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To: D.J.Smyth who wrote (19428)	6/1/1999 1:23:00 PM
From: Jenne	Respond to of 41369

Another NAPM Coffin Nail By James J. Cramer 6/1/99 10:46 AM ET Sorry, wrong number. Oh, I thought about a way to put a positive spin on this NAPM number. You know, hey, the cyclicals are the only game in town. Or, look, it could be worse, you could be long Rite-Aid (RAD:NYSE). But I don't spin in this column. This number forces the Fed's hand. It makes it so that Friday's number, if it isn't flat-out soft, will force the Fed to take back some of the cuts from last year. Frankly, I was surprised at how strong this NAPM number and its components were. There's just nothing here for the bulls, nothing at all. No panic. Stocks were just up a hundo last Friday, so we have to give that back. For me, that means, you have to let soft stuff go. The remainder of my Bristol-Myers (BMY:NYSE) just got the boot. Same with some of my banks/brokers. Each strong number like this one has the feel of a coffin nail. Now all we can hope is for a crowbarlike number from employment on Friday. Doesn't feel like we will get it.

To: D.J.Smyth who wrote (19428)	6/1/1999 1:54:00 PM
From: Steeny	Read Replies (1) \| Respond to of 41369

Sorry for making Mcdonough's comment seem stronger than it was. I took it from memory. I guess you don't feel the Fed will raise. I am afraid it is inevitable unless We start getting some really weak economic data. IMO, there are weakening signs on the horizon. Asia stalled, Y2K, Commodities slump, stock market well off the highs. I am merely gauging what they will do, not what I hope. Look, the voters were all around during the roaring 80s when the Fed got killed for being behind the curve. They are almost all old-school and haven't bought the "new world order" yet (high growth, low unemployment, low yields). They would rather err on the side of caution. Just hit the tape- Rivlin says CPI was worrisome, but no clear sign of inflation. Rivlin is a well known dove.