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To: Bill Harmond who wrote (22259)	10/19/1998 4:40:00 PM
From: RFF	Respond to of 164684

I with OC - I don't think there has been total capitulation. People are still holding on to the big names at extremely high PEs. Yeah, they have come down some, but they haven't capitulated at all: KO - 45 PE GE - 31 PE IBM - 23 PE CSCO - 66 PE DELL - 68 PE These are great companies, but give me a break. When PEs still range from 40-70 there hasn't been huge capitulation.

To: Bill Harmond who wrote (22259)	10/19/1998 5:02:00 PM
From: Mark Fowler	Respond to of 164684

The highest one-day equity put/call ratio in history when 1 billion shares traded two Thursdays ago qualifies as capitulation. << William this is looking good. :-)