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To: Richard Query who wrote (14081)	4/29/1998 10:14:00 PM
From: DanZ	Read Replies (1) \| Respond to of 53068

IRF, market comments. Darth, Thanks for your comments on IRF. I agree with you that an order to sell 50,000 shares at 11 3/4 is probably in the specialist's order book. The thing I find odd is that the specialist displayed that order in the ask size when 1) I don't think he is required to do so and 2) the bid size was so small in relation to that order. I also find it strange that somebody was able to sell 5700 shares at 11 9/16 when the bid size was only 500 shares and somebody else was able to sell 9900 shares at 11 5/8 when the bid was 11 1/2 with a bid size of only 1000. There must be more bids at 11 5/8 and 11 9/16 than the specialist is showing or the market could not have absorbed those two trades without falling. Market comments: The S&P 500 looks like it reversed today and I think the market will move higher. The S&P 500 cash closed above the lower daily bollinger band today after trading below it Monday and Tuesday and the index is also oversold. The S&P 100 chart looks very similar to the S&P 500 but is even stronger because it didn't close below it's lower bollinger band Monday or Tuesday. I think that the DJIA has likely put in a bottom as well. The lower daily bollinger band is near 8820 and the lows the past three days were 8840 (Monday), 8863 (Tuesday), and 8900 (today). The lower bollinger band is sloping up, and in my opinion the lows the past three days were a successful test of support. I expect initial resistance at the middle bollinger bands, 1110 for the S&P 500 cash, 536 for the OEX, and 9040 for the DJIA. If these levels are exceeded, then I think there is a very good chance that the indexes will make new all time highs. I would turn bearish on the market if the S&P 500 cash closes below 1075, the OEX cash below 520, and the DJIA below 8800. PS to Sue: Thanks for your comments as well and for your offer to watch IRF on Quote Com. Just curious, what can you see on Quote Com that I can't see on my real time quote screen? Thanks