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To: donald sew who wrote (23672)	5/27/2000 1:37:00 PM
From: donald sew	Respond to of 42787

Correction to INDEX update: WROTE: "So the upside potential in the NAZ/NDX is more limited than that for the NAZ/NDX." SHOULD READ: "So the upside potential in the NAZ/NDX is more limited than that for the DOW/SPX." Thanks Gersh for the catch. seeya

To: donald sew who wrote (23672)	5/27/2000 2:35:00 PM
From: Jerry Olson	Respond to of 42787

Don and all.. for those with loved ones being remembered my thoughts are with you this weekend.. just popped in here to give everyone my P&F views... DOW/INDU/DJIA...<g>...sitting right here at a double bottom on the 50 box chart..on the 100 a triple bottom at 10,200 would takes us immediately to 9800 area..not a big deal here...3-4%... but if we reverse up right from here at 10,450, we could rush up to 10,850-10,900 quickly...heavy resistance there... on the NAZ-COMPX-NASD---support remains the recent lows at 3040, break that we head to 2900 area.....heavy resistance at 3350..but...if we print 3400 that would be a triple top breakout here, and run us right up to the brl line at 3650/3700... SPX-CASH INdex...1370/1375 support..1385 reverses the trend up to 1410ish, where heavy resistance is waiting as with all the other indexs.. if we move back to a longer time frame on the SPX the 15 box chart...it looks like we are actually making higher lows not lower lows..in March the low was 1330, in Apr 1340, in May so far 1365...so we are trending, actually UP... on the NDX---3250 heavy resistance...3300 big breakout there..with support at 2900... same for the OEX...support at 724/730 area, with resistance at 765/770 area... what this whole picture is saying to me is this..we are at very low levels on all indexs..with little downside left in this move..3-4%... and the reward to the upside is maybe 2 or 3 to 1...we had every chance on Fri to take out the lows on the futures the S&P's..it held and rallied up late.. yeah coulda been short covering heading into the holiday weekend...but if this rally continues this Tues, what with all the eco reports coming out here...any bullish news will break us out to the upside shorter term... all in all, not a bad risk reward senario for the long side...and too boot, we have end of the month in here next week... just some musings before i barbecue the heck outta some doggies<VBG> regards OJ