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To: Lizzie Tudor who wrote (36026)	4/23/1999 7:24:00 PM
From: J. P.	Read Replies (4) \| Respond to of 86076

Well, being short certainly hasn't worked much this year, but this is a strange market right now. You would have had to take a huge risk on Monday to go long, when it looked like a break in the market. I remember last summer, I turned a 10k speculation in Oct 80 Lucent calls into 80K, then watched 20K evaporate in a day when Greenspan jawboned the market down. I was lucky to have sold then because Lucent went from 105 to the low 50's in a couple of weeks, and it seemed impossible at the time. A bunch of people at work went long CSCO at that time also, when it looked like a move up was about to happen, and it went from 100+ all the way to the 50's also. I guess my point is the longs in these 'gorilla' stocks will have to take profits at some point, or they're going to watch months of profits dry up in a hurry. I'm seeing a lot of give up in the bears, and a lot of gloating and taunting in those who are long. But you will may know that the financial markets have a way of instilling humility in all, even if they have had incredible success for a period of time long or short. This shall be a very interesting summer. I still believe Monday was a preview of coming attractions, and being long or short in the current environment is like walking a tight rope.