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To: Hollywood who wrote (15751)	10/27/1998 1:29:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 17305

It's a lot to slosh through but I agree with the general idea. His opinion of what the press looks at is a bit short-sighted because the press is playing to it's market and the average person is not invested in Multi-Million dollar positions and so is more concerned with what the Dow is doing and is unaware of the intricacies of the Bond market. The main issue I see that would affect the Bond market as a result of a (theoretical) decline in the Stock market is through capitalization problems in overseas markets which may cause a release of long bond positions. In general though the Bond market is certainly far more important than the Stock market and certainly the Fed is more concerned with it but that does not stop the NY Fed from injecting liquidity into the Stock market if it deems necessary (in theory. There are always rumors to that effect but no one knows for certain or isn't talking if they do). Anyway, there did not appear to be a Market Guru available at the moment so I thought I'd throw my limited thoughts in. For the most part, I think Cramer went a bit overboard in his remarks because the audience that he plays to is more concerned with stocks than bonds and for the most part this missive will be forgotten in a week by most. My opinion, of course. Frankly I own bonds, track bonds, and have plans to trade bond futures but 95% of the time I have to watch stocks because that's how I attempt to put dinner on the table