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To: GST who wrote (63958)	6/22/1999 9:49:00 PM
From: Mark Fowler	Respond to of 164685

FWIW-----The Wall Street Detective's Market Sentiment Central Submitted by: Joe Duarte The Wall Street Detective June 22, 1999 For a FREE Technical Snapshot The S&P 500 closed at its high for the day, exhibiting better than expected momentum. This happened on the same day that the Value Line Composite Index made a new all time high, and the technology indexes also broke out to a new high. A rise above 1350 should take the index to 1375, and eventually our target of 1475. Our bullish stance on technology has begun to pay off. Not only have the Amex Computer Index (AMEX:XCI), the Philadelphia Semiconductor Index (PHLX:SOX), and the NASDAQ Composite (NASD) reached or are near new highs, but individual stocks that were lagging the market like Intel (NNM:INTC), and the internet sector revived. This is quite bullish. But no sub sector of technology other than the semiconductors has outperformed the cell phone makers over the last week. Two out three of yesterday's Technical Gems, Lucent and AT&T were winners, while SBC Communications (NYSE:SBC) lagged the market on 6/21. Lucent Technologies is once again regaining the technology spotlight along with Texas Instruments (NYSE:TXN), although TI is a bit overextended. Not so the case with Ericsson (NNM:ERICY), whose big run seems to be just beginning. At the current pace, ERICY's target price is in the low 40's. Finally, we note it's decision time for the brokerage stocks. Bellwether Merrill Lynch finds itself at its 50 day moving average. A break above this level would be bullish, not just for the brokerage sector, but for the market overall, since a rallying MER would lend credence to the current rally, which continues to need less and less validation as time passes.