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To: The Perfect Hedge who wrote (31688)	12/20/1997 2:10:00 PM
From: donald sew	Respond to of 58727

Glen, In one of my previous index updates I mentioned that concerning the longer trend for the market, I received mixed signals - some saying further up and some saying retracement. Please do not confuse that with my short-term analysis which is saying strongly to the upside for the immediate future (1-5 days). In light of the mixed signals, my targets, which are purely based on technicls not fundamentals, will be lowered in order to be cautious and nimble. Also, I will now be playing puts whenever the technicals get to the overbought CLASS 1 SELL region. In the past I did not play puts since I have a basic rule not to short in an up market and not to go long in a down market. Since I am getting mixed signals I am interpreting that as a range trading market; therefore I can play both long and short. Resistance lines for the OSX ----------------------------- 112 weak 115 medium strength 119-120 strong 127 very strong I believe that the the 112 and 115 resistance line will be easily surpassed. Since I will remain conservative I will watch the very carefully when/if the OSX passes the 115 resistance line and tests 119-120. If the OSX gets above 115 very quickly, not saying it will, but if it does, I will be very fast to pull the triggers since the technicals will be moving to the overbought range very quickly also. I realise that in the past I had stated that my original target was 130 but that has definitely changed, in light of the increased weakness in the overall market. Happy holidays, Donald