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To: pezz who wrote (7017)	10/3/1998 8:53:00 PM
From: dougjn	Respond to of 67261

Pezz, I'm not temperamentally a bear. I also think a near term rally may now be in order. Assuming that Cardoso wins a first round knock out in Brazil. (And yes, that really is that important about now, me thinks.) But we're also at some considerable risk intermediate term. I really think it's wishful thinking not to realize that. Personally, I've got some deep profits I hold long. But I'm also sort of bi- or tri-weekly trading . I think these oscillations are sometimes predictable. And of course it matters which ponies you pick. I do not think this is a good buy and hold environment. If we sold off next week to 6000, I might well enter some new buy and holds and even leverage up a bit to do so. The markets only occasionally make it that easy. Doug