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To: shane forbes who wrote (10291)	3/2/1998 12:45:00 AM
From: E. Graphs	Read Replies (1) \| Respond to of 25814

Shane, RE: Indexes Thanks for your thoughts. Yes, some are placed in more than one level. I can't always pin them down, so instead of wasting time trying to decide I just place them in the all the appropriate levels and then let them emerge on their own. >> It stands to reason that a market top would have all the sectors as oversold and thus a time to bail.<< Yup! Same as when they are all breaking out it's time to get in. Takes guts though b/c sentiment is typically still bearish and unbelieving, same as when at a top it seems life is grande and all is well and so why sell? Still, breakouts can sometimes fail and these could soon be pulling back (usually a safer time to get in) only to break down (wish you hadn't)! So, no easy street here, but it is helpful to have some kind of clue. I usually break levels 2&3 down further to show degrees of breakout and pullback. With this many groups breaking out the pullback would be dramatic if they all pulled back at once. I'll see if I can locate that ML article on indexes. I must do the reverse! After I narrow down the indexes most likely to emerge as leaders (usually about 10) I then take the individual stocks within each group and run the same kind of thing on them. Somebody was going to write a program for me once to do this whole thing, but he never did. Besides, I think there are too many subtle things.........not so easily boxed. It's fun. E