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To: RBlatch who wrote (48242)	7/20/1999 8:02:00 PM
From: Gary Burton	Respond to of 95453

I'm waiting with my catcher's mitt in the low 60's OSX---anything above 70 won't do it---the rfecemt signal was glaring-very good api # and crude spike above 20 couldn't rally the troops. The technicals were warning of this... Quite apart from EW, we will need the 60-65 area in order to recharge the batteries. If it bases temporaily above 70 it won't have enough pentup juice to sustain a meaningfull rally-----EW theory says wave 5 is often fully retraced in the decline (wave5 started at 60.5). It also suggests that a 50%-62% retrace of the entire move up from 47 is logical (that targets 60.5-64.7 area). Also, the 50dma is rolling over and the 200dma is rising gently to about 63 in a week or so. The individual charts also look unfavourable at the moment. Still sitting this one out for awhile

To: RBlatch who wrote (48242)	7/20/1999 8:03:00 PM
From: Roebear	Read Replies (1) \| Respond to of 95453

RBLatch, Having been slaughtered now and then with gold and silver stocks, I believe certain totems come to mind as useful. For example, a dead cat can be useful, if thrown with enough force to bounce. Also certain modified adages are also useful, such as half a profit is better than none, most recently resurrected in my trading life compliments of the bank of England. But I probably won't abandon ship till the water disables the boilers, while I may rig a few lifeboats to carry away my dead cats. <VBG> Best of luck, Roebear