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To: Spaw who wrote (95991)	2/8/1999 12:02:00 PM
From: Philip Williams	Respond to of 176387

Someone kindly posted Cramer's weekend commentary yesterday, and I thought I'd post his current follow up since it's a little slow in here today. I like his style and humor. The Waiting Game By James J. Cramer 2/8/99 11:03 AM ET So they take stocks up and then the sellers of the Nasdaq 100 and the put buyers make a stand, and suddenly the market seems heavier. How many times have we seen this happen? The goal of these put buyers -- and they are out in force -- is to beleaguer the bulls. And it always works. I expect it. It is part of the wall of worry, as is Ralph Acampora's negative call this morning. Go back to my four-part series about the Oct. 8 bottom. It's all there, including a selloff call from -- you guessed it -- Acampora, who subsequently reversed himself a few weeks later. Oh well, flip-flops don't stick in this business, I guess. Me, I wait. I can't pay up here. If anything, I sell my fives and tens of positions that I have hundreds of thousands of so I can buy again when the bears are done with their beleaguering sells. The Net's the toughest call. Mary Meeker's call about the Net from Morgan Stanley -- widely reputed to be a "sell the Net" call, even though it isn't -- is roiling the group. I know better than to try to catch that falling knife. I will wait until it gets stuck deep into the hearts of the Net superbulls, and then I will pull it out and slash some bears with it. But not from this level. In the meantime, I am waiting for the bears to overstep on the big-cap tech names. (Overstep means take them to the minus column.) Hasn't happened yet.