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To: Robert Graham who wrote (23390)	5/24/2000 8:16:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 42787

>>PS: Isn't this talk of "predicting" the future fun? :-) << Yeah, that is why I keep a giant jar of Rolaids next to my computer and have to replace it every month. <ng> I was just looking at the XLK Tech Spider chart trying to pick an entry. Though it is a younger chart soi I don't have the luxory of going back 10 years etc, I seem to have a convergence of supports around the 43 area which would also equate to the 3K level as well. The big question is will the fake out be an earlier bounce or a failure of the support to hold. I would have to think the latter since complacency is so high but this is subjective and not analytical nor Technical. A failure of 2900-3K might finally give us that high volume capitulation as everyone finally gives up on buying the dips and we free fall to the 2500 support. I would be a long term buyer there myself. Therefore I doubt it will happen that way. -gggggg- Good Luck, Lee

To: Robert Graham who wrote (23390)	5/24/2000 9:01:00 AM
From: donald sew	Respond to of 42787

Hi Robert, Nice talking to you again. Since you mentioned the SPX, my main point is 1340. Currently I believe that the overall market is in a trading range regardless what the NAZ does and as long as the SPX stays above 1340. My position is that to view the overall market, I look at the DOW/SPX/NAZ from an averaging point of view. It is conventional belief that once one major index moves the the others will move similiarly over a reasonable amount of time. However for over 1 year we have had EXTREME SECTOR ROTATION where the NAZ and DOW would go in extreme opposite directions with the SPX straddlling somewhere in between the DOW and NAZ. So the unconventional view, in light of SECTOR ROTATION, is that when one of the major indicies break out to the upside, that may mean that another major index may sell off. This really makes it hard to trade this market, other than to stick to the SPX/OEX which oscillates a bit more normally. Not only do we have to call and time the right direction, which is already a difficult task, but be also need to pick the correct sector. Just some thoughs. seeya