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To: Uncle Frank who wrote (97285)	2/11/1999 11:56:00 AM
From: Philip Williams	Respond to of 176387

I'm afraid of another late afternoon thundershower: particularly with that gap that the stock might attempt to close. Our rally has stalled at 101.25 and the bears might try one more last ditch effort to keep the correction correcting... Cramer is wary: Signs of Health By James J. Cramer 2/11/99 11:47 AM ET More signs of health! The Bank Index, which has been one of the biggest dogs, if not the virtual St. Bernard of this tape, has taken a turn for the better. That could mean that the 30-year auction might go well this afternoon. It may mean that these stocks are oversold. It may mean that the market is broadening out in its leadership. Any one of these is positive for the market. All three, and the selloff will seem like history. The short-sellers, who have been pressing and pressing and pressing, will be vanquished. Away from the banks, tech continues to act well, and it seems like the mutual funds have pulled away from the Goldman conference and turned to buying stocks again. That would fit a pattern from last year when all of the buying power in the country comes to New York to visit tech, all of the tech companies come to New York to visit the buy side, and after two days of a buyers' strike, they come back in. Net's taking a bounce. You know my thoughts: Winners will snap back faster; losers must be left on the table. And telco gets cheered by good numbers from British Tel (BTY:NYSE ADR) and MCI WorldCom (WCOM:Nasdaq), the latter of which I am long. It would be so easy to sound the all-clear. But we don't know what will get thrown at us this afternoon. Put yourself in the bears' shoes. They have heavy bets against a rebound here. They have to come in and slam it soon, as they have every day, through NDX call-sells and SPX put-buys. Too paranoid? Give me a break. The bears drive Peterbilts; I have 32-wheeler tracks all over my back from when I have plunged in thinking that the road was all clear. Which is why I am sticking with my buys from the weakness of the other days, but not buying any more. Random musings: Follow those tells! IBM (IBM:NYSE) and COMS (COMS:Nasdaq) now giving all of the right signals