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To: Andrew Danielson who wrote (21645)	1/4/1999 3:20:00 PM
From: Sam Scrutchins	Read Replies (1) \| Respond to of 213182

A lot of speculators as well as investors got burned in previous times from the post-event sell-off. So as people become more gun-shy, they try to "anticipate" the trend so they don't get stuck again. So what do they do? They try to sell before the event. Of course, that means that many of the sellers that had been there after previous events will be gone this time around. Andrew, This makes a lot of sense to me. However, I'm worried that there seems to be a lot of profit taking across the board, with the DOW now down from a high of plus 160+. That may mean that investors are selling into the new year. Sam

To: Andrew Danielson who wrote (21645)	1/4/1999 3:33:00 PM
From: HerbVic	Read Replies (3) \| Respond to of 213182

While, "So as people become more gun-shy, they try to "anticipate" the trend so they don't get stuck again" may perhaps have some effect, it does not explain a sell down from 42 1/4 to 40 on the day before Steve's address. I think the bigger story is the MM's and other investor's huge miscalculation concerning inventory stuffing and their betting large short positions. As the volume slowed, they would drop the bid and at the same time get under the ask to try to panic sellers. Once the downward momentum has started, bidding slows even further until an appreciable bottom becomes evident. They know that tomorrow is going to bid the stock back up. They would much rather it bid up from a position of 40 rather than 42. The longs will win. At some point, the price busters will have to cover. HerbVic