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To: John Pitera who wrote (40171)	5/11/1999 9:08:00 AM
From: bill meehan	Read Replies (3) \| Respond to of 86076

John: I'm still a bit befuddled by the market's ability to hold in the face the back-up in rates. It appears that we'll probably see further upside if the bond market can stabilize or bounce. However, I'm concerned about the Fed moving to a tightening bias next Tuesday, which is not priced into the stock market. Small and mid-caps will probably hold up better if the concerns about an uptick in inflation continues, and valuations are more reasonable in any case. I do expect that we'll see multiple contraction throughout the year, so "value" should outperform "growth". I also believe that the impact of Y2K isn't priced into the tech sector, and we should see more than just seasonal weakness this year.