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To: James C. Mc Gowan who wrote (21914)	12/11/1998 5:22:00 PM
From: StockOperator	Read Replies (2) \| Respond to of 50167

Ike, Is the market giving us a headfake? S&P closes up - NASDAQ closes up Everything except the transports did respectably well considering the fear thats in the markets. The VIX also has been climbing lately and has popped up today which indicates that fear in the marketplace is rising. Considering everything thats going on (impeachment, bad earnings announcement and so on) don't you think that a retracement from here is exactly what the masses are expecting? The wall of worry is getting higher. StockOperator

To: James C. Mc Gowan who wrote (21914)	12/14/1998 3:10:00 AM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

JPN index is soft and testing the support at 14200 arera which I would think should hold, the break of 14700 was swift however the chances are that JPN market as well placed amongst others to give decent returns over next couple of years in ASEA, the other one being Singapore- below 8800 HSI will be a sell for a good 1000 points. Corprate bonds lack of reaction is what triggered my little early action to quit, I think that despite of best efforts of Central Bankers these yields are not converging the difference in I grade corporate bonds and 30 years bell weathers remains stubbornly diverged, until we see this narrowing down and a floor to CRB index I would think that we may see a minor global equity selling, lower Oil prices are associated with lot of deflationary pressures right now in Dec if Oil is below 10$ what is going to happen in mid June? Interest rates alone would not be able to resolve anything we need the confidence to return so far I see lack of commitment despite of increased liquidity in the global system for players to take huge positions in corporate bonds- if this was the worry which led AG to cut rates why it should not be a worry still? Will another cut do it or flight to quality will continue look at pound and Swiss it is not suppose to be here anyway? So we see in currencies and bonds some defensive postures been taken and I was noticing all these a bit earlier than others, I will only come in to play until these broad divergences may settle until such time I am fair and square..