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To: Roger Mory who wrote (6329)	11/17/1998 2:46:00 PM
From: accountclosed	Respond to of 7841

Specialists have little or no impact on stock prices. Generally, specialists and analysts travel in different circles. Specialists live off the bid/ask spread. Essentially they buy wholesale and sell retail.

To: Roger Mory who wrote (6329)	11/17/1998 3:05:00 PM
From: accountclosed	Respond to of 7841

I would refer you to my post: Message 6391000 to which Michael Burke, who has managed many mutual funds responded: Message 6394147

To: Roger Mory who wrote (6329)	11/17/1998 4:42:00 PM
From: William Epstein	Respond to of 7841

Roger Mory; I am not sure how it will happen but my guess is that it may go down as part of a general market sell off. I was watching CNBC this morning and they had Larry Wachtel on as a guest, market analyst. He is someone whom I do respect and he is usually right about what's going on on the floor of the NYSE. In response to a question about Fed. easing he replied he didn't know whether the market would sell off on the good news or would have another temporary run up and then sell off. In any case, he is convinced the market will sell off soon. His reason was that there has been a 1500 point run up since mid Oct. That means a lot of short interest accumulation throughout the market. Russell 2000 down 6 out of the last 7 days. Our specialist can hide in the crowd, as he did in Aug-Sept. and make it look like the stock is going with the trend. PHOTOMAN