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To: Dale Baker who wrote (6124)	5/16/1999 4:12:00 AM
From: Dale Baker	Read Replies (1) \| Respond to of 118717

Breifing isn't too concerned about our chances this week: General Commentary: Don't you hate these earnings voids... With little news on the earnings front to distract them, traders focusing their attention on the economy and interest rates... And right now they don't like what they see... Spooked by a stronger than expected jump in the Consumer Price Index (CPI), market has worked itself into a tizzy over threat of rising inflation and long-term rates of 6.0%+... That both are silly concerns based on a modest rebound in commodity prices (after the CRB fell to its lowest level in 25 years) and a one month spike in the CPI, doesn't matter right now... What does matter is that investor psychology has turned negative... And with the FOMC meeting scheduled for Tuesday, market to remain on edge as investors are worried that the Fed will adopt a tightening bias. At this point, Briefing.com contends that a tightening bias is already priced in so Tuesday afternoon could provide a turning point in psychology as investors buy the fact... On the other hand, no change in policy of bias will result in relief rally... Either way, this week shaping up to be mirror image of last week... In other words, look for early week declines followed by late week recovery.