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To: re3 who wrote (38906)	5/6/1999 11:26:00 AM
From: Bonnie Bear	Read Replies (1) \| Respond to of 86076

maxx: Most people, including professionals with many decades of experience, missed out on large gains. You are looking at the same phenomenon that has caused mutual fund inflows to decline by an astonishing 55% this year. All of the year's index increases have been due to 5 megacap stocks, and a handful of derivative-related internet stocks... the rest have not moved, on average...so even though the index continues to go up, the average investor has not made money since 1996. So the bull/bear needs to be looking at the advance/decline as well as the indexes. The composite nasdaq/nyse advance/decline will show you that we have been in a grizzlybear market for a long time, and only the indexes have been supported. BTW this is a pattern from the 1929 bull market. I do not play options...options are calculated by the bookies as a zero-sum game to make a lot of money for the bookies, I don't understand them so I have to stay out of that game. Typically Greenspan's cronies flood the market with liquidity any day that he speaks, and 12:30 on his speech days has historically been a good time to short the index. Why? Darned if I know.