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To: JRI who wrote (89156)	1/13/1999 9:58:00 PM
From: Ibexx	Respond to of 176387

Today's market recovery was truly impressive. According to Option Investor Newsletter, the up volume exceeded down volume by a long shot. (Sorry I couldn't post the URL as it is by subscription only.) Ibexx

To: JRI who wrote (89156)	1/13/1999 11:55:00 PM
From: BGR	Read Replies (1) \| Respond to of 176387

John, If we are assessing direct impact, the DOW vs. NASDAQ argument makes a lot of sense. I am also not that worried about contagion or loss of exports. But it is the indirect impact via the banks, i.e. drying up of liquidity and hence credit, that worries me. In this market liquidity rules and must remain intact. Now the Fed may set that right, it has in the past. A fourth rate cut, maybe? Perhaps even the banks won't face any significant problems from Brazil as the Treasury will renegotiate the package. But I would rather wait and see. In any case I am only cleaning up my trading positions and margin, my long term holdings remain in place. Even in the absence of Brazil, the rampant speculation was making me nervous for a while. -Apratim.