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To: Boca_PETE who wrote (1442)	10/7/1998 4:52:00 PM
From: marc ultra	Respond to of 15132

Pete, re:test. Thanks for posting those numbers, very reassuring as my gut felt we were doing a lot worse in the Nasdaq. I can't be sure where exactly things are going in the near term with all these distortions of hedge fund derivative unwinding and Japanese asset repatriations. However with Fed easing just started and very negative sentiment including crash and financial disaster being about to be plastered on the cover of some magazines it sure as hell feels like a bottom. There does need to be a point though where we can finally stop saying it looks like we're near a bottom and we can finally say gee it was scary at that bottom but it's amazing how fast we turned around. Marc

To: Boca_PETE who wrote (1442)	10/7/1998 5:04:00 PM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 15132

Pete: There was a successful test of the S & P and the DOW on increased volume on the NYSE from yesterday at 970m versus 842m. The increased volume is somewhat troubling in my view. We are between the volume of August 31 at 915m and the September 1 volume of 1.2b. But, nevertheless, there was another successful test. The NASDAQ closing benchmark was violated at 1463 compared with the closing benchmark of 1499 with increasing volume at 934m versus about 860m to 880m over the past few trading days but still lower than the volume of August 31 and Septemeber 1. As a footnote, the NASDAQ did trade into the 1460s intraday on either August 31 or Septemeber 1. Like I said yesterday, the NASDAQ seems to be leading this market around by the nose. I wonder how much of today's sell off was accounted for the drops in CSCO, DELL and MSFT? I think this is where the story lies. Throughout the day the DOW and the S & P to a lesser extent tried to rally but the NASDAQ seemed to pull these averages down. INTC was essentially flat. On the good news side, the leaders usually get shot at the end of a correction. And nobody can argue that these leaders were not highly valued before they got trimmed a bit today. Don is much better than me with this stuff and so perhaps he can shed some light on things.