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To: TokyoMex who wrote (2276)	10/3/1998 1:41:00 PM
From: Stephen	Read Replies (3) \| Respond to of 19700

Q & TM, yes I remember last year. Difference now is that we're in the latter part of the year. Earnings are down, tax selling will start, and even if the indexes go up, as long as the fm's have a decent return for the year, they may well feel that they can justifiably say that they have cash because of the uncertain times. The rally at the begining of the year was driven by the fm's getting behind the indexes and then having to play catch-up. If they were smart and got out of some of their positions close to the top this summer, there's really no need to jump back in till 1999. And why do you think the fm's were behind the market ??? ... because they knew some of this economic crisis was coming - they really didn't want to be in the market. I think its important to differentiate what they say to support their long positions and jobs from what they really believe. If earnings start to be adjusted for next year, then companies that have say a 40 p/e will start to have 70 p/e and an uncertain outlook. If people buy into that - well market forces win out but the so called 'bubble' will just be inflating more imho. Good luck, whatever opinion you hold. Stephen