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To: donald sew who wrote (31573)	12/19/1997 10:27:00 AM
From: Tom Trader	Read Replies (1) \| Respond to of 58727

Don--it is now almost an hour since the futures opened and the selling pressure has increased. This suggests to me that we are probably headed lower -- may be much lower before the day is out. I will look to re-establish a short position on the OEX calls on a retracement during the day. The DOW has taken out the lows of last week and the SPX is well below its 50 dma; the strength in the SOX is puzzling, am looking for this index to begin to decline. Volume is very high -- and we need to be prepared for a key reversal to possibly occur---though I think that it is more likely to take place on Monday, if anything. What is your read, at this point??