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To: pete who wrote (55871)	10/20/1998 12:08:00 PM
From: donald sew	Respond to of 58727

Pete, >>>>>>>>> .Currently as you might expect the market has been overbought for 3 days now.The market can stay overbought for many more days!What is your time frame for your disaster to happen,this week or next. <<<<<<<< Please understand that I am not looking for a disaster/BIG KAHUNA for the short-term. When I mentioned the big disaster, I was specificly referring to the increasing P/E of the S&P creating another BUBBLE, especially if the market continues up. Also keeping in mind that the market is moving up on some artifical influences as in the reduction of rates. Take away rate reduction - does the BUBBLE, which may be a bigger BUBBLE, burst and burst harder. I think a disaster would occur if the market stays in this level or higher and the the FEDS do not reduce rates at the next FOMC meeting on NOV 17 (not sure of the date - correct me if I am wrong). I am still sticking to my time frame of a short-term TOP/DECLINE of WED/THU/FRI. How much will it pull back - dont feel it will be that large immediately. Seeya