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To: Robert Graham who wrote (7919)	4/27/1998 1:05:00 PM
From: Chris	Respond to of 42787

didn't jot down the 50 day ema levels.. shucks i dont think we are that close.. are we? <yikes> Talk : Puts/Calls : Tech Stock Options \| Previous \| Next \| Respond \| To: Options Jerry (41471 ) From: steve susko Monday, Apr 27 1998 12:49PM ET Reply # of 41504 This is interesting -- the market seems to get stuck in its track at 50 moving average. Maybe it is trying to decide if it should starting bouncing back from here.

To: Robert Graham who wrote (7919)	4/27/1998 1:07:00 PM
From: Chris	Respond to of 42787

S Talk : Market Trends : The Rational Analyst \| Previous \| Next \| Respond \| To: FJV (789 ) From: Rainier Trinidad Sunday, Apr 26 1998 10:27PM ET Reply # of 806 [ S&P 500: Short Term ] Franco, You brought up some good points in your last post about GTW moving into the S&P 500. I think what will happen is that the correlation coefficient with the S&P 500 will likely move closer to 1.0 now that the link to program trading is established. It is this development that has me concerned over the near term as well, as I have been uneasy all week with the market. Here's what the short-term technical picture looks like: S&P 500 1. Since mid-January of this year, the S&P 500 Index has not traded below its 21 day moving average. It bounced off it successfully on 3/6/98, but as of Friday's close, traded below it. I've seen a crossover from the 21 dma to sometimes lead to a movement to the bottom Bollinger Band, which in the S&P 500's case, would imply a near term risk of about 15 points, to 1093. 2. A short term double-top-like pattern on 4/6 and 4/23... 3. ...which allows us to get a better read on the RSI indicator, which shows a Bearish RSI Divergence. 4. My MACD indicator, which has been an interestingly accurate leading indicator, gave a bearish crossover about two weeks ago. I'm still waiting for the momentum to peak and follow though. 5. Tom DeMark Indicator doesn't like the market either, and thinks it will continue to move lower. (I place much less weight on this, but thought the bearish scenario might as well be fully painted.) ...which is why I have been paring my positions to establish a more defensive posture as time has progressed. While the short-term trend appears to be deteriorating, the positive side is that trend-following indicators continue to remain bullish. Also, I haven't read or heard anything to suggest that a catalyst has been activated that would trigger an imminent fall in tomorrow's markets. Maybe that's why the market continues to be unfathomable by even the most "expert" of experts. Regards, Rainier \| Previous \| Next \| Respond \| View 2 replies to this message View SubjectMarks Bookmark this Subject Example: Compaq. Enter up to 3 words separated by spaces. Subject Titles Only Full-Text Messages with Links Send questions and feedback to webmistress@techstocks.com Terms of Use

To: Robert Graham who wrote (7919)	4/27/1998 1:09:00 PM
From: Chris	Respond to of 42787

<<<1. Since mid-January of this year, the S&P 500 Index has not traded below its 21 day moving average. It bounced off it successfully on 3/6/98, but as of Friday's close, traded below it. I've seen a crossover from the 21 dma to sometimes lead to a movement to the bottom Bollinger Band, which in the S&P 500's case, would imply a near term risk of about 15 points, to 1093.>>> that is why i believed the 21 day emas are so important. they are cruical supports. we are in big doo doo, if 21 day emas are broken. (which at the current moment ARE BROKEN)

To: Robert Graham who wrote (7919)	4/27/1998 1:40:00 PM
From: Judy	Read Replies (2) \| Respond to of 42787

Bob, you've commented on the tech bellweathers such as MSFT, INTC, CPQ, etc ... but what is the quality of recent block trading you see for CSCO? Also what are the blocks doing on T and MO, MO appeals to me ... T I am watching. Some comments while watching the tape and regarding funds. It makes a difference which type of funds are buying ... momentum funds, growth funds, or value funds. Growth/value funds accumulate while the stocks are nonvolatile and there's not much interest, they seldom do much buying on days like this. And when a sector is being killed, fundamentals and technicals carry very little weight during the interim when the Street is frowning on the sector.