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<DIV><FONT color=#000000 face="Times New Roman">Hi Bill,</FONT></DIV>
<DIV><FONT color=#000000 face="Times New Roman"></FONT> </DIV>
<DIV><FONT color=#000000 face="Times New Roman">The NASDAQ is leading everything
at the moment. It is not scary if you are short.</FONT></DIV>
<DIV><FONT color=#000000 face="Times New Roman">There has been mention on this
list that the traffic has dropped off. The reason could be due to the market
action and the effect it has on the feeling of well being of individuals. If a
survey was to be taken I would guess that the biggest drop off would be in those
who only trade stocks and a lesser drop off in those who play both sides of the
market. The end of the long bull run would also play a part in it as people now
have condition themselves that the risk is higher now if you want to buy
stocks.</FONT></DIV>
<DIV><FONT color=#000000 face="Times New Roman"></FONT> </DIV>
<DIV><FONT color=#000000 face="Times New Roman">The attached is the S & P
500 cash. There is support in this area and in simplistic terms the next turning
point should be around the 18 - 20th October from above where we are at the
moment.</FONT></DIV>
<DIV><FONT color=#000000 face="Times New Roman"></FONT> </DIV>
<DIV><FONT color=#000000 face="Times New Roman">Regards,</FONT></DIV>
<DIV><FONT color=#000000 face="Times New Roman">Dick.</FONT></DIV>
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