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To: Duane L. Olson who wrote (17491)	3/22/1999 9:23:00 PM
From: Moonray	Read Replies (1) \| Respond to of 25814

Yes and no. The indexes no longer reflect the market, nor most of the stocks in each index, for that matter. Many of the stocks that did a double or better from the October 8th lows have already had pretty healthy pull-backs. The general run of the mill stock (as measured by the Advance.Decline line) has been going down all year: decisionpoint.com The market could easily see all stocks over 100 go down to 50 (and the rest decline 10%) to get a nice 1000-point decline in the Dow. Wouldn't you expect at least a "normal" spring pullback here, and a "typical" summer rally? Hey, I've been cautious since the Dow crossed 7,000. With the Dow and S&P500 selling at twice their normal historic PERs, how could one be otherwise. The lesson of the "Japanese Bubble Economy" has not been lost. But then again, their PERs were twice what ours are now. The last few years have found me concentrating on technically oversold short-term trades, rather than seeking out long-term growth stocks. Aren't you feeling a bit cautious right about here? o~~~ O