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To: bobby beara who wrote (53840)	7/29/1999 10:23:00 PM
From: John Pitera	Read Replies (1) \| Respond to of 86076

Bob, your logic is laid out well from my perspective. i believe the pattern will fail the bulls have one last shot a bring this thing back from the abyss. the dju is breaking down, must pay attention to djt to see if it breaks, many may poo poo Dow Theory, as many may poo pooing breadth indicators these days, but one would be stuck on stupid to ignore.

To: bobby beara who wrote (53840)	7/29/1999 10:35:00 PM
From: pater tenebrarum	Respond to of 86076

Bobby, i noticed the breakdown in the utilities and the near-breakdown in the transports - an important warning sign. i have looked at the OEX charts and see what you mean. we may well bounce soon, put/call ratios were very high recently. put volume per se hasn't been all that great however, that qualifies the ratios somewhat. if for some reason a panic should start (not likely right now imo), the p/c readings and the VIX could get a lot higher still. regards & good night, hb