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To: accountclosed who wrote (34220)	4/16/1999 4:43:00 PM
From: J. P.	Read Replies (2) \| Respond to of 86076

Great distribution pattern still on the Nasdaq, heavy volume, this time the gorillas are letting go a little instead of holding the line. They're running up the dow on the no growth cyclicals so the average looks good on the 6 o'clock news, and it has the technicians confused. The 9 month cycle is looking good for put holders, IMO. The tech wrecks generally go to the 200 day moving average, which would bring us down to COMPX 2000 or so. I bought puts on some SOX stuff today, to add to my now extensive put collection for July. Schwab's earnings looked absolutely pathetic, and they're getting beaten like a rented mule. Hope it continues. Have a great weekend everybody!