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To: Patrick Slevin who wrote (37282)	3/25/1998 7:07:00 AM
From: donald sew	Read Replies (3) \| Respond to of 58727

INDEX UPDATE ------------------------- Check the indexes and surprisingly, per my short-term technicals, none of the indexes were CLASS 1 SELLs and there were only a few CLASS 2 sells. Most of them just entered the overbought region, therefore in this market there is still upside room, keeping in mind that in the overbought region, at times, is when some of the strongest surges occur. If today's market is strong the overall market should be a CLASS sell by THUR/FRI, and probably will take the form of just an small profit-taking dip. I have previously mentioned the END-OF-MONTH rally which statistically lasts for 4-6 days and for Mar it should start on Monday. If the strength continues this week, I question how strong the month end rally will be. In the last 24 months, only once did it not occur and that was last MAR. If there is a small dip on THUR/FRI then it should give the chance to go long with a new position, but if there is no pullback at all then I would be very hesitant to enter the end-of-month rally. I may be going long but as Patrick says it will be with very tight stops and will proceed with caution. I am mainly in cash now waiting to concentrate on PUTs, but I am getting a bit bored on the sidelines waiting so any new long position will be small. As for the interim top, I am still seeing the 2nd week of APRIL, but in this wild market that could be 200-300 higher, who knows for sure. If we hit 9000 today, subjectively feel that the market needs a small pause before going higher. I have been working with my NEW HIGH/NEW LOW ratio analysis, which, at least for the short-term has turned back to the upside. What a market. Seeya