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To: Tommy Dorsey who wrote (134381)	6/24/1999 2:44:00 PM
From: jim kelley	Read Replies (1) \| Respond to of 176387

Tom, Do you have any information on reliability of the P&F re. indices, individual stocks or bonds? Jorj indicated a sell signal generated in DELL at 49 in February. I had already closed my short term position at 54+ at that time using my own sell signal and gone to a hedged position on my long term core position. So it looks like P&F may be lagging other more complex indicators. This does not imply that it is not useful but it seems to me it needs to be part of a larger method. Thanks for answering your critics. I hope you will not be discouraged by your critics. Its is good to have a debate on these matters. Jim Kelley