But Mr. Greenspan's cautionary comments should be useful in framing the debate.

"When the market is overbought and a cautionary comment comes out, the market can tumble," said Richard McCabe, the chief market analyst at Merrill Lynch.

Also unnerving investors were cautionary comments from Electronic Arts, a software maker in San Mateo, Calif.

Our cautionary comments and suggestions are offered to ease the transitional processes of attachment and detachment in order to improve them both for the individual and the organisations involved.

Even so, these cautionary comments should not dislodge us from the main point.

Analysts had lowered their initial projections following cautionary comments several weeks ago by George M.C. Fisher, Kodak's chairman, president and chief executive.

The swing drew a cautionary comment from Mr. Shepherdson.

Here are some cautionary comments about five of the more noteworthy: "The Astronomers" (at 8 tonight on Channel 13 and at 9 on Channel 49).

Richard Gardner of Salomon Smith Barney also made cautionary comments on Friday, saying that Compaq Computer was cutting into Dell's business.

But I have a few cautionary comments to make on the new transatlantic marketplace.