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To: accountclosed who wrote (19198)	2/11/1999 10:57:00 PM
From: Greg Jung	Respond to of 86076

I think it did have some to do with Greenspan. At start of trading the word was, "long and slow grinding day". But then Greenspan was on the tube without interruption; no stalk talk, just Greenspan and house committee talking about how to repeal Glass-Steagul. Furthermore, he made comments on how much efficiency there is in the capital markets, how technology has changed everything. It also couldn't hurt that a fourth republican announced a "no,no" vote. Another catalyst was that CMGI expressed concern about the USAI/LCOS deal, re-valuation hit the internets and speculation is renewed. Short term oversold, and everybody is looking to apply the "buy the dips" philosophy at the 1% level, so the luvable stocks got the go ahead. It was a confluence of "feel good" effects and the reaction indicates we are far from even a correction bottom. Soxx immediately ran up to 400 level and stayed. Whether we simply re-play the previous downturn or try to "consolidate" - probably likely to consolidate for a week, since options expiry is upcoming, and that tends to work against sharp movements. BWDIK? Greg

To: accountclosed who wrote (19198)	2/12/1999 8:46:00 AM
From: bill meehan	Read Replies (2) \| Respond to of 86076

I'll generally get a feel from the traders and salesmen as the day progresses, but will touch base with a few after the close or before the open. I can hear on our system which clients are active, but I generally don't pay that much attention because it's obviously highly privileged info and I'd rather not be in a position to inadvertently divulge it. And, yes, I do pay a good deal of attention to whether the cash or futures market is leading. Yesterday seemed to be definitely a function of action in the futures pit which tells me that the move is not as bullish as the reverse. That piling into the futures (especially the NDX) accounted for much of the move, and while Greenspan served as a catalyst, I thought we would get a technical bounce with the BKX closing nicely on Wednesday. (I told our people that 1240 on the S&P was likely (we did that by 11:30!). It's looking more and more like a commodity market with trend followers pushing the market to wild extremes on a daily basis. If I recall correctly, you posted the link to the Cleve Fed piece yesterday. Thanks. I quoted an excerpt from their "The Economy in Perspective" this morning in my daily ramblings to clients. I'll post the address of the text for all in a few minutes. I was stunned by the following: "What's wrong with this picture? Everything! It's not undesirable, just unjustifiable."