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To: ratan lal who wrote (41960)	4/30/1998 12:20:00 PM
From: SE	Respond to of 58727

I like it, a contrary indicator! I am holding them. I hate to see the premium disappear, but I think that this is a last gasp. Most are exiting puts and there is no talk of a downturn. Everyone is hot on the market right now. Holding 9,200 on the DOW will be critical and maybe I could make some intra-day by trading out, but I simply cannot believe we are going to 9,500, again because so many see us going there. Someone yesterday indicated that we won't be at 8,200, cause too many were thinking we should be. Well, no one is talking like that today, so I guess that might be where we are headed. Right now I look like an idiot, but that is not a first! <<gg>> I guess I am playing the contrary indicator rule right now and we shall see if I am right in a few days. I am awaiting David's next post to see where he went wrong....again. This EW stuff sure is entertaining, but there are too many things that can go wrong to make it a market prognositcator in my view. -Scott

To: ratan lal who wrote (41960)	4/30/1998 12:52:00 PM
From: SE	Read Replies (1) \| Respond to of 58727

Ratan, Another way to look at this is that we did break the trendline to the downside. This rally is bringing us back up to the trendline. This is normal. Now it if cannot break through, decisively, this market is going lower. Very simplistic viewpoint, but one that has merit. And .... anyone can grab a chart and see it without knowing their alphabet! Interestingly enough...Edwards and Magee state that if you are going to, now is the time to short. Guess I am the one bear left! :) -Scott