries are in a rally and that is likely to continue. As I mentioned before the spread between the highest quality and anything below it is widening. This is an extremely negative sign for the economy. If the bond fund you were in was invested in corporates you were wise to unload them. The risk premium on lower grade and junk (anything below BBB) is extremely high. Most of these bonds are extremely illiquid. That's why the fed jumped in to help LTCM. There is something else to consider down the road and that is what money market you are in. I have heard that some managers were using dirivatives in their money markets. If you can, switch to a US Govt money market that invests solely in US Treasuries. There's nothing to say that a money market will always be worth a dollar. I know they are billed as a dollar in, a dollar out but they are markets just like any other. The likelihood of our money markets defaulting may be a far stretch but times are very strange and financial crisis cause far stretched things to happen. Gold is usually a great performer in times of stress, and is considered a safe haven. My gold stocks were up more than 60% in September.