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To: SHGLaw who wrote (8459)	5/21/1999 9:06:00 AM
From: Jenne	Read Replies (1) \| Respond to of 19700

Wait for Better Pin Action From the Tape By James J. Cramer 5/21/99 7:22 AM ET Getting a little discouraging, isn't it? I know a ton of stocks that I follow have what my wife used to call "no pin action," from her 180 bowling days. Don't pretend you don't know what I mean. You take some AOL (AOL:NYSE) at 135 and it is at 130 by the time you're back from your last meeting or appointment. You think Yahoo!'s (YHOO:Nasdaq) going to run to the 160s when you reach for that 157 stock, and instead you find yourself at 153. It's just like bowling. You lay down what looks to be the perfect strike and instead you are stuck with that split, the one with the two pins on either side, and you wind up with a miserable 8. Not even a Bud longneck between rounds can make you feel better. You are not alone. Right now, things just aren't working. My partner, Jeff Berkowitz, and I hear from a ton of people each day and we all feel equally frustrated. Some are playing less. Some are meeting with more managements. Still others are going on vacation. And then there is another group: the pressers. They think that by rolling the ball more often, the pin action is going to change in their favor. They think that accelerated, if not frenzied, trading may be the answer, may be the way to get a few spares and strikes. Forget about it. Go take a vacation. It's the tape, stupid. The action is terrible right now. There are too many deals, the Street is too long, and people are all playing skittishly. I know we are. We have made a ton of money with UTX (UTX:NYSE) this past year, buying every dip, loving the fact that this management gets it, and thinking that the aerospace cycle is bottoming. We figure, with the upcoming split, UTX maybe ramps to 75. For three days now, we rolled nothing but gutters. Another day of this and I am going to have to put in bumpers at my shop! Is it my fault? Do I suddenly, after 18 years of trading successfully, not know what I am doing? Nah, it is just one of those periods, whether because of the bonds or because of supply, that things aren't breaking as they are supposed to. So, do less. Take some time off. Don't drive yourself crazy. The pin action can change on a dime. And then you can enjoy the joy of strikes and spares again.

To: SHGLaw who wrote (8459)	5/21/1999 11:45:00 AM
From: neverenough	Respond to of 19700

. On the other hand, we have seen the "end of the bull market" or the "end of the inutz" too many times only to see the next monumental runup sneak up from behind and bite us on the butt to believe that any of this is true. I've been bit by that dog a few times! I really find it kind of amusing the way market sentiment can change on a dime...

To: SHGLaw who wrote (8459)	5/21/1999 12:34:00 PM
From: Robert Rose	Read Replies (1) \| Respond to of 19700

SHGlaw: Nice post <eom>

To: SHGLaw who wrote (8459)	5/21/1999 12:46:00 PM
From: Hyrulean King	Respond to of 19700

Beautiful post. Well said. C

To: SHGLaw who wrote (8459)	5/21/1999 12:50:00 PM
From: Jenne	Respond to of 19700

Thanks! A wise post.

To: SHGLaw who wrote (8459)	5/21/1999 1:21:00 PM
From: AmericanVoter	Read Replies (1) \| Respond to of 19700

SHGLaw, nice post, and I do agree with you... I tend to think of myself as a realist... and I tend to think that the bull market for internet will not be over for at least few years to come. The rationale being that, whatever the state of the economy is at the time... individuals and businesses alike will look for new ways to compete and self sustain... voila, that would only mean more strength to the internet be it e-commerce, services, or jobs... some people, or so it seems, are missing this point best regards amein