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To: JBL who wrote (20842)	10/8/1998 11:15:00 PM
From: Eric Klein	Read Replies (3) \| Respond to of 164684

I have to agree with you. Chart watchers do pretty well in normal markets, but I think that this is not a normal market. As you say, things are deteriorating rapidly. I don't think that fear has really set in yet. Some people are already trying to spot the bottom, the bottom is still a long way off. Maybe Clinton's troubles have distracted people from the crisis that is rapidly developing, not only overseas, but in the financial markets of the US. Anyway, a single example: The bailout of Long Term Capital had to be arranged quickly by the Fed because there was fear that when the positions of this ONE hedge fund began to unwind that it could have a major impact on the financial health of US markets. I've got news for anybody who thinks that the problem was solved by the intervention: Long Term Capital may still blow up. they still hold large short positions in Treasury Bonds and large long positions in junk bonds. And guess what? Both bets are still going against them.