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To: John Pitera who wrote (19333)	2/12/1999 1:53:00 PM
From: Wayners	Read Replies (1) \| Respond to of 86076

<<...still in neighborhood of Nov 6th high in yield???>> Exactly. Looks like a selling climax to me IMHO (Bond market only). The other thing is a yield of 5.4% a really high interest rate. I don't care if the yield is at 4.5% or 6.0% for that matter. You'll get some short term fluctuations in the stock market but you are not going to see an end to the bull market. I think the real reason why the stock market is correcting now is liquidity driven. Not as much cash on the sidelines. Tapped out for now. The first people to exit in that situation are momentum investors. Anybody tracking a moving average can see the moving averages flatten out. All momentum guys run for the exits when we see that. Cash will build up on the sidelines once again until there is enough liquidity and low enough prices to attrack valuation type investors to be quickly followed by momentum type investors looking for an upside break to the downtrend line. I think you get some false breaks of the downtrend line because value type investors step in for some bargain hunting like we saw yesterday but there's no follow through by momentum investors because they lack the liquidity.