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To: c.r. earle who wrote (20431)	3/16/1999 3:01:00 PM
From: michel ciambra	Read Replies (1) \| Respond to of 27307

I received the most suscinct and well thought out private message as to why the mkt 'might crack'. I lost the message and would appreciate the writer to send me another so i can reply. In short the dow is irrelevant. The stocks in the dow represent a narrow "old industry" index with a few exceptions. The broader Nasdaq represents for the most part the future industrial might of this country. I do not think 30-40 % earnings growth is believable on the dow going forward. I can argue for it on the basis of the nasdaq. PLs respond so i can respond.