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To: TheStockFairy who wrote (36106)	4/24/1999 2:43:00 PM
From: yard_man	Read Replies (2) \| Respond to of 86076

>>Do I grant too much power to the little trader guy? Probably. Am I wrong?<< Yes and no. Yes, the little guy has a great deal to do with volatility at the margin (whether he is on margin or not). But no, the little guy can't support the market by averaging down no matter how much leverage he uses. Corporate purchases, foreign and institutional buying are very important. I think corporate purchases may be the achilles heel ... I think we also are entering a time of more rapid swings, but don't think it is sustainable. Think about Mutual Fund returns right now. Those indexing have done well -- those that haven't have either sorely disappointed investors and provided a reason for investors to switch themselves or the mutuals themselves have had to switch to indexing -- this means that a good deal of the churn itself is also coming from the Mutuals -- anybody out there got any data on turnover on a historical basis? Would you guess the trend is up significantly since Jan '98? If the market doesn't go up (from the standpoint of the mutual investors) it will go down and soon, IMO. I was mostly short during Oct. What stuff I was long, had already been impacted some time before.

To: TheStockFairy who wrote (36106)	4/24/1999 2:46:00 PM
From: Bonnie Bear	Read Replies (2) \| Respond to of 86076

well, the behavior has become one like the stock market of a third-world country..we don't know how much of this money is coming from offshore sources. I bet the money in hedge funds and derivatives trading operations is ever-so-much-larger than the retail folks. We have 10,000 stocks, 7000 mutual funds and 6000 hedge funds, a couple of million internet accounts. most of the players can't read a balance sheet and don't care to learn. Buy the company that has the fastest trading computer.