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To: Patrick Slevin who wrote (34400)	1/29/1998 7:04:00 AM
From: donald sew	Read Replies (2) \| Respond to of 58727

Patrick, >>> I just came from a card game ... I have no idea what the hell Im talking about. <<<< ggggggggggggggggg I presume that you are saying that certain sectors have also run-up too fast. It could still move up, but this run-up should be over latest Monday, but could start as early as today with a topping off process. Count me in on your next card game. I lose all the time. ggggggggg Seeya

To: Patrick Slevin who wrote (34400)	1/29/1998 7:57:00 AM
From: donald sew	Read Replies (2) \| Respond to of 58727

INDEX UPDATE ------------------------------- Futures are not alway reliable and sometimes even contrarian indicators, in light of their light volume. The futures were down slightly earlier, now at 7:30 its up 1.2. Not that I use the futures as a firm indicator of direction, but have noticed some weakness, which is hinting that we may be starting to top off today. Keep in mind that the DOW could still be up 100 points again intraday. Here are some intraday signs I will be looking for to indicate that the topping off process is starting. Assuming that in the morning we are up: 1) Strong indexes slowing down like the DRG, NDX, IIX, YTK, 2) Weaker indexes going flat or negative 3) MSFT, INTC, CSCO, TXN - these all had "STARS" yesterday which is an early warning signal of reversal. If they do not gap up at the open again, and if they stay within or very close to yesterday's close. Please keep in mind that these are all CLASS 1 SELLS; therefore the technicals are extremely high on them. I will not be playing PUTS on them since they are just so strong and do not feel the pullback will be that great, but you never know. As for PUT candidates, I will be looking at broad based indexes like the DJX, or weak indexes like the BKX. The HiTech sector looks too strong to play. Hey Steve, since you are in Europe, it looks real rosey in your markets over there. Whenever it looks that rosey, its the time to sell. Too bad I dont have charts on European indexes, but guessing that the DAX and the CAC, may be proned for a pullback. As I listen to CNBC, they are really making it sound really rosey in the European markets - SELL. ggggggg. I may enter a small amount of PUTs today, if I start seeing those signals I mentioned above. If the market still continues up tomorrow, I will add to those positions, all in small amounts.