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To: Les H who wrote (1822)	4/26/2002 10:35:35 AM
From: Les H	Respond to of 29597

Stock Market The market has continued to flirt with disaster over the past couple of months, but the "buy on the dip" crowd has repeatedly saved it rallying it from support levels time after time. I was somewhat surprised to read in Robert Prechter's Elliot Wave Advisory that a Yale University study shows more people than ever are now inclined to "buy the dips." I guess they haven't been punished enough on previous forays over the past two years. All I know is that the buyer that forced the market up over 200 points last Tuesday (and the market hasn't had an "up" day since) certainly is under water. On Wednesday, the support in $OEX gave way as several attempts to "buy the dip" failed, and the index clearly broke down. Bearish positions should be taken because of that breakdown. The S&P 500 Index ($SPX) is still above support -- although we would certainly expect that support to be tested now. It exists at 1075- 1080 (Figure 1). So the market may find some support at that level of $SPX. optionstrategist.com