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To: bobby beara who wrote (15237)	12/3/1997 11:17:00 PM
From: IQBAL LATIF	Respond to of 50167

BB- Your technical read is sound. May I interject and make a very benign suggestion go thru your Mccllend Oscilllator during course of last three months and match its performance with actual market moves -you will notice the deviation- now if you remeber we all were closely watching the specialists interest and in last two weeks this was making forays in forbidden territory of bearish configuratuion- I wrote to someone that even specialists and memebers interest has to be taken with some reservation- it was this unwinding of short interest that originated the huge rally. Now that you make a good case for SOX deviation may I care to request you that deviation is just not restricted to SP and SOX look at the deviations within bellwether pricing and DOW- G AIG KO and many of the bellwethers are not making concurrent highs it is money in lot of strong performance sectors- money rotating out of big names into broad market this for me historically a sign of market maturity,commodities and Chips are not part of the same basket I will beg to differ with you, in my humble opinion we are consolidating here atleast for tech sector, on bonds maybe a test of 120 but I strongly feel that 116,14 is a must retest.Lot of numbers will blind these markets soon- they will misinterpret economic numbers as too strong or too weak but we are moving towards a strong pedestal to move up. May be a retest of SPZ 910 but once 98 starts figuring we may see a potential break on upside- my fears are only from sellinf off bonds in interim period.On longer term horizon I am basically more aggressive it is only short term caution for next 15 sessions which will consume my energies on looking at supports like 962 942- on bonds my first sign of erosion would be a test of 118.14 a break will take the market temporarily to 7800 on DOW that for me will be a good level to long if someone is out.