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To: bob wallace who wrote (9673)	11/18/1997 7:50:00 AM
From: Robert F. Newton	Respond to of 17305

Let's say up slightly................ GLOBEX PRICES AS OF 11/18/97 06:45 AM TRADE DATE: 11/18/97 CONTRACT LAST NET CHGE CONTRACT LAST NET CHGE EURO $ DEC97 94.135 -.5 MEX TIIE DEC97 80.50P ---- MAR98 94.175 +.5 J-YEN DEC97 7993 +6 JUN98 94.12 +.5 B-POUND DEC97 1.6920 -26 SEP98 94.065 +.5 D-MARK DEC97 .5797 +7 DEC98 93.96 UNCH SWISS FR DEC97 .7125 -2 MAR99 93.96 UNCH CAND $ DEC97 .7070 +8 LIBOR DEC97 94.05P ---- AUST $ DEC97 .6971 -25 JAN98 94.275A UNCH F-FRANC DEC97 .17260P ---- S&P 500 DEC97 952.00 +210 M-PESO DEC97 .119700A +7 E-MINI DEC97 951.25 +125 REAL DEC97 .89760P ---- MAR98 960.25 +25 RAND FUT DEC97 .204350P ---- NSDQ100 DEC97 1057.00 +275 KIWI FUT DEC97 .6260P ---- GSCI DEC97 199.70P ---- BP/DM DEC97 2.9268P ---- MEX CETE DEC97 78.10P ---- DM/JY DEC97 72.495P ----

To: bob wallace who wrote (9673)	11/18/1997 9:19:00 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 17305

The bullish case does appear to have the upper hand at this moment. Expiration week is most often arb-influenced. Referring to data provided by Larry McMillan's published work, his guess is- ¯ If the OEX stays range bound between 875 and 910 arb influence will be nil. ¯ If the OEX moves past 910, then the further it goes the more they will push it higher. A good clue to follow, but what oft happens is the arbs will suddenly exercise on close, generally Wednesday or Thursday but sometimes Tuesday, creating a selloff in the AM. So day-trading the long side in this scenario has high probabilities. Best entries in such a case should be mid-day today, early Wednesday, and after a morning pullback on Thursday. ¯ If the OEX drops below 875, the arbs would look to drop it lower. As it is around 907...I won't go into times on that one. As far as whether or not I think the high is in or near being in, the rallies have not been that impressive. It seems more like the put players are being taken out and shot. The CPI report will probably extend the rally and then it will slow....my guess....and move lower thru the week. At least....that's the way it looks to me anyway.