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To: bob wallace who wrote (9673)	11/18/1997 9:19:00 AM
From: Patrick Slevin	Read Replies (1) of 17305

The bullish case does appear to have the upper hand at this moment. Expiration week is most often arb-influenced. Referring to data provided by Larry McMillan's published work, his guess is- ¯ If the OEX stays range bound between 875 and 910 arb influence will be nil. ¯ If the OEX moves past 910, then the further it goes the more they will push it higher. A good clue to follow, but what oft happens is the arbs will suddenly exercise on close, generally Wednesday or Thursday but sometimes Tuesday, creating a selloff in the AM. So day-trading the long side in this scenario has high probabilities. Best entries in such a case should be mid-day today, early Wednesday, and after a morning pullback on Thursday. ¯ If the OEX drops below 875, the arbs would look to drop it lower. As it is around 907...I won't go into times on that one. As far as whether or not I think the high is in or near being in, the rallies have not been that impressive. It seems more like the put players are being taken out and shot. The CPI report will probably extend the rally and then it will slow....my guess....and move lower thru the week. At least....that's the way it looks to me anyway.

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