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To: Kevin who wrote (30428)	12/5/1997 9:57:00 AM
From: Patrick Slevin	Respond to of 58727

<take on the eco data?> I don't pay too much attention to numbers. Since they are the lowest since '73 it indicates to me that the Fed won't be cutting rates any time soon. The banks should prop up the market so the day should not be that bad but the second wave of selling will create a second dip this morning lower than the first because -- regardless of what CNBC says -- programs don't kick in on the open. Thay have to wait until all the baskets are open so the second wave brings it lower. Using my methodology I have the lows of the day either at 11 EST or shortly after, or at 2:30 Primarily I look for turn times....not turn points (in terms of where the market is).

To: Kevin who wrote (30428)	12/5/1997 10:22:00 AM
From: Patrick Slevin	Respond to of 58727

BTW, of possible interest is this note from an e-mail I got from a friend who watches option pricing. (As if we needed yet another way of looking at the market) He said just before 11 EST with the SP7Z over a point below the morning high the calls were being offered at the high and the bid on puts was below the low. A tipoff that the specialists were happy to sell puts but not calls. This, along with the failure to fill the opening gap was a signal to stay long. It's too much for me to follow....some people have a lot of time on their hands, I suppose.